Blue Water Acquisition IV, the fourth blank check company led by the founder of Blue Water Venture Partners targeting healthcare and tech, filed on Friday with the SEC to raise up to $125 million in an initial public offering.
The company plans to raise $125 million by offering 12.5 million units at $10.00. Each unit consists of one share of common stock and one-half of one warrant, exercisable at $11.50.
Blue Water Acquisition IV 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 pharmaceuticals, medical devices, telemedicine, AI/ML, and cloud computing, among others.
Management has led various SPACs, most recently Blue Water Acquisition III (BLUWU; +6% from offer price), which made headlines for its submission of an unsolicited bid to acquire Citgo Petroleum parent PDV Holding this past September, before it later suspended that bid in November. Blue Water Acquisition II filed for a $75 million IPO in October 2021, but withdrew its filing the following August. The first Blue Water Acquisition merged with Clarus Therapeutics in 2021, a company that later filed for bankruptcy in 2022.
The Greenwich, CT-based company was founded in 2025 and plans to list on the NYSE under the symbol BWIV.U. BTIG is the sole bookrunner on the deal.
