Blue Water Acquisition Corp. IV
For the period ended Jun 30, 2026. Filed Aug 14, 2026.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2026 · Filed Aug 14, 2026
BWIV$10.02+0.4%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2026-03-31; filed 2026-05-15.
0001493152-26-023797
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-06-30; filed 2026-08-14.
0001493152-26-038326
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 37 previous paragraphs and 45 current paragraphs.
32 unchanged; 5 reworded; 7 added; 0 removed; 0 previous and 1 current paragraphs rearranged.
Tables are not compared: 2 previous and 2 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (7)
Current report
For the three months ended June 30, 2026, we had net income of $842,829. Net income consisted of $1,144,211 of income earned on cash and marketable securities held in Trust Account and a $55,000 gain on the extinguishment of the over-allotment option liability, offset by $254,883 of formation, general and administrative expenses, $55,316 of legal and accounting expenses, $30,000 of administrative services fee due to an affiliate of the Sponsor, and $16,183 of insurance expense.
Current report
For the six months ended June 30, 2026, we had net income of $731,247. Net income consisted of $1,244,853 of income earned on cash and marketable securities held in Trust Account, a gain of $51,000 from the change in fair value of the over-allotment option liability and a $55,000 gain on the extinguishment of the over-allotment option liability, offset by $490,853 of formation, general and administrative expenses, $76,565 of legal and accounting expenses, $33,871 of administrative services fee due to an affiliate of the Sponsor, and $18,317 of insurance expense.
Current report
Transaction costs amounted to $7,665,168, consisting of $2,600,000 of cash underwriting fee, $4,550,000 of deferred underwriting fee, and $515,168 of other offering costs.
Current report
Administrative Services Agreement
Current report
Underwriting Agreement
Current report
The Company granted the underwriters a 45-day option from the date of the Initial Public Offering to purchase up to an additional 1,875,000 Units to cover over-allotments. On March 23, 2026, the underwriters partially exercised the over-allotment option to purchase an additional 500,000 Units, generating additional gross proceeds of $5,000,000. The remaining underwriters’ over-allotment option expired on May 3, 2026, resulting in the forfeiture of 458,333 Class B ordinary shares
Current report
The underwriters were paid a cash underwriting discount of 2.00% of the gross proceeds of the Units offered in the Initial Public Offering, or $2,600,000 in the aggregate, payable upon the closing of the Initial Public Offering. Additionally, the underwriters are entitled to a deferred underwriting discount of 3.50% of the gross proceeds of the Units sold of the Initial Public Offering held in the Trust Account, or $4,550,000 in the aggregate, payable to BTIG, LLC to be deposited in the Trust Account and released to BTIG, LLC only upon the completion of an initial Business Combination.
Reworded paragraphs (5)
Previous wording
As indicated in the accompanying financial statements, at March 31, 2026 and December 31, 2025, we had no cash and deferred offering costs of $0 and $125,245, respectively. Further, we expect to incur significant costs in the pursuit of our initial business combination. We cannot assure you that our plans to raise capital or to complete our initial business combination will be successful.
Current wording
As indicated in the accompanying financial statements, at June 30, 2026 and December 31, 2025, we had no cash, a due from related party balance of $509,685 and $0, and working capital (deficit) of $518,220 and $(181,480), respectively. Further, we expect to incur significant costs in the pursuit of our initial business combination. We cannot assure you that our plans to raise capital or to complete our initial business combination will be successful.
Previous wording
As of March 31, 2026 and December 31, 2025, the Company had no cash and a working capital (deficit) $866,374 of and $(181,480), respectively. The Company has incurred and expects to continue to incur significant costs in pursuit of its financing and acquisition plans. These conditions raise substantial doubt about the Company’s ability to continue as a going concern one year from the issuance date of the financial statements. Management plans to address this uncertainty by issuing working capital loans, as necessary, and consummating an initial business combination. However, there is no assurance that the Company’s plans to raise capital or to consummate an initial business combination will be successful. The financial statements contained elsewhere in this report do not include any adjustments that might result from the outcome of this uncertainty.
Current wording
As of June 30, 2026 and December 31, 2025, the Company had no cash and working capital (deficit) of $518,220 and $(181,480), respectively. The Company has incurred and expects to continue to incur significant costs in pursuit of its financing and acquisition plans. These conditions raise substantial doubt about the Company’s ability to continue as a going concern one year from the issuance date of the financial statements. Management plans to address this uncertainty by issuing working capital loans, as necessary, and consummating an initial business combination. However, there is no assurance that the Company’s plans to raise capital or to consummate an initial business combination will be successful. The financial statements contained elsewhere in this report do not include any adjustments that might result from the outcome of this uncertainty.
Previous wording
On August 1, 2025, the Company issued 4,791,667 founder shares to the Sponsor for $25,000, or $0.005 per share. Up to 625,000 of the founder shares may be surrendered by the Sponsor for no consideration depending on the extent to which the underwriters’ over-allotment option is exercised. The Sponsor satisfied payment for the founder shares on November 14, 2025 through a vendor payment in lieu of cash. On March 23, 2026, the underwriters partially exercised the over-allotment option to purchase an additional 500,000 Units. The remaining underwriters’ over-allotment option expired on May 3, 2026, resulting in 458,333 founder shares being subject to forfeiture to the Company.
Current wording
On August 1, 2025, the Company issued 4,791,667 founder shares to the Sponsor for $25,000, or $0.005 per share. Up to 625,000 of the founder shares may be surrendered by the Sponsor for no consideration depending on the extent to which the underwriters’ over-allotment option is exercised. The Sponsor satisfied payment for the founder shares on November 14, 2025 through a vendor payment in lieu of cash. On March 23, 2026, the underwriters partially exercised the over-allotment option to purchase an additional 500,000 Units. The remaining underwriters’ over-allotment option expired on May 3, 2026, resulting in the forfeiture of 458,333 founder shares.
Previous wording
As of March 31, 2026 and December 31, 2025, the Company had a net due from related party balance of $1,257,460 and $0, respectively. The balance is comprised of $1,270,331 and $0 due from related party as a result of Company cash being held in a bank account held by the Sponsor as of March 31, 2026, and December 31, 2025, respectively, offset by $12,871 due to related party as of March 31, 2026 consisting of $9,000 of excess proceeds from the sale of Private Placement Units and $3,871 due to an affiliate of the Sponsor under the administrative services agreement, and no amounts due to related party as of December 31, 2025.
Current wording
As of June 30, 2026 and December 31, 2025, the Company had a net due from related party balance of $509,685 and $0, respectively. The balance is comprised of $562,556 and $0 due from related party as a result of Company cash being held in a bank account held by the Sponsor as of June 30, 2026, and December 31, 2025, respectively, offset by $52,871 due to related party as of June 30, 2026 consisting of $9,000 of excess proceeds from the sale of Private Placement Units, payments totalling $10,000 made by an affiliate of the Sponsor, and $33,871 due to an affiliate of the Sponsor under the administrative services agreement, and no amounts due to related party as of December 31, 2025.
Previous wording
Commencing on the effective date of the Initial Public Offering, the Company entered into an agreement with an affiliate of the Sponsor to pay an aggregate of $10,000 per month for office space, utilities, and secretarial and administrative support. Upon completion of the initial Business Combination or the liquidation, the Company will cease paying the $10,000 per month fee. For the three months ended March 31, 2026, the Company incurred $3,871 of administrative services fees and paid no amounts, resulting in an outstanding balance due to an affiliate of the Sponsor of $3,871 as of March 31, 2026. The outstanding amounts are recorded to the balance sheet as due to related party.
Current wording
Commencing on the effective date of the Initial Public Offering, the Company entered into an agreement with an affiliate of the Sponsor to pay an aggregate of $10,000 per month for office space, utilities, and secretarial and administrative support. Upon completion of the initial Business Combination or the liquidation, the Company will cease paying the $10,000 per month fee. For the three and six months ended June 30, 2026, the Company incurred $30,000 and $33,871 of administrative services fees, respectively, and paid no amounts, resulting in an outstanding balance due to an affiliate of the Sponsor of $33,871 as of June 30, 2026. The outstanding amounts are recorded to the balance sheet as due to related party and are presented net of the due from related party balance.
Rearranged current paragraphs (1)
Current report — wording carried from elsewhere
Commencing on the effective date of the Initial Public Offering, the Company entered into an agreement with an affiliate of the Sponsor to pay an aggregate of $10,000 per month for office space, utilities, and secretarial and administrative support. Upon completion of the initial Business Combination or the liquidation, the Company will cease paying the $10,000 per month fee. For the three and six months ended June 30, 2026, the Company incurred $30,000 and $33,871 of administrative services fees, respectively, and paid no amounts, resulting in an outstanding balance due to an affiliate of the Sponsor of $33,871 as of June 30, 2026. The outstanding amounts are recorded to the balance sheet as due to related party and are presented net of the due from related party balance.