Company: BLUWU
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001493152-25-023451
Chunk: 33

Company: Blue Water Acquisition Corp. III
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 8
Chunk 33
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 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
we might be deemed to be an investment company for purposes of the Investment Company Act, which risk increases the longer that we hold
investments in the trust account, we 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 us to pay our 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 our initial business combination, (ii) the redemption of our public shares if we are 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 our public
shares properly submitted in connection with a shareholder vote to amend our amended and restated memorandum and articles of association
to (A) modify the substance or timing of our obligation to allow redemption in connection with the initial business combination or to
redeem 100% of our public shares if we have 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 our creditors, if any, which could have priority over the claims
of our public shareholders.

We
intend to use substantially all of the funds held in the trust account, including any amounts representing interest earned on the trust
account (excluding deferred underwriting commissions). We may withdraw interest to pay our taxes, if any (but without deduction for any
excise or similar tax that may be due