Blue Water Acquisition III, the third blank check company led by the founder of Blue Water Venture Partners targeting healthcare, raised $220 million by offering 22 million units at $10. The company offered 2 million more units than anticipated. Each unit consists of one share of common stock and one-half of a warrant, exercisable at $11.50.
Blue Water Acquisition III is led by CEO and Chairman Joseph Hernandez, the founder and Senior Managing Partner of investment firm Blue Water Venture Partners, and the founder of 2022 biotech IPO Blue Water Vaccines (now Onconetix; ONCO). The SPAC plans to target the biotechnology, healthcare, and technology sectors. Particular areas of interest include groundbreaking therapies, diagnostic tools, and health technology solutions.
Blue Water Acquisition III plans to list on the Nasdaq under the symbol BLUWU. BTIG acted as sole bookrunner on the deal.
