Blue Water Acquisition Corp. III (BLUWU), a blank-check company, said Tuesday that it has increased the size of its initial public offering to 22 million units, priced at $10 per unit.
Each unit consists of one Class A ordinary share and one-half of a redeemable warrant. Each whole warrant allows the holder to buy one share at $11.50, the company said, adding it has given the underwriter a 45-day option to buy up to 3.3 million more units.
The units will begin trading on the Nasdaq Global Market under the symbol "BLUWU" on Tuesday. When the shares and warrants start trading separately, they will trade under "BLUW" and "BLUWW", respectively, the company added.
The IPO is expected to close on Wednesday, Blue Water said.
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