Blue Water Acquisition Corp. III closes IPO, raises $253M; auditor flags going concern

Blue Water Acquisition Corp. III

IPO sold 25.3M units at $10 each for gross proceeds of $253M; proceeds deposited in trust.
Simultaneous private placement of 683K units at $10 raised $6.83M from sponsor and BTIG.
Trust account holds $253M; outside cash of $1.4M; total assets $254.5M, shareholders' deficit $7.7M.
Auditor expresses substantial doubt about going concern due to expected costs and no business combination target yet.
Company has 24 months to complete a business combination or will liquidate.

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