Blue Water Acquisition (BLUW) 10% Owner Angelo Mark Receives Award

What Happened

• Angelo Mark (reported as a 10% owner) is associated with Yorkville BW Acquisition Sponsor, LLC, which acquired a $750,000 Amended and Restated Working Capital Note from Blue Water Acquisition Corp. III on August 11, 2026.
• The note is convertible, at the Sponsor's election upon consummation of the issuer's initial business combination, into 75,000 units; each unit consists of one Class A ordinary share and one-half of one warrant, yielding 75,000 Ordinary Shares and warrants to purchase 37,500 Ordinary Shares. No cash price per share is reported (derivative award).

Key Details

• Transaction date: 2026-08-11; Form 4 filed: 2026-08-13 (filed timely).
• Transaction type/code: Grant/Award/Acquisition (A); amount: $750,000 note convertible into 75,000 units → 75,000 Ordinary Shares + 37,500 warrants. Price shown as N/A (derivative conversion rights).
• Shares owned after transaction: Not specified in the filing for Mr. Angelo personally. The Sponsor holds the note/convertible rights.
• Notable footnotes: Conversion is at Sponsor’s election upon the initial business combination; warrants carry the same terms as IPO warrants; the transaction is treated as exempt under Rule 16b-3.
• Beneficial ownership note: Yorkville Advisors entities manage the Sponsor. Mr. Angelo is President of Yorkville LLC and may be deemed to beneficially own the Sponsor’s holdings, but he disclaims beneficial ownership except to the extent of any pecuniary interest.

Context

• This filing reports a derivative award (convertible note with unit conversion and warrants), not an open-market buy or sale of existing stock. The securities become issuable only upon conversion elected by the Sponsor and typically upon completion of the SPAC’s business combination.
• As a reported 10% owner via sponsor-related entities, this is institutional/ sponsor-related activity rather than a personal open-market trade by an executive.