Form 8-K
8-K — Blue Water Acquisition Corp. III
Accession: 0001104659-26-094858
Filed: 2026-08-12
Period: 2026-08-11
CIK: 0002050501
SIC: 6770 (BLANK CHECKS)
Item: Entry into a Material Definitive Agreement
Item: Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant
Item: Unregistered Sales of Equity Securities
Item: Financial Statements and Exhibits
Documents
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EX-10.1 — EXHIBIT 10.1 (tm2622935d1_ex10-1.htm)
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
August 11, 2026
Blue Water Acquisition Corp. III
(Exact name of Registrant as Specified in Its
Charter)
Cayman Islands
001-42692
33-2301550
(State or Other Jurisdiction
of Incorporation)
(Commission
File Number)
(IRS Employer
Identification No.)
1012 Springfield Avenue
Mountainside, New Jersey
07092
(Address of Principal Executive Offices)
(Zip Code)
Registrant’s Telephone Number, Including
Area Code: (201) 985-8300
N/A
(Former Name or Former Address, if Changed
Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
¨
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
¨
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
¨
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
¨
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading
Symbol(s)
Name of each exchange
on which registered
Units, each consisting of one Class A ordinary share and one-half of one redeemable warrant
BLUWU
The Nasdaq Stock Market LLC
Class A ordinary shares, $0.0001 par value
BLUW
The Nasdaq Stock Market LLC
Warrants, each whole warrant exercisable for one Class A ordinary share at an exercise price of $11.50 per share
BLUWW
The Nasdaq Stock Market LLC
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging
growth company x
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 13(a) of the Exchange Act. ¨
Item 1.01.
Entry into a Material Definitive Agreement.
Amended and Restated Working Capital Note
On January 26, 2026, Blue Water Acquisition Corp. III (the “Company”)
issued a convertible unsecured promissory note (the “Prior Note”) in the aggregate principal amount of $500,000.00 to Yorkville
BW Acquisition Sponsor, LLC, a Florida limited liability company (the “Sponsor”), in order to provide the Company with additional
working capital, as previously disclosed in the Company’s Current Report on Form 8-K filed with the U.S. Securities and Exchange
Commission (the “SEC”) on January 27, 2026. On August 11, 2026, the Sponsor advanced an additional $250,000 to the Company
for additional working capital purposes. Also on August 11, 2026, in order to document such additional advance, the Company issued an
amended and restated convertible unsecured promissory note (the “Amended and Restated Working Capital Note”) in the aggregate
principal amount of $750,000.00 to the Sponsor, which amends, restates, supersedes and replaces the Prior Note in its entirety. Pursuant
to the terms of the Amended and Restated Working Capital Note, the principal balance shall not accrue interest; shall be payable by the
Company on the earlier of the date on which the Company consummates its initial business combination or the date that the winding up of
the Company is effective; and is convertible at the Sponsor’s election upon the consummation of the Company’s initial business
combination. Should the Sponsor elect to convert all or a portion of the principal balance, the elected principal balance amount will
convert, at a price of $10.00 per unit, into units identical to the private placement units issued in connection with the Company’s
initial public offering (each, a “New Unit”), rounded down to the nearest whole number.
The foregoing description of the Amended and Restated Working Capital
Note does not purport to be complete and is qualified in its entirety by reference to the full text of the Amended and Restated Working
Capital Note, which is filed hereto as Exhibit 10.1 and which is incorporated herein by reference.
Item 2.03.
Creation of a Direct Financial Obligation or an Obligation under an
Off-Balance Sheet Arrangement of a Registrant.
The information disclosed under Item 1.01 of this Current Report on
Form 8-K is incorporated by reference into this Item 2.03.
Item 3.02.
Unregistered Sales of Equity Securities.
The information disclosed under Item 1.01 of this Current Report on
Form 8-K is incorporated by reference into this Item 3.02. The Amended and Restated Working Capital Note shall be convertible into a maximum
of 75,000 New Units. Each New Unit will consist of one Class A ordinary share of the Company, par value $0.0001 per share (each, a “Class
A Ordinary Share”), and one-half of one redeemable warrant, with each whole warrant entitling the holder to purchase one Class A
Ordinary Share, at an exercise price of $11.50 per share, which will become exercisable 30 days after the completion of the Company’s
initial business combination, subject to certain terms and conditions.
The Company has relied upon Section 4(a)(2) of the Securities Act of
1933, as amended, in connection with the issuance of the Amended and Restated Working Capital Note.
Item 9.01.
Financial Statements and Exhibits.
(d) Exhibits.
Exhibit No.
Description
10.1
Amended and Restated Working Capital Note, dated August 11, 2026, issued by the Company to the Sponsor.
104
Cover Page Interactive Data File (embedded within the Inline XBRL document)
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
BLUE WATER ACQUISITION CORP. III
By:
/s/ Troy Rillo
Name:
Troy Rillo
Chief Financial Officer
Date: August 12, 2026
EX-10.1 — EXHIBIT 10.1
EX-10.1
Filename: tm2622935d1_ex10-1.htm · Sequence: 2
Exhibit 10.1
THIS PROMISSORY NOTE (“NOTE”) HAS NOT BEEN REGISTERED UNDER
THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”). THIS NOTE HAS BEEN ACQUIRED FOR INVESTMENT ONLY AND MAY NOT
BE SOLD, TRANSFERRED OR ASSIGNED IN THE ABSENCE OF REGISTRATION OF THE RESALE THEREOF UNDER THE SECURITIES ACT OR AN OPINION OF COUNSEL
REASONABLY SATISFACTORY IN FORM, SCOPE AND SUBSTANCE TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED.
AMENDED AND RESTATED PROMISSORY NOTE
August 11, 2026
Principal Amount: $750,000.00
Blue Water Acquisition Corp. III, a Cayman Islands exempted company
and blank check company (the “Maker”), promises to pay to the order of Yorkville BW Acquisition Sponsor, LLC, a Florida
limited liability company, or its registered assigns or successors in interest (the “Payee”), or order, the principal
sum of Seven Hundred Fifty Thousand Dollars ($750,000.00) in lawful money of the United States of America, on the terms and conditions
described below. All payments on this Note shall be made by check or wire transfer of immediately available funds or as otherwise determined
by the Maker to such account as the Payee may from time to time designate by written notice in accordance with the provisions of this
Note.
1. Principal.
The principal balance of this Note shall be payable by the Maker on the earlier of: (i) the date on which Maker consummates its initial
business combination or (ii) the date that the winding up of the Maker is effective (such date, the “Maturity Date”).
The principal balance may be prepaid at any time, at the election of Maker. Under no circumstances shall any individual, including but
not limited to any executive officer, director, employee or shareholder of the Maker, be obligated personally for any obligations or liabilities
of the Maker hereunder.
2. Interest.
No interest shall accrue on the unpaid principal balance of this Note.
3. Optional Conversion.
(a) Upon consummation of the business combination and at the Payee’s
option, at any time prior to payment in full of the principal balance of this Note, the Payee may elect to convert all or any portion
of the Note into that number of units of the post-business combination entity (the “New Units”) equal to: (i) the portion
of the principal amount of the Note being converted pursuant to this Section 3, divided by (ii) $10.00, rounded down to the nearest whole
number. Each New Unit shall have the same terms and conditions as private placement units issued simultaneously with the Maker’s
initial public offering.
(b) Upon any complete or partial conversion of the principal amount
of this Note (i) such principal amount shall be so converted and such converted portion of this Note shall become fully paid and satisfied,
(ii) the Payee shall surrender and deliver this Note, duly endorsed, to Maker or such other address which Maker shall designate against
delivery of the New Units, (iii) Maker shall promptly deliver a new duly executed Note to the Payee in the principal amount that remains
outstanding, if any, after any such conversion and (iv) in exchange for all or any portion of the surrendered Note described in Section
3(a), Maker shall deliver to Payee the New Units, which shall bear such legends as are required, in the opinion of counsel to Maker or
by any other agreement between Maker and the Payee and applicable state and federal securities laws.
(c) The Maker shall pay any and all issue and other taxes that may
be payable with respect to any issue or delivery of the New Units upon conversion of this Note pursuant hereto; provided, however, that
the Payee shall pay any transfer taxes resulting from any transfer requested by the Payee in connection with any such conversion.
1
4. Application
of Payments. All payments shall be applied first to payment in full of any costs incurred in the collection of any sum due
under this Note, including (without limitation) reasonable attorney’s fees, then to the payment in full of any late charges and
finally to the reduction of the unpaid principal balance of this Note.
5. Events
of Default. The following shall constitute an event of default (“Event of Default”):
(a) Failure to Make Required Payments. Failure by Maker to pay
the principal amount due pursuant to this Note within five (5) business days of the date specified above.
(b) Voluntary Bankruptcy, Etc. The commencement by Maker of
a voluntary case under any applicable bankruptcy, insolvency, reorganization, rehabilitation or other similar law, or the consent by it
to the appointment of or taking possession by a receiver, liquidator, assignee, trustee, custodian, sequestrator (or other similar official)
of Maker or for any substantial part of its property, or the making by it of any assignment for the benefit of creditors, or the failure
of Maker generally to pay its debts as such debts become due, or the taking of corporate action by Maker in furtherance of any of the
foregoing.
(c) Involuntary Bankruptcy, Etc. The entry of a decree or order
for relief by a court having jurisdiction in the premises in respect of Maker in an involuntary case under any applicable bankruptcy,
insolvency or other similar law, or appointing a receiver, liquidator, assignee, custodian, trustee, sequestrator (or similar official)
of Maker or for any substantial part of its property, or ordering the winding-up or liquidation of its affairs, and the continuance of
any such decree or order unstayed and in effect for a period of 60 consecutive days.
6. Remedies.
(a) Upon the occurrence and during the continuance of an Event of Default
specified in Section 5(a) hereof, Payee may, by written notice to Maker, declare this Note to be due immediately and payable, whereupon
the unpaid principal amount of this Note, and all other amounts payable hereunder, shall become immediately due and payable without presentment,
demand, protest or other notice of any kind, all of which are hereby expressly waived, anything contained herein or in the documents evidencing
the same to the contrary notwithstanding.
(b) Upon the occurrence and during the continuance of an Event of Default
specified in Sections 5(b) and 5(c), the unpaid principal balance of this Note, and all other sums payable with regard to this Note, shall
automatically and immediately become due and payable, in all cases without any action on the part of Payee.
7. Waivers.
Maker and all endorsers and guarantors of, and sureties for, this Note waive presentment for payment, demand, notice of dishonor, protest,
and notice of protest with regard to the Note, all errors, defects and imperfections in any proceedings instituted by Payee under the
terms of this Note, and all benefits that might accrue to Maker by virtue of any present or future laws exempting any property, real or
personal, or any part of the proceeds arising from any sale of any such property, from attachment, levy or sale under execution, or providing
for any stay of execution, exemption from civil process, or extension of time for payment; and Maker agrees that any real estate that
may be levied upon pursuant to a judgment obtained by virtue hereof or any writ of execution issued hereon, may be sold upon any such
writ in whole or in part in any order desired by Payee.
8. Unconditional
Liability. Maker hereby waives all notices in connection with the delivery, acceptance, performance, default, or enforcement
of the payment of this Note, and agrees that its liability shall be unconditional, without regard to the liability of any other party,
and shall not be affected in any manner by any indulgence, extension of time, renewal, waiver or modification granted or consented to
by Payee, and consents to any and all extensions of time, renewals, waivers, or modifications that may be granted by Payee with respect
to the payment or other provisions of this Note, and agrees that additional makers, endorsers, guarantors, or sureties may become parties
hereto without notice to Maker or affecting Maker’s liability hereunder.
9. Notices.
All notices, statements or other documents which are required or contemplated by this Note shall be made in writing and delivered: (i)
personally or sent by first class registered or certified mail, overnight courier service or facsimile or electronic transmission to
the address designated in writing, (ii) by facsimile to the number most recently provided to such party or such other address or fax
number as may be designated in writing by such party or (iii) by electronic mail, to the electronic mail address most recently provided
to such party or such other electronic mail address as may be designated in writing by such party. Any notice or other communication
so transmitted shall be deemed to have been given on the day of delivery, if delivered personally, on the business day following receipt
of written confirmation, if sent by facsimile or electronic transmission, one (1) business day after delivery to an overnight courier
service or five (5) days after mailing if sent by mail.
2
10.
Construction. THIS NOTE SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE LAWS OF NEW YORK, WITHOUT REGARD TO CONFLICT OF LAW
PROVISIONS THEREOF.
11. Severability.
Any provision contained in this Note which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective
to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or
unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.
12. Trust
Waiver. Notwithstanding anything herein to the contrary, the Payee hereby waives any and all right, title, interest or claim
of any kind (“Claim”) in or to any distribution of or from the trust account (the “Trust Account”)
established in connection with Maker’s initial public offering, and hereby agrees not to seek recourse, reimbursement, payment or
satisfaction for any Claim against the Trust Account for any reason whatsoever; provided however that upon the consummation of the initial
business combination, Maker shall repay the principal balance of this Note out of the proceeds released to Maker from the Trust Account.
13.
Amendment; Waiver. Any amendment hereto or waiver of any provision hereof may be made with, and only with, the written consent
of the Maker and the Payee.
14.
Assignment. No assignment or transfer of this Note or any rights or obligations hereunder may be made by any party hereto (by operation
of law or otherwise) without the prior written consent of the other party hereto and any attempted assignment without the required consent
shall be void.
15. Restatement.
This Note amends, restates, supersedes and replaces that certain Promissory Note dated January 26, 2026, made in the principal amount
of Five Hundred Thousand Dollars ($500,000.00) by Maker, payable to Payee (the “Prior Note”). In connection with an
additional advance of $250,000.00 made by Payee to Maker on August 11, 2026, the aggregate outstanding principal amount of this Note is Seven
Hundred Fifty Thousand Dollars ($750,000.00); provided, however, that the execution and delivery by the undersigned of this Note shall
not, in any manner or circumstance, be deemed a payment of, a novation of or to have terminated, extinguished or discharged any of Maker’s
indebtedness evidenced by the Prior Note, all of which indebtedness shall continue under and shall hereinafter be evidenced and governed
by this Note. Any inconsistency between the terms of this Note and the Prior Note shall be controlled by the terms hereof.
[Signature page follows]
3
IN
WITNESS WHEREOF, Maker, intending to be legally bound hereby, has caused this Note to be duly executed by the undersigned as
of the day and year first above written.
BLUE WATER ACQUISITION CORP. III
/s/ Kevin McGurn
Kevin McGurn, Chief Executive Officer
YORKVILLE BW ACQUISITION SPONSOR, LLC
By: Yorkville Advisors Global, LP
Its: Manager
By: Yorkville Advisors Global II, LLC
Its: General Partner
/s/ Troy Rillo
Troy Rillo, Partner
[Signature Page to Promissory Note]
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- Definition
Trading symbol of an instrument as listed on an exchange.
+ References
No definition available.
+ Details
Name:
dei_TradingSymbol
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Data Type:
dei:tradingSymbolItemType
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- Definition
Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Securities Act
-Number 230
-Section 425
+ Details
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dei_WrittenCommunications
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- Details
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- Details
Name:
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