# EDGAR Filing Document

**Accession Number:** 0002050501
**File Stem:** 0001641172-25-013833
**Filing Date:** 2025-6
**Character Count:** 27353
**Document Hash:** cbad92681cc49971a57a737bf70ac674
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001641172-25-013833.hdr.sgml**: 20250605

**ACCESSION NUMBER**: 0001641172-25-013833

**CONFORMED SUBMISSION TYPE**: S-1/A

**PUBLIC DOCUMENT COUNT**: 3

**FILED AS OF DATE**: 20250605

**DATE AS OF CHANGE**: 20250605

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Blue Water Acquisition Corp. III
- **CENTRAL INDEX KEY:** 0002050501
- **STANDARD INDUSTRIAL CLASSIFICATION:** BLANK CHECKS [6770]
- **ORGANIZATION NAME:** 05 Real Estate & Construction
- **EIN:** 000000000

**FILING VALUES:**
- **FORM TYPE:** S-1/A
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-285075
- **FILM NUMBER:** 251027698

**BUSINESS ADDRESS:**
- **STREET 1:** 15 E. PUTNUM AVENUE
- **STREET 2:** SUITE 363
- **CITY:** GREENWICH
- **STATE:** CT
- **ZIP:** 06830
- **BUSINESS PHONE:** 646-303-0737

**MAIL ADDRESS:**
- **STREET 1:** 15 E. PUTNUM AVENUE
- **STREET 2:** SUITE 363
- **CITY:** GREENWICH
- **STATE:** CT
- **ZIP:** 06830

**As filed with the U.S. Securities and Exchange Commission on June 5, 2025.**

**Registration No. 333-285075**

**UNITED STATES<br> SECURITIES AND EXCHANGE COMMISSION<br> Washington, D.C. 20549**

**AMENDMENT NO. 3**

**TO**

**FORM S-1<br> REGISTRATION STATEMENT<br> UNDER<br> THE SECURITIES ACT OF 1933**

**Blue Water Acquisition Corp. III** ****<br> (Exact name of registrant as specified in its charter)

---

| | | |
|:---|:---|:---|
| **Cayman Islands** | **6770** | **33-2301550** |
| (State or other jurisdiction of <br> incorporation or organization) | (Primary Standard Industrial <br> Classification Code Number) | (I.R.S. Employer <br> Identification Number) |

---

**15 E. Putnam Avenue**

**Suite 363**

**Greenwich, CT 06830**

**(203) 489-2110** ****<br> (Address, including zip code, and telephone number, including area code, of registrant's principal executive offices)

**Joseph Hernandez**

**15 E. Putnam Avenue**

**Suite 363**

**Greenwich, CT 06830**

**(203) 489-2110**<br> (Name, address, including zip code, and telephone number, including area code, of agent for service)

*Copies to:*

---

| | |
|:---|:---|
| **Mitchell S. Nussbaum, Esq.<br> Andrei Sirabionian, Esq.<br> Loeb & Loeb LLP <br> 345 Park Avenue<br> New York, NY 10154<br> (212) 407-4000** | **Stephen P. Alicanti, Esq.<br> DLA Piper LLP (US)<br> 1251 Avenue of the Americas**<br> **New York, NY 10020**<br> **(212) 335-4500** |

---

**Approximate date of commencement of proposed sale to the public:** As soon as practicable after the effective date of this registration statement.

If any of the securities being registered on this Form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the Securities Act of 1933 check the following box. ☐

If this Form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, please check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐

If this Form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐

If this Form is a post-effective amendment filed pursuant to Rule 462(d) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☐ Accelerated filer ☐ <br> Non-accelerated filer ☒ Smaller reporting company ☒ <br> Emerging growth company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act. ☐

**The Registrant hereby amends this Registration Statement on such date or dates as may be necessary to delay its effective date until the Registrant shall file a further amendment which specifically states that this Registration Statement shall thereafter become effective in accordance with Section 8(a) of the Securities Act of 1933, as amended, or until the Registration Statement shall become effective on such date as the Securities and Exchange Commission, acting pursuant to said Section 8(a), may determine.**

**EXPLANATORY NOTE**

Blue Water Acquisition Corp. III is filing this Amendment No. 3 to its Registration Statement on Form S-1 (File No. 333-285075) as an exhibits-only filing. Accordingly, this amendment consists only of the facing page, this explanatory note, Item 16(a) of Part II of the Registration Statement, the signature page to the Registration Statement and the filed exhibit. The remainder of the Registration Statement is unchanged and has been omitted.

**Part II**

**Information not required in prospectus**

**Item 16. *Exhibits and Financial Statement Schedules.***

**Exhibit Index**

---

| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| 1.1\* | [Form of Underwriting Agreement.](https://www.sec.gov/Archives/edgar/data/2050501/000164117225012302/ex1-1.htm) |
| 3.1.1\* | [Memorandum of Association.](https://www.sec.gov/Archives/edgar/data/2050501/000164117225001410/ex3-1_1.htm) |
| 3.1.2\* | [Articles of Association.](https://www.sec.gov/Archives/edgar/data/2050501/000164117225001410/ex3-1_2.htm) |
| 3.2\* | [Form of Amended and Restated Memorandum and Articles of Association.](https://www.sec.gov/Archives/edgar/data/2050501/000164117225012302/ex3-2.htm) |
| 4.1\* | [Specimen Unit Certificate.](https://www.sec.gov/Archives/edgar/data/2050501/000164117225001410/ex4-1.htm) |
| 4.2\* | [Specimen Ordinary Share Certificate.](https://www.sec.gov/Archives/edgar/data/2050501/000164117225001410/ex4-2.htm) |
| 4.3\* | [Specimen Warrant Certificate.](https://www.sec.gov/Archives/edgar/data/2050501/000164117225001410/ex4-3.htm) |
| 4.4\* | [Form of Warrant Agreement between Continental Stock Transfer & Trust Company and the Registrant.](https://www.sec.gov/Archives/edgar/data/2050501/000164117225001410/ex4-4.htm) |
| 5.1\* | [Opinion of Loeb & Loeb LLP.](https://www.sec.gov/Archives/edgar/data/2050501/000164117225012302/ex5-1.htm) |
| 5.2\*\* | [Opinion of Forbes Hare, Cayman Islands counsel to the Registrant.](ex5-2.htm) |
| 10.1\* | [Form of Letter Agreement among the Registrant, Blue Water Acquisition III LLC and each of the officers and directors of the Registrant.](https://www.sec.gov/Archives/edgar/data/2050501/000164117225001410/ex10-1.htm) |
| 10.2\* | [Form of Investment Management Trust Agreement between Continental Stock Transfer & Trust Company and the Registrant.](https://www.sec.gov/Archives/edgar/data/2050501/000164117225001410/ex10-2.htm) |
| 10.3\* | [Form of Registration Rights Agreement among the Registrant, Blue Water Acquisition III LLC and the holders signatory thereto.](https://www.sec.gov/Archives/edgar/data/2050501/000164117225001410/ex10-3.htm) |
| 10.4\* | [Form of Private Placement Units Purchase Agreement between the Registrant and Blue Water Acquisition III LLC.](https://www.sec.gov/Archives/edgar/data/2050501/000164117225001410/ex10-4.htm) |
| 10.5\* | [Form of Private Placement Units Purchase Agreement between the Registrant and BTIG, LLC](https://www.sec.gov/Archives/edgar/data/2050501/000164117225001410/ex10-5.htm) |
| 10.6\* | [Form of Indemnity Agreement.](https://www.sec.gov/Archives/edgar/data/2050501/000164117225001410/ex10-6.htm) |
| 10.7\* | [Form of Administrative Services Agreement.](https://www.sec.gov/Archives/edgar/data/2050501/000164117225001410/ex10-7.htm) |
| 10.8\* | [Promissory Note issued to Blue Water Acquisition III LLC.](https://www.sec.gov/Archives/edgar/data/2050501/000164117225001410/ex10-8.htm) |
| 10.9\* | [Securities Subscription Agreement between Blue Water Acquisition III LLC and the Registrant.](https://www.sec.gov/Archives/edgar/data/2050501/000164117225001410/ex10-9.htm) |
| 14.1\* | [Form of Code of Conduct.](https://www.sec.gov/Archives/edgar/data/2050501/000164117225001410/ex14-1.htm) |
| 23.1\* | [Consent of Elliott Davis, PLLC.](https://www.sec.gov/Archives/edgar/data/2050501/000164117225012302/ex23-1.htm) |
| 23.2\* | [Consent of Loeb & Loeb LLP (included on Exhibit 5.1).](https://www.sec.gov/Archives/edgar/data/2050501/000164117225012302/ex5-1.htm) |
| 23.3\*\* | [Consent of Forbes Hare (included on Exhibit 5.2).](ex5-2.htm) |
| 24.1\* | [Power of Attorney (included on the signature page of the initial filing).](https://www.sec.gov/Archives/edgar/data/2050501/000149315225007630/forms-1.htm#J_007) |
| 99.1\* | [Form of Audit Committee Charter.](https://www.sec.gov/Archives/edgar/data/2050501/000164117225001410/ex99-1.htm) |
| 99.2\* | [Form of Compensation Committee Charter.](https://www.sec.gov/Archives/edgar/data/2050501/000164117225001410/ex99-2.htm) |
| 99.3\* | [Consent of Timothy N. Coulson to be named as director nominee.](https://www.sec.gov/Archives/edgar/data/2050501/000149315225007630/ex99-3.htm) |
| 99.4\* | [Consent of Trevor L. Hawkins to be named as director nominee.](https://www.sec.gov/Archives/edgar/data/2050501/000149315225007630/ex99-4.htm) |
| 99.5\* | [Consent of Ish S. Dugal to be named as director nominee](https://www.sec.gov/Archives/edgar/data/2050501/000164117225001410/ex99-5.htm) |
| 99.6\* | [Consent of Laurent D. Hermouet to be named as director nominee](https://www.sec.gov/Archives/edgar/data/2050501/000164117225001410/ex99-6.htm) |
| 107\* | [Filing Fee Table.](https://www.sec.gov/Archives/edgar/data/2050501/000149315225007630/ex107.htm) |

---

\* Previously filed. <br> \*\* Filed herewith.

**SIGNATURES**

Pursuant to the requirements of the Securities Act of 1933, as amended, the registrant has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in Greenwich, Connecticut, on the 5th day of June, 2025.

---

| | |
|:---|:---|
| **Blue Water Acquisition Corp. III** | **Blue Water Acquisition Corp. III** |
| By: | */s/ Joseph Hernandez* |
| Name: | Joseph Hernandez |
| Title: | Chief Executive Officer |

---

Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement has been signed below by the following persons in the capacities and on the dates indicated.

---

| | | |
|:---|:---|:---|
| **Name** | **Position** | **Date** |
| */s/ Joseph Hernandez* | Chief Executive Officer and Director | June 5, 2025 |
| Joseph Hernandez | (principal executive officer) |  |
| */s/ Martha F. Ross* | Chief Financial Officer | June 5, 2025 |
| Martha F. Ross | (principal financial and accounting officer) |  |

---

## Exhibit 5.2

**Exhibit 5.2**

Forbes Hare

Cassia Court

Camana Bay

Suite 716, 10 Market Street

Grand Cayman KY1-9006

Cayman Islands

---

| | | |
|:---|:---|:---|
| **DD:** | +1 284 852 1899 | ![](ex5-2_001.jpg) |
| **E:** | Jose.santos@forbeshare.com | ![](ex5-2_001.jpg) |
| **Our Ref:** | JST/SS/MD/KY9339.001 | ![](ex5-2_001.jpg) |
| **Your Ref:** | Reference | ![](ex5-2_001.jpg) |
|  |  | ![](ex5-2_001.jpg) |
| Blue Water Acquisition Corp. III<br> 15 E. Putnam Avenue<br> Suite 363<br> Greenwich, CT 06830<br> United States of America | Blue Water Acquisition Corp. III<br> 15 E. Putnam Avenue<br> Suite 363<br> Greenwich, CT 06830<br> United States of America | ![](ex5-2_001.jpg) |

---

05 June 2025

Dear Sirs

**Blue Water Acquisition Corp. III (the "Company")**

We are lawyers licensed and qualified to practice law in the Cayman Islands. We have acted as special Cayman Islands counsel to the Company to provide this legal opinion in connection with the Company's Registration Statement on Form S-1, including all amendments or supplements thereto (the "**Registration Statement**"), filed with the Securities and Exchange Commission (the "**Commission**") under the United States Securities Act of 1933, as amended, related to the offering and sale of: (i) 20,000,000 units (the "**Units**") consisting of one Class A ordinary share of US$0.0001 par value in the Company (a "**Class A Share**") and one-half of one redeemable warrant (the "**Warrants**"); (ii) up to 3,000,000 Units to the underwriter pursuant to an option to purchase up to 15% of the total number of Units to cover over-allotments, if any (the "**Over-allotment Units**"); (iii) all Class A Ordinary Shares and Warrants issued as part of the Units and the Over-allotment Units; (iv) all Class A Ordinary Shares that may be issued upon exercise of the Warrants; and (v) 600,000 units to be sold in a private placement happening simultaneously with the offering ("**Private Placement Units**") consisting of one Class A ordinary share and one-half of one redeemable warrant to be sold in the private placement.

**1.** **Documents Reviewed and Searches** 

We have reviewed originals, copies or drafts of the following documents and have examined such other documents and considered such legal matters as we have deemed necessary for the purpose of rendering this legal opinion:

1.1 A
 Certificate of Incorporation of the Company dated 1 November 2024 issued by the registrar of Companies of the Cayman Islands (the
 "**Registrar** ").

Page 1 of **6**

1.2 The
 stamped copy of the Company's Memorandum and Articles of Association dated 1 November 2024.

1.3 A
 certificate of incumbency issued by the registered office of the Company, Forbes Hare Trust Company signed on 23 May 2025
 and stating that the Company is in Good Standing in the Cayman Islands (the "**Incumbency Certificate** ").

1.4 A
 certificate from a Director of the Company (the "**Director's Certificate** ").

1.5 A
 draft of the director resolutions approving the public offering of the Company's Class A Shares (the "**Director Resolutions** ").

1.6 The
 Register of Writs at the office of the Clerk of Courts in the Cayman Islands as inspected by us on 23 May 2025 (the "**Register of Writs** ").

1.7 The
 Registration Statement.

1.8 A
 draft of the form of unit certificate representing the Units (the "**Unit Certificate** ").

1.9 A
 draft of the form of the warrant agreement and the warrants constituting the Warrants (the "**Warrants Documents** ").

1.10 A
 draft of the underwriting agreement between the Company and BTIG, LLC.

The documents listed in paragraphs 1.8 to 1.10 inclusive above shall be referred to collectively as the "**Documents**".

---

| | |
|:---|:---|
| **2** | **Assumptions** |

---

In giving this opinion we have assumed, without further verification, the completeness and accuracy of the Documents and searches and that the information contained therein or resulting therefrom remains accurate and complete as at the date of this opinion. We have also relied upon the following assumptions, which we have not independently verified:

2.1 Copies
 of the Documents, conformed copies or drafts of the Documents provided to us are true and complete copies of, or in the final forms
 of, the originals.

2.2 All
 signatures, seals, dates, stamps and other markings are genuine.

2.3 The
 statement in the Incumbency Certificate that the Company is in Good Standing accurately reflects the good standing status of the
 Company with the Registrar as at the date of this opinion.

2.4 The
 accuracy and completeness of all factual representations expressed in or implied by the Documents we have examined.

Page 2 of **6**

2.5 Each
 of the Certificate of Incumbency and the Register of Writs is accurate and complete as at the date of this opinion.

2.6 That
 all public records of the Company which we have examined are accurate and that the information disclosed by the searches which we
 conducted against the Company is true and complete and that such information has not since then been altered and that such searches
 did not fail to disclose any information relevant to the issuing of this opinion.

2.7 That
 we have been provided a full and complete record of the corporate documents constituting the minute book of the Company which is
 relevant to the issuing of this opinion and that such record remains accurate as at the date of issue of this opinion.

2.8 Where
 any Document has been provided to us in draft or undated form, that Document has been executed by all parties in materially the form
 provided to us and, where we have been provided with successive drafts of a Document marked to show changes from a previous draft,
 all such changes have been accurately marked.

2.9 Each
 of the parties to the Documents (as appropriate) other than the Company is duly incorporated, formed or organised (as applicable),
 validly existing and in good standing under all relevant laws as at the date of issue of this opinion.

2.10 In
 authorising the execution and delivery of the Documents (as appropriate) by the Company, the exercise of its rights and performance
 of its obligations under the Documents, each of the directors of the Company has acted in good faith with a view to the best interests
 of the Company and has exercised the standard of care, diligence and skill that is required of him or her.

2.11 Each
 Document (as appropriate) has been duly executed and unconditionally delivered by the Company in the manner authorised in the relevant
 Director resolutions (the "**Director Resolutions**") and that such Director Resolutions have been or will be validly
 approved.

2.12 None
 of the opinions expressed herein will be adversely affected by the laws or public policies of any jurisdiction other than the Cayman
 Islands. In particular, but without limitation to the previous sentence: (a) the laws or public policies of any jurisdiction other
 than the Cayman Islands will not adversely affect the capacity or authority; and (b) neither the execution or delivery of the Documents
 nor the exercise by any party to the Documents of its rights or the performance.

Page 3 of **6**

2.13 There
 are no agreements, documents or arrangements (other than the documents expressly referred to in this opinion as having been examined
 by us) that materially affect or modify the Documents or the transactions contemplated by them or restrict the powers and authority
 of the Company in any way.

2.14 None
 of the transactions contemplated by the Documents relate to any shares, voting rights or other rights that are subject to a restrictions
 notice issued pursuant to the Companies Act (as amended) of the Cayman Islands (the "**Act** ").

2.15 The
 Shares shall be issued at an issue price in excess of the par value thereof.

2.16 There
 is nothing under any law (other than the law of the Cayman Islands) which would or might affect the opinions hereinafter appearing.
 Specifically, we have made no independent investigation of the laws of the United States of America.

---

| | |
|:---|:---|
| **3** | **Opinion** |

---

Based upon, and subject to, the foregoing assumptions and the qualifications set out in section 4 below, and having regard to such legal considerations as we consider relevant, we are of the opinion that:

3.1 The
 Company is an exempted company limited by shares and incorporated under the Act, in good standing with the Registrar at the Register
 of Companies in the Cayman Islands and validly existing under the laws of the Cayman Islands and possesses the capacity to sue and
 be sued in its own name.

3.2 The
 Company is authorised to issue Four Hundred and Eighty-Five Million (485,000,000) Class A Ordinary Shares of par value US$0.0001
 each; Fifty Million (10,000,000) Class B Ordinary Shares of par value US$0.0001 each; and Five Million (5,000,000) Preferred Shares
 of par value US$0.0001 each.

3.3 The
 Class A Shares to be offered and sold by the Company as contemplated by the Registration Statement (including the Class A Shares
 to be issued by the Company upon conversion of the Warrants (in accordance with the Warrants Documents) have been duly authorised
 for issue, and when issued by the Company against payment in full, of the consideration, in accordance with the terms set out in
 the Registration Statement and the Warrants Documents and duly registered in the Company's register of members (shareholders),
 such Class A Shares will be validly issued, fully paid and non-assessable (meaning that no further sums are payable to the Company
 on such securities).

Page 4 of **6**

3.4 The
 statement in the Registration Statement under the caption "Cayman Islands Taxation" in so far as it constitutes a summary
 or description of the laws and regulations of the Cayman Islands is accurate and fairly presents a summary of Cayman Islands law.
 To the extent that the discussion relates to matters of Cayman Islands tax law under the "Taxation Section" in the Registration
 Statement, it represents our opinion.

3.5 The
 statement in the Registration Statement under the caption "Enforceability of Civil Liabilities" in so far as it constitutes
 a summary or description of the laws and regulations of the Cayman Islands is accurate and fairly presents a summary of Cayman Islands
 law. To the extent that the discussion relates to matters of Cayman Islands laws or treaties under the "Enforceability of Civil
 Liabilities" Section in the Registration Statement, it represents our opinion.

---

| | |
|:---|:---|
| **4** | **Qualifications** |

---

The opinions expressed above are subject to the following qualifications:

4.1 Under
 the Act annual returns in respect of the Company must be filed with the Registrar, together with payment of annual filing fees. A
 failure to file annual returns and pay annual filing fees may result in the Company being struck off the Register of Companies, following
 which its assets will vest in the Financial Secretary of the Cayman Islands and will be subject to disposition.

4.2 "In
 good standing" means only that as of the date of the Incumbency Certificate (and subject to assumption 2.3 above) the
 Company is up-to-date with the filing of its annual returns and payment of annual fees with the Registrar. We have made no enquiries
 into the Company's good standing with respect to any filings or payment of fees, or both, that it may be required to make under
 the laws of the Cayman Islands other than the filing of its annual returns and payment of annual fees with the Registrar.

4.3 We
 are not aware of any Cayman Islands authority as to when the courts would set aside the limited liability of a shareholder in a Cayman
 Islands company. Our opinion on the subject is based on the Act and English common law authorities, the latter of which are persuasive
 but not binding in the courts of the Cayman Islands. Under English authorities, circumstances in which a court would attribute personal
 liability to a shareholder are very limited, and include: (a) such shareholder expressly assuming direct liability (such as a guarantee);
 (b) the company acting as the agent of such shareholder; (c) the company being incorporated by or at the behest of such shareholder
 for the purpose of committing or furthering such shareholder's fraud, or for a sham transaction otherwise carried out by such
 shareholder.

Page 5 of **6**

4.4 We
 have not reviewed a good standing certificate issued by the Registrar in relation to the good standing status of the Company confirming
 that the Company is in good standing with the Registrar and have relied solely on the statement to this effect in the Incumbency
 Certificate for the purposes of issuing this opinion.

4.5 In
 this opinion, the phrase "non-assessable" means, with respect to the Shares in the Company, that a shareholder shall
 not, solely by virtue of its status as a shareholder, be liable for additional assessments or calls on the Shares by the Company
 or its creditors (except in exceptional circumstances, such as involving fraud, the establishment of an agency relationship or an
 illegal or improper purpose or other circumstance in which a court may be prepared to pierce or lift the corporate veil).

4.6 Our
 examination of the Register of Writs cannot conclusively reveal whether or not there is: (a) any current or pending litigation in
 the Cayman Islands against the Company; or (b) any application for the winding up or dissolution of the Company or the appointment
 of any liquidator or trustee in bankruptcy as notice of these matters might not be entered on the Register of Writs immediately or
 updated expeditiously or the court file associated with the matter or the matter itself may not be publicly available (for example,
 due to sealing orders having been made). Furthermore, we have not conducted a search of the summary court.

4.7 The
 obligations of the Company may be subject to restrictions pursuant to United Nations sanctions as implemented under the laws of the
 Cayman Islands.

4.8 Under
 Cayman Islands law, the register of members (shareholders) is prima facie evidence of title to shares and this register would not
 record a third party interest in such shares. However, there are certain limited circumstances where an application may be made to
 a Cayman Islands court for a determination on whether the register of members reflects the correct legal position. Further, the Cayman
 Islands court has the power to order that the register of members maintained by a company should be rectified where it considers
 that the register of members does not reflect the correct legal position. As far as we are aware, such applications are rarely made
 in the Cayman Islands and for the purposes of the opinion given in opinion 3.3, there are no circumstances or matters of fact known
 to us on the date of this opinion which would properly form the basis for an application for an order for rectification of the register
 of members of the Company, but if such an application were made in respect of the Shares, then the validity of such Shares may be
 subject to re-examination by a Cayman Islands court.

4.9 We
 make no comment with regard to any references to foreign statutes in the Registration Statement.

4.10 This
 opinion is given only as to, and based on, circumstances and matters of fact existing and known to us on the date of this opinion.
 This opinion only relates to the laws of the Cayman Islands which are in force on the date of this opinion.

---

| | |
|:---|:---|
| **5** | **Consents** |

---

In connection with the above opinion, we hereby consent:

5.1 to
 the use of our name in the Registration Statement, the prospectus constituting a part thereof and all amendments thereto under the
 caption "Legal Matters", "Taxation", and "Enforceability of Civil Liabilities"; and

5.2 to
 the filing of this opinion as an exhibit to the Registration Statement.

This opinion is limited to the matters detailed herein and is not to be read as an opinion with respect to any other matter.

Yours faithfully

/s/ Forbes Hare

**Forbes Hare**

Page 6 of **6**