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Blue Water Acquisition Corp. III received an amended Schedule 13G from Harraden Circle Investments, LLC and Frederick V. Fortmiller, Jr. reporting beneficial ownership of 1,050,642 Class A shares, representing 4.04% of the class. All voting and dispositive authority over these shares is shared, with no sole power reported.
The amendment follows an internal reorganization effective June 30, 2026, after which certain prior reporting persons are no longer beneficial owners. The filing states that the reporting persons have ceased to be beneficial owners of more than five percent of the outstanding Class A shares and characterizes this amendment as an exit filing from the over-5% reporting status.
Blue Water Acquisition Corp. III reported that Yorkville BW Acquisition Sponsor, LLC, an entity associated with director and 10% owner Mark Angelo, received an Amended and Restated Working Capital Note on August 11, 2026. The note has a $750,000 principal amount and is convertible into 75,000 units, each unit consisting of one Class A ordinary share and one-half warrant. This structure would result in 75,000 Class A ordinary shares and warrants to purchase 37,500 Class A ordinary shares at the sponsor’s discretion upon consummation of the initial business combination. The principal is payable on the earlier of completion of the initial business combination or the issuer’s winding up, and conversion is at the sponsor’s election upon consummation of the initial business combination. Mr. Angelo may be deemed to have beneficial ownership through layered entities but disclaims beneficial ownership except to the extent of his pecuniary interest.
Blue Water Acquisition Corp. III, a Cayman Islands SPAC, reported June 30, 2026 unaudited results while still seeking a Business Combination and having no operating revenues. Total assets were $263.5 million, almost entirely cash and marketable securities in a Trust Account of $263.4 million supporting 25,300,000 redeemable Class A shares.
Current liabilities were $748,633, including a $500,000 working capital note from the new sponsor, and there was a working capital deficit of $627,254. Shareholders’ deficit totaled $9.5 million, largely from accumulated deficit and SPAC structure accretion mechanics.
For the six months ended June 30, 2026, the company recorded net income of $4.0 million, driven by $4.6 million of interest on Trust investments, offset by $0.6 million of operating expenses, mainly legal and accounting. Management discloses substantial doubt about the ability to continue as a going concern for one year from issuance, given limited cash ($32,560 outside the Trust) and dependence on sponsor working-capital loans and completing a Business Combination within the 24‑month completion window.
Blue Water Acquisition Corp. III entered into an amended and restated convertible unsecured working capital note with its sponsor, Yorkville BW Acquisition Sponsor, LLC. The new note has an aggregate principal amount of $750,000, reflecting a prior $500,000 advance and an additional $250,000 advanced on August 11, 2026 for working capital.
The note bears no interest and is payable on the earlier of the company’s initial business combination or its winding up. At the sponsor’s election upon consummation of the initial business combination, up to $750,000 of principal may convert into a maximum of 75,000 New Units at $10.00 per unit. Each New Unit consists of one Class A ordinary share and one-half of one redeemable warrant, with each whole warrant exercisable at $11.50 per share starting 30 days after completion of the initial business combination. The issuance relies on Section 4(a)(2) of the Securities Act.
Blue Water Acquisition Corp. III reports first‑quarter 2026 net income of $1.9 million, mainly from $2.3 million of interest on cash and marketable securities in its Trust Account, while operating expenses were $353,560. Total assets were $261.6 million, with $261.1 million held in the Trust Account for a future business combination.
The SPAC remains pre‑revenue and continues to search for a merger target. Management discloses a working capital deficit and says these conditions raise substantial doubt about the company’s ability to continue as a going concern one year from the financial statement issuance date.
Blue Water Acquisition Corp. III filed its annual Form 10-K as a blank check company formed to complete a Business Combination, primarily in biotechnology, healthcare or technology. The company raised $253,000,000 from its IPO and placed these funds in a Trust Account until a suitable merger is completed.
The IPO comprised 25,300,000 units at $10.00 each, and public holders are entitled to redeem their shares in connection with a Business Combination or liquidation if no deal occurs within 24 months of the IPO closing. A sponsor change in November 2025 transferred 6,325,000 founder shares and 430,000 private placement units to a new sponsor.
Blue Water Acquisition Corp. III notified the SEC that it cannot timely file its Annual Report on Form 10-K for the year ended December 31, 2025 and is relying on Rule 12b-25 to extend the filing date into the fifteen-calendar-day grace period.
The company says a change of sponsor and a complete replacement of management and the board followed a Purchase Agreement dated November 25, 2025, in which the New Sponsor acquired 6,325,000 Class B Ordinary Shares and 430,000 Private Placement Units for an aggregate purchase price of $7,200,000. Management states additional time is required to compile and process information; the filing was signed by CFO Troy Rillo on March 31, 2026.
ANGELO MARK reported acquisition or exercise transactions in a Form 4 filing for BLUW. The filing lists transactions totaling 1 shares at a weighted average price of $500,000.00 per share. Following the reported transactions, holdings were 1 shares.
Blue Water Acquisition Corp. III received a Schedule 13G showing that a group of Anson-affiliated investment entities has a significant passive stake in its Class A ordinary shares.
Anson Funds Management LP, Anson Management GP LLC, Anson Advisors Inc., and individuals Tony Moore, Amin Nathoo, and Moez Kassam report beneficial ownership of 2,585,000 Class A shares, representing 9.9% of the outstanding class. This percentage is based on 25,983,000 Class A shares outstanding as reported in the company’s Form 10-Q filed on November 14, 2025.
The filing is made on a Schedule 13G, indicating the securities are held in the ordinary course of business and not for the purpose of changing or influencing control of Blue Water Acquisition Corp. III.
Blue Water Acquisition C-A received an amended Schedule 13G/A from Barclays PLC regarding its common stock. As of December 31, 2025, Barclays reports beneficial ownership of 0 shares of common stock, representing 0% of the class, with no sole or shared voting or dispositive power. The filing indicates that Barclays now owns 5 percent or less of this class of securities and that any prior holdings were acquired and held in the ordinary course of business, not to change or influence control of the company.