BLUWU

Blue Water Acquisition Corp. III Units consist of one ordinary share and a fraction of one redeemable warrant packaged together as a single tradable security. These units were issued in the SPAC's initial public offering and provide investors with combined exposure to both the base equity component (ordinary shares linked to the trust account) and additional upside potential through warrant coverage. The unit structure is standard in SPAC offerings, giving investors immediate participation in the trust account value plus leveraged exposure to potential appreciation following a successful business combination. Each unit typically includes one ordinary share of Blue Water Acquisition Corp. III plus a fractional warrant (the exact fraction specified in offering documents). The ordinary share component provides voting rights on any proposed business combination and redemption rights allowing shareholders to receive their pro-rata share of the trust account if they disagree with a proposed merger. The warrant component provides the right to purchase additional ordinary shares at a predetermined exercise price (typically $11.50) after the SPAC completes its business combination with a target company, offering additional equity upside if the combined company's stock appreciates. After a defined period following the IPO (commonly 52 days), units typically separate into their constituent components, with ordinary shares and warrants beginning to trade independently under separate ticker symbols. This separation allows investors to maintain exposure to both components or trade them separately based on investment strategy and market views. Units provide a convenient way to gain initial exposure to the SPAC opportunity with both downside protection through the trust account value and upside leverage through the warrant component. The unit value reflects the combined value of the underlying ordinary share and fractional warrant, trading at the market's assessment of Blue Water Acquisition Corp. III's prospects for identifying and completing an attractive business combination. As the third SPAC from the Blue Water sponsors, investors may reference the team's track record from previous transactions when evaluating the opportunity.