Company: BLUWU
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001641172-25-024010
Chunk: 104

Company: Blue Water Acquisition Corp. III
Filing Date: 2025-08-14
Form: 10-Q
Item: Part I, Item 8
Chunk 104
---

initially held in cash, including demand deposit accounts at a bank, or invested only in U.S. government treasury obligations 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; the holding of these assets in this form is intended to be
temporary and for the sole purpose of facilitating the intended Business Combination. To mitigate the risk that the Company might be
deemed to be an investment company for purposes of the Investment Company Act, which risk increases the longer that the Company
holds investments in the Trust Account, the Company may, at any time (based on management team’s ongoing assessment of all
factors related to the potential status under the Investment Company Act), instruct the trustee to liquidate the investments held in
the Trust Account and instead to hold the funds in the Trust Account in cash or in an interest bearing demand deposit account at a
bank. Except with respect to interest earned on the funds held in the Trust Account that may be released to the Company to pay its
taxes, if any, the proceeds from the Initial Public Offering and the sale of the Private Placement Units will not be released from
the Trust Account until the earliest of (i) the completion of the Company’s initial Business Combination, (ii) the redemption
of the Company’s Public Shares if the Company is unable to complete the initial Business Combination within 24 months from the
closing of the Initial Public Offering or by such earlier liquidation date as the Company’s board of directors may approve
(the “Completion Window”), subject to applicable law, or (iii) the redemption of the Company’s Public Shares
properly submitted in connection with a shareholder vote to amend the Company’s amended and restated memorandum and articles
of association to (A) modify the substance or timing of the Company’s obligation to allow redemption in connection with the
initial Business Combination or to redeem 100%
of the Company’s Public Shares if the Company has not consummated an initial Business Combination within the Completion Window
or (B) with respect to any other material provisions relating to shareholders’ rights or pre-initial Business Combination
activity. The proceeds deposited in the Trust Account could become subject to the claims of the Company’s creditors, if any,
which could have priority over the claims of the Company’s public shareholders.

    5 

The
Company will provide the Company’s public shareholders with the opportunity to redeem