# Blue Water Acquisition Corp. III

Blue Water Acquisition Corp. III is an other based in Greenwich, CT, United States.

## Overview

- **Organization type:** other
- **Headquarters:** Greenwich, CT, United States
- **Region:** North America
- **Address:** New York, NY, United States
- **Assets under management:** Undisclosed
- **Website:** bluewater-acquisition.com

## Regulatory record

- **Reports private funds:** No

## About

Blue Water Acquisition Corp. III was incorporated as a blank-check company, structured as a special-purpose acquisition company (SPAC). It priced its initial public offering on August 6, 2021, raising gross proceeds of $57.5 million by selling 5.75 million units at $10.00 per unit (per SEC filings, August 2021). Each unit consisted of one share of Class A common stock and one redeemable warrant. The company listed on the Nasdaq Global Market under the ticker symbol BLUW. The sponsor entity, Blue Water Sponsor LLC, held founder shares and warrants aligned with standard SPAC promoter economics. The SPAC's stated mandate was to identify and merge with a business operating in the life sciences, medical devices, or healthcare technology sectors. It did not limit its search geographically, but the management team's background suggested a focus on North American and European targets. The trust account, holding IPO proceeds plus underwriter over-allotment funds, was invested in U.S. government securities pending a business combination. SPACs of this vintage operated under a typical 18-to-24-month deadline to complete a deal, facing mandatory liquidation and return of trust proceeds to public shareholders if no merger was consummated. Blue Water Acquisition Corp. III represented the third iteration of a serial SPAC sponsor group. The management team and board drew from operating, investing, and transactional experience, a common pattern among repeat SPAC issuers of the 2020–2021 wave. In September 2022, the company extended its initial deadline to complete a business combination through a series of charter amendments, a frequent tactic among SPACs struggling to find or close a target during the post-2021 market downturn (per SEC filings, September 2022). These extensions involved sponsor contributions to the trust account to fund additional time. Structurally, Blue Water III operated as a pure-deal vehicle rather than an operating company. The key differentiator among serial SPAC sponsors is whether they can consummate a value-accretive merger when market conditions deteriorate. Many sponsors that raised funds during the 2021 bubble — particularly sub-$100 million SPACs — have since liquidated and returned capital.

## Questions

### What happened to Blue Water Acquisition Corp. III after its IPO?

Following its $57.5 million IPO in August 2021, the SPAC searched for a life sciences acquisition target but did not announce a definitive merger agreement. By September 2022, it had extended its business combination deadline multiple times, a process that required the sponsor to deposit additional funds into the trust account. The ultimate outcome — whether it completed a merger or liquidated — requires checking the most recent SEC filings for the company.

### What sector was Blue Water Acquisition Corp. III targeting for a merger?

The SPAC's registration statement identified the life sciences, medical devices, and healthcare technology sectors as its primary focus. These areas represented a broad mandate encompassing biotech, diagnostics, tools, digital health, and related healthcare verticals, without committing to a specific subsector or stage of company maturity.

### Who were the principals behind Blue Water Acquisition Corp. III?

The SPAC was sponsored by an affiliate of a serial sponsor group that had launched prior Blue Water vehicles. The specific named officers and directors were disclosed in the SEC registration statement and are matters of public record with the SEC, but the small size of the offering and subsequent lack of a completed deal have resulted in limited institutional coverage of the individual principals.

## Related profiles

- [Bold Eagle Acquisition Corp.](https://altss.com/profile/bold-eagle-acquisition-corp)
- [NorthEast Community Bancorp](https://altss.com/profile/northeast-community-bancorp-incmd)

---

Last updated: 2026-08-11T02:43:31.692Z

Canonical page: https://altss.com/profile/blue-water-acquisition-corp-iii

Maintained by Altss — https://altss.com — methodology: https://altss.com/methodology