Company: BLUWU
Filing Date: 2025-03-31
Form Type: S-1/A
Source: 0001641172-25-001410
Chunk: 145

Company: Blue Water Acquisition Corp. III
Filing Date: 2025-03-31
Form: S-1/A
Chunk 145
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           |    6,410,000 |   |

| (1) | Expenses                                                                                                                          
 applied against gross proceeds include offering expenses of approximately $750,000 and underwriting commissions of $0.20 per unit 
 (including any units sold pursuant to the underwriters’ option to purchase additional units), or $4,000,000 in the aggregate      
 (or $4,600,000 in the aggregate if the underwriters’ over-allotment option is exercised in full), payable to BTIG (excluding      
 deferred underwriting commissions). See “Use of Proceeds.”                                                                        |

| (2) | Upon                                                                                                                                     
 the consummation of our initial business combination, the deferred underwriting commissions would be paid as follows: (i) $0.30 per      
 unit sold in this offering will be paid to BTIG in cash upon the closing of the initial business combination and (ii) $0.05 per unit     
 sold in this offering will be payable to BTIG in cash (the “Allocable Amount”), provided that we and our sponsor have                    
 the right, in our and our sponsor’s discretion, to reallocate any portion of the Allocable Amount to third parties not participating     
 in this offering (but who are members of FINRA) that assist us in consummating the initial business combination. See also “Underwriting” 
 for a description of compensation and other items of value payable to the underwriters.                                                  |

| (3) | If we                                                                                                                                   
 seek shareholder approval of our initial business combination and we do not conduct redemptions in connection with our initial business 
 combination pursuant to the tender offer rules, our sponsor, initial shareholders, directors, officers, advisors or their affiliates    
 may purchase shares or public warrants in privately negotiated transactions or in the open market either prior to or following the      
 completion of our initial business combination. In the event of any such purchases of our shares prior to the completion of our initial 
 business combination, the number of Class A ordinary shares subject to redemption will be reduced by the amount of any such purchases,  
 increasing the pro forma net tangible book value per share. See “Proposed Business — Effecting Our Initial                              
 Business Combination — Permitted Purchases of Our Securities.”                                                                          |

| 97 |

<div align='center'>Capitalization</div>

The following table sets forth our capitalization at December 31, 2024, and as adjusted to give effect to the filing of our amended and restated memorandum and articles of association, the sale of