Joseph Hernandez - Dec 15, 2020 Form 3 Insider Report for Blue Water Acquisition Corp. (BLUW)

Role: Chief Executive Officer, Director, 10%+ Owner
Signature: /s/ Joseph Hernandez
Stock symbol: BLUW
Transactions as of: Dec 15, 2020
Transactions value $: $0
Form type: 3
Date filed: 8/10/2021, 11:22 AM
Next filing: Sep 13, 2021

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
holding	BLUW	Class B Common Stock							Dec 15, 2020	Class A Common Stock	1.44M		See Footnote	F1, F2

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	These shares represent the Class B common stock of the issuer held by Blue Water Sponsor LLC (the "Sponsor") acquired pursuant to a subscription agreement by and between the Sponsor and the issuer. The Class B common stock owned by the Sponsor includes up to 187,500 shares that are subject to forfeiture in the event the underwriters of the issuer's initial public offering do not exercise in full their over-allotment option as described in the issuer's registration statement. Mr. Hernandez, the Chief Executive Officer and Chairman of the Board of Directors of the issuer, is the managing member of the Sponsor. Accordingly, Mr. Hernandez may be deemed to have beneficial ownership of such shares. Mr. Hernandez disclaims any beneficial ownership of the reported shares other than to the extent of any pecuniary interest he may have therein, directly or indirectly.
F2	As described in the issuer's registration statement on Form S-1 (File No. 333-248569) under the heading "Description of Securities--Founder Shares", the shares of Class B common stock will automatically convert into shares of Class A common stock at the time of the issuer's initial business combination on a one-for-one basis, subject to certain adjustments described therein and have no expiration date.

Content

These shares represent the Class B common stock of the issuer held by Blue Water Sponsor LLC (the "Sponsor") acquired pursuant to a subscription agreement by and between the Sponsor and the issuer. The Class B common stock owned by the Sponsor includes up to 187,500 shares that are subject to forfeiture in the event the underwriters of the issuer's initial public offering do not exercise in full their over-allotment option as described in the issuer's registration statement. Mr. Hernandez, the Chief Executive Officer and Chairman of the Board of Directors of the issuer, is the managing member of the Sponsor. Accordingly, Mr. Hernandez may be deemed to have beneficial ownership of such shares. Mr. Hernandez disclaims any beneficial ownership of the reported shares other than to the extent of any pecuniary interest he may have therein, directly or indirectly.

As described in the issuer's registration statement on Form S-1 (File No. 333-248569) under the heading "Description of Securities--Founder Shares", the shares of Class B common stock will automatically convert into shares of Class A common stock at the time of the issuer's initial business combination on a one-for-one basis, subject to certain adjustments described therein and have no expiration date.