Company: BLUWU
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001493152-25-023451
Chunk: 44

Company: Blue Water Acquisition Corp. III
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 4
Chunk 44
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 public offering. Additionally,
such holders agreed not to transfer, assign or sell any of the private placement units or underlying securities (except in limited circumstances,
as described in the Registration Statement) until 30 days after the completion of the Company’s initial business combination. The
holders were granted certain demand and piggyback registration rights in connection with the purchase of the private placement units
and the underlying securities.

The
private placement units were issued pursuant to Section 4(a)(2) of the Securities Act, as the transaction did not involve a public offering.

Use
of Proceeds from our Initial Public Offering

On
June 11, 2025, we consummated our initial public offering of 25,300,000 units, which included 3,300,000 units issued pursuant to the
exercise in full by the underwriters of its over-allotment option, which option was granted to the underwriters under the underwriting
agreement for our initial public offering. The units were sold at a price of $10.00 per unit, and our initial public offering generated
gross proceeds of $253,000,000. The securities sold in our initial public offering were registered under the Securities Act on a registration
statement on Form S-1 (No. 333-285075). The SEC declared the registration statement effective on June 9, 2025.

At
the time of the consummation of our initial public offering, we paid a total of $5,060,000 in underwriting fees related to our initial
public offering. In addition, the underwriters agreed to defer $8,855,000 in underwriting fees.

On
June 11, 2025, a total of $253,000,000 of the net proceeds from our initial public offering and the private placement were deposited
in the trust account. The net proceeds deposited into the trust account remain on deposit in the trust account and are available for
a business combination, assuming no redemptions, before fees and expenses associated with our initial business combination. The proceeds
held in the trust account will be invested only in U.S. government securities with a maturity of 185 days or less or in money market
funds meeting certain conditions under Rule 2a-7 under the Investment Company Act which invest only in direct U.S. government treasury
obligations.

Through
June 11, 2025, the date we consummated our initial public offering, we incurred $505,089 for