Blue Water Acquisition III, the third blank check company led by the founder of Blue Water Venture Partners targeting healthcare, filed on Thursday with the SEC to raise up to $200 million in an initial public offering.
The Greenwich, CT-based company plans to raise $200 million by offering 20 million units at $10. 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.
Hernandez previously led Blue Water Acquisition II, which withdrew its planned $75 million IPO in 2022, and Blue Water Acquisition, which completed its combination with Clarus Therapeutics (delisted; formerly Nasdaq: CRXT) in 2021.
Blue Water Acquisition III was founded in 2024 and plans to list on the Nasdaq under the symbol BLUWU. BTIG is the sole bookrunner on the deal.
