$BLUAF
Blueriver Acquisition Corp

2022 Q1 Form 10-Q Financial Statement

#000110465922061149 Filed on May 16, 2022

View on sec.gov

Income Statement

Concept 2022 Q1 2021 Q1
Revenue $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $382.7K $244.3K
YoY Change 56.65%
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $382.7K $244.3K
YoY Change 56.65%
Operating Profit -$382.7K -$244.3K
YoY Change 56.65%
Interest Expense $3.455M $3.843M
YoY Change -10.11%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income $3.072M $3.599M
YoY Change -14.64%
Income Tax
% Of Pretax Income
Net Earnings $3.072M $3.599M
YoY Change -14.64%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share $83.62K $97.96K
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept 2022 Q1 2021 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $189.9K $1.199M
YoY Change -84.16%
Cash & Equivalents $189.9K $1.200M
Short-Term Investments
Other Short-Term Assets $256.7K $393.6K
YoY Change -34.78%
Inventory
Prepaid Expenses $256.7K $393.6K
Receivables
Other Receivables
Total Short-Term Assets $446.6K $1.592M
YoY Change -71.95%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $287.5M $287.5M
YoY Change 0.01%
Other Assets $0.00
YoY Change
Total Long-Term Assets $287.5M $288.2M
YoY Change -0.23%
TOTAL ASSETS
Total Short-Term Assets $446.6K $1.592M
Total Long-Term Assets $287.5M $288.2M
Total Assets $288.0M $289.8M
YoY Change -0.63%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $611.3K $26.65K
YoY Change 2193.67%
Accrued Expenses $203.7K $113.3K
YoY Change 79.83%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $815.1K $642.4K
YoY Change 26.89%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $12.70M $16.27M
YoY Change -21.92%
Total Long-Term Liabilities $12.70M $16.27M
YoY Change -21.92%
TOTAL LIABILITIES
Total Short-Term Liabilities $815.1K $642.4K
Total Long-Term Liabilities $12.70M $16.27M
Total Liabilities $13.52M $21.34M
YoY Change -36.67%
SHAREHOLDERS EQUITY
Retained Earnings -$13.04M -$19.06M
YoY Change -31.56%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$13.04M -$14.83M
YoY Change
Total Liabilities & Shareholders Equity $288.0M $289.8M
YoY Change -0.63%

Cashflow Statement

Concept 2022 Q1 2021 Q1
OPERATING ACTIVITIES
Net Income $3.072M $3.599M
YoY Change -14.64%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities -$297.4K -$587.6K
YoY Change -49.38%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities $0.00 -$287.5M
YoY Change -100.0%
Cash From Investing Activities $0.00 -$287.5M
YoY Change -100.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -75.00K 289.3M
YoY Change -100.03%
NET CHANGE
Cash From Operating Activities -297.4K -587.6K
Cash From Investing Activities 0.000 -287.5M
Cash From Financing Activities -75.00K 289.3M
Net Change In Cash -372.4K 1.199M
YoY Change -131.06%
FREE CASH FLOW
Cash From Operating Activities -$297.4K -$587.6K
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
CY2022Q1 us-gaap Commitments And Contingencies
CommitmentsAndContingencies
CY2021Q4 us-gaap Commitments And Contingencies
CommitmentsAndContingencies
CY2022Q1 dei Entity Central Index Key
EntityCentralIndexKey
0001831006
CY2022Q1 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
CY2022Q1 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q1
CY2022Q1 dei Amendment Flag
AmendmentFlag
false
CY2022Q1 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
CY2021Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
CY2021Q1 blua Deferred Underwriting Compensation Noncurrent
DeferredUnderwritingCompensationNoncurrent
10062500
CY2022Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
189925
CY2022Q1 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
CY2021Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
CY2022Q1 dei Document Type
DocumentType
10-Q
CY2022Q1 dei Document Quarterly Report
DocumentQuarterlyReport
true
CY2022Q1 dei Document Period End Date
DocumentPeriodEndDate
2022-03-31
CY2022Q1 dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2022
CY2022Q1 dei Document Transition Report
DocumentTransitionReport
false
CY2022Q1 dei Entity File Number
EntityFileNumber
001-39961
CY2022Q1 dei Entity Registrant Name
EntityRegistrantName
BLUERIVER ACQUISITION CORP.
CY2022Q1 dei Entity Incorporation State Country Code
EntityIncorporationStateCountryCode
E9
CY2022Q1 dei Entity Tax Identification Number
EntityTaxIdentificationNumber
98-1577027
CY2022Q1 dei Entity Address Address Line1
EntityAddressAddressLine1
250 West Nottingham Drive, Suite 400
CY2022Q1 dei Entity Address City Or Town
EntityAddressCityOrTown
San Antonio
CY2022Q1 dei Entity Address State Or Province
EntityAddressStateOrProvince
TX
CY2022Q1 dei Entity Address Postal Zip Code
EntityAddressPostalZipCode
78209
CY2022Q1 dei City Area Code
CityAreaCode
210
CY2022Q1 dei Local Phone Number
LocalPhoneNumber
832-3305
CY2022Q1 dei Entity Current Reporting Status
EntityCurrentReportingStatus
Yes
CY2022Q1 dei Entity Interactive Data Current
EntityInteractiveDataCurrent
Yes
CY2022Q1 dei Entity Filer Category
EntityFilerCategory
Non-accelerated Filer
CY2022Q1 dei Entity Small Business
EntitySmallBusiness
true
CY2022Q1 dei Entity Emerging Growth Company
EntityEmergingGrowthCompany
true
CY2022Q1 dei Entity Ex Transition Period
EntityExTransitionPeriod
false
CY2022Q1 dei Entity Shell Company
EntityShellCompany
true
CY2022Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
189925
CY2021Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
562346
CY2022Q1 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
256688
CY2021Q4 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
217105
CY2022Q1 us-gaap Assets Current
AssetsCurrent
446613
CY2021Q4 us-gaap Assets Current
AssetsCurrent
779451
CY2022Q1 us-gaap Assets Held In Trust Noncurrent
AssetsHeldInTrustNoncurrent
287527475
CY2021Q4 us-gaap Assets Held In Trust Noncurrent
AssetsHeldInTrustNoncurrent
287520384
CY2022Q1 us-gaap Assets
Assets
287974088
CY2021Q4 us-gaap Assets
Assets
288299835
CY2022Q1 us-gaap Accounts Payable Current
AccountsPayableCurrent
611310
CY2021Q4 us-gaap Accounts Payable Current
AccountsPayableCurrent
614027
CY2022Q1 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
203747
CY2021Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
159407
CY2022Q1 us-gaap Liabilities Current
LiabilitiesCurrent
815057
CY2021Q4 us-gaap Liabilities Current
LiabilitiesCurrent
773434
CY2022Q1 blua Deferred Legal Fees Noncurrent
DeferredLegalFeesNoncurrent
176982
CY2021Q4 blua Deferred Legal Fees Noncurrent
DeferredLegalFeesNoncurrent
168772
CY2022Q1 blua Deferred Underwriting Compensation Noncurrent
DeferredUnderwritingCompensationNoncurrent
10062500
CY2021Q4 blua Deferred Underwriting Compensation Noncurrent
DeferredUnderwritingCompensationNoncurrent
10062500
CY2022Q1 us-gaap Shares Subject To Mandatory Redemption Settlement Terms Fair Value Of Shares
SharesSubjectToMandatoryRedemptionSettlementTermsFairValueOfShares
2462500
CY2021Q4 us-gaap Shares Subject To Mandatory Redemption Settlement Terms Fair Value Of Shares
SharesSubjectToMandatoryRedemptionSettlementTermsFairValueOfShares
5910000
CY2022Q1 us-gaap Liabilities
Liabilities
13517039
CY2021Q4 us-gaap Liabilities
Liabilities
16914706
CY2022Q1 us-gaap Temporary Equity Carrying Amount Attributable To Parent
TemporaryEquityCarryingAmountAttributableToParent
287500000
CY2021Q4 us-gaap Temporary Equity Carrying Amount Attributable To Parent
TemporaryEquityCarryingAmountAttributableToParent
287500000
CY2022Q1 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2021Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2022Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1000000
CY2021Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1000000
CY2022Q1 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2021Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2022Q1 us-gaap Preferred Stock Value
PreferredStockValue
0
CY2021Q4 us-gaap Preferred Stock Value
PreferredStockValue
0
CY2022Q1 us-gaap Additional Paid In Capital
AdditionalPaidInCapital
0
CY2021Q4 us-gaap Additional Paid In Capital
AdditionalPaidInCapital
0
CY2022Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-13043750
CY2021Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-16115670
CY2022Q1 us-gaap Stockholders Equity
StockholdersEquity
-13042951
CY2021Q4 us-gaap Stockholders Equity
StockholdersEquity
-16114871
CY2022Q1 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
287974088
CY2021Q4 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
288299835
CY2022Q1 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
232670
CY2021Q1 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
124277
CY2022Q1 us-gaap Related Party Transaction Selling General And Administrative Expenses From Transactions With Related Party
RelatedPartyTransactionSellingGeneralAndAdministrativeExpensesFromTransactionsWithRelatedParty
150000
CY2021Q1 us-gaap Related Party Transaction Selling General And Administrative Expenses From Transactions With Related Party
RelatedPartyTransactionSellingGeneralAndAdministrativeExpensesFromTransactionsWithRelatedParty
120000
CY2022Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
-382670
CY2021Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
-244277
CY2022Q1 us-gaap Investment Income Interest
InvestmentIncomeInterest
7090
CY2021Q1 us-gaap Investment Income Interest
InvestmentIncomeInterest
788
CY2022Q1 us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
-3447500
CY2021Q1 us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
-4432500
CY2022Q1 blua Offering Costs Derivative Warrant Liabilities
OfferingCostsDerivativeWarrantLiabilities
0
CY2021Q1 blua Offering Costs Derivative Warrant Liabilities
OfferingCostsDerivativeWarrantLiabilities
590295
CY2022Q1 us-gaap Net Income Loss
NetIncomeLoss
3071920
CY2021Q1 us-gaap Net Income Loss
NetIncomeLoss
3598716
CY2021Q4 us-gaap Stockholders Equity
StockholdersEquity
-16114871
CY2022Q1 us-gaap Net Income Loss
NetIncomeLoss
3071920
CY2022Q1 us-gaap Stockholders Equity
StockholdersEquity
-13042951
CY2020Q4 us-gaap Stockholders Equity
StockholdersEquity
11329
CY2021Q1 us-gaap Adjustments To Additional Paid In Capital Warrant Issued
AdjustmentsToAdditionalPaidInCapitalWarrantIssued
7712000
CY2021Q1 us-gaap Temporary Equity Accretion To Redemption Value Adjustment
TemporaryEquityAccretionToRedemptionValueAdjustment
26156777
CY2021Q1 us-gaap Net Income Loss
NetIncomeLoss
3598716
CY2021Q1 us-gaap Stockholders Equity
StockholdersEquity
-14834732
CY2022Q1 us-gaap Profit Loss
ProfitLoss
3071920
CY2021Q1 us-gaap Profit Loss
ProfitLoss
3598716
CY2022Q1 us-gaap Investment Income Interest
InvestmentIncomeInterest
7090
CY2021Q1 us-gaap Investment Income Interest
InvestmentIncomeInterest
788
CY2022Q1 us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
-3447500
CY2021Q1 us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
-4432500
CY2022Q1 blua Offering Costs Derivative Warrant Liabilities
OfferingCostsDerivativeWarrantLiabilities
0
CY2021Q1 blua Offering Costs Derivative Warrant Liabilities
OfferingCostsDerivativeWarrantLiabilities
590295
CY2022Q1 us-gaap Increase Decrease In Prepaid Expense
IncreaseDecreaseInPrepaidExpense
39584
CY2021Q1 us-gaap Increase Decrease In Prepaid Expense
IncreaseDecreaseInPrepaidExpense
382224
CY2022Q1 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-2717
CY2021Q1 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-19398
CY2022Q1 us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
119340
CY2021Q1 us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
38299
CY2022Q1 blua Increase Decrease In Accrued Expenses Related Parties
IncreaseDecreaseInAccruedExpensesRelatedParties
0
CY2021Q1 blua Increase Decrease In Accrued Expenses Related Parties
IncreaseDecreaseInAccruedExpensesRelatedParties
20000
CY2022Q1 blua Increase Decrease In Deferred Legal Fees
IncreaseDecreaseInDeferredLegalFees
-8210
CY2021Q1 blua Increase Decrease In Deferred Legal Fees
IncreaseDecreaseInDeferredLegalFees
0
CY2022Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-297421
CY2021Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-587600
CY2022Q1 blua Payments For Investment Of Cash In Trust Account
PaymentsForInvestmentOfCashInTrustAccount
0
CY2021Q1 blua Payments For Investment Of Cash In Trust Account
PaymentsForInvestmentOfCashInTrustAccount
287500000
CY2022Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
0
CY2021Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-287500000
CY2022Q1 us-gaap Repayments Of Related Party Debt
RepaymentsOfRelatedPartyDebt
0
CY2021Q1 us-gaap Repayments Of Related Party Debt
RepaymentsOfRelatedPartyDebt
78625
CY2022Q1 blua Net Proceeds From Initial Public Offering
NetProceedsFromInitialPublicOffering
0
CY2021Q1 blua Net Proceeds From Initial Public Offering
NetProceedsFromInitialPublicOffering
287500000
CY2022Q1 us-gaap Proceeds From Issuance Of Warrants
ProceedsFromIssuanceOfWarrants
0
CY2021Q1 us-gaap Proceeds From Issuance Of Warrants
ProceedsFromIssuanceOfWarrants
8000000
CY2022Q1 us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
75000
CY2021Q1 us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
6134897
CY2022Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-75000
CY2021Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
289286478
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-372421
CY2021Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
1198878
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
562346
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
0
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
189925
CY2021Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
1198878
CY2022Q1 blua Deferred Offering Costs Included In Accounts Payable
DeferredOfferingCostsIncludedInAccountsPayable
0
CY2021Q1 blua Deferred Offering Costs Included In Accounts Payable
DeferredOfferingCostsIncludedInAccountsPayable
20600
CY2022Q1 blua Deferred Offering Costs Included In Accrued Expenses
DeferredOfferingCostsIncludedInAccruedExpenses
0
CY2021Q1 blua Deferred Offering Costs Included In Accrued Expenses
DeferredOfferingCostsIncludedInAccruedExpenses
75000
CY2022Q1 blua Offering Costs Paid By Related Party Under Note Payable
OfferingCostsPaidByRelatedPartyUnderNotePayable
0
CY2021Q1 blua Offering Costs Paid By Related Party Under Note Payable
OfferingCostsPaidByRelatedPartyUnderNotePayable
35000
CY2022Q1 blua Underwriting Commission Deferred
UnderwritingCommissionDeferred
0
CY2021Q1 blua Underwriting Commission Deferred
UnderwritingCommissionDeferred
10062500
CY2022Q1 us-gaap Nature Of Operations
NatureOfOperations
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">Note 1 — Description of Organization, Business Operations and Liquidity</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 12pt 0pt;">BlueRiver Acquisition Corp. (the “Company”) was incorporated as a Cayman Islands exempted company on October 19, 2020. The Company was formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses (the “Business Combination”).</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 12pt 0pt;">The Company is an emerging growth company and, as such, the Company is subject to all of the risks associated with emerging growth companies.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 12pt 0pt;">As of March 31, 2022, the Company had not commenced any operations. All activity for the period from October 19, 2020 (inception) through March 31, 2022 relates to the Company’s formation, the initial public offering (the “Initial Public Offering”) described below, and subsequent to the Initial Public Offering, searching for a business combination. The Company will not generate any operating revenues until after the completion of its initial Business Combination, at the earliest. The Company will generate non-operating income in the form of interest income on its investments held in the trust account from the proceeds of its Initial Public Offering.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 12pt 0pt;">The Company’s sponsor is BlueRiver Ventures, LLC, a Cayman Islands exempted company (the “Sponsor”). The registration statement for the Company’s Initial Public Offering was declared effective on January 28, 2021. On February 2, 2021, the Company consummated its Initial Public Offering of 28,750,000 units (each, a “Unit” and collectively, the “Units” and, with respect to the Class A ordinary shares included in the Units being offered, the “Public Shares”), including 3,750,000 additional Units to cover over-allotments (the “Over-Allotment Units”), at  $10.00 per Unit, generating gross proceeds of $287.5 million, and incurring offering costs of approximately $16.4 million, inclusive of approximately <span style="-sec-ix-hidden:Hidden_SPkxskvJfkuaMjf7SlNmFA;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">$10.1</span></span> million in deferred underwriting commissions (Note 5).</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 12pt 0pt;">Simultaneously with the closing of the Initial Public Offering, the Company consummated the private placement (“Private Placement”) of 800,000 units (each, a “Private Placement Unit” and collectively, the “Private Placement Units”), at a price of $10.00 per Private Placement Unit with the Sponsor, generating gross proceeds of approximately $8.0 million (Notes 4 and 6).</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 12pt 0pt;">Upon the closing of the Initial Public Offering and the Private Placement, $287.5 million ($10.00 per Unit) of the net proceeds of the Initial Public Offering and certain of the proceeds of the Private Placement were placed in a trust account (“Trust Account”) with Continental Stock Transfer &amp; Trust Company acting as trustee, and will be invested only in United States “government securities” within the meaning of Section 2(a)(16) of the Investment Company Act of 1940, as amended (the “Investment Company Act”), having a maturity of 185 days or less or in money market funds meeting certain conditions under Rule 2a-7 promulgated under the Investment Company Act which invest only in direct U.S. government treasury obligations, as determined by the Company, until the earlier of: (i) the completion of a Business Combination and (ii) the distribution of the Trust Account as described below.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 12pt 0pt;">The Company’s management has broad discretion with respect to the specific application of the net proceeds of the Initial Public Offering and the sale of Private Placement Units, although substantially all of the net proceeds are intended to be applied generally toward consummating a Business Combination. There is no assurance that the Company will be able to complete a Business Combination successfully. The Company must complete one or more initial Business Combinations having an aggregate fair market value of at least 80% of the net assets held in the Trust Account (excluding the amount of any deferred underwriting discount) at the time of the signing of the agreement to enter into the initial Business Combination. However, the Company will only complete a Business Combination if the post-transaction company owns or acquires 50% or more of the outstanding voting securities of the target business or otherwise acquires a controlling interest in the target business sufficient for it not to be required to register as an investment company under the Investment Company Act.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 12pt 0pt;">The Company will provide the holders (the “Public Shareholders”) of its Public Shares with the opportunity to redeem all or a portion of their Public Shares upon the completion of a Business Combination either (i) in connection with a shareholder meeting called to approve the Business Combination or (ii) by means of a tender offer. The decision as to whether the Company will seek shareholder approval of a Business Combination or conduct a tender offer will be made by the Company, solely in its discretion, subject to applicable law and stock exchange listing requirements. The Public Shareholders will be entitled to redeem their Public Shares for a pro rata portion of the amount then in the Trust Account (initially anticipated to be $10.00 per Public Share, plus any pro rata interest earned on the funds held in the Trust Account and not previously released to the Company to pay income taxes). The per-share amount to be distributed to Public Shareholders who redeem their Public Shares will not be reduced by the deferred underwriting commissions the Company will pay to the underwriters (as discussed in Note 5). These Public Shares will be classified as temporary equity upon the completion of the Initial Public Offering in accordance with the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification (“ASC”) Topic 480 “Distinguishing Liabilities from Equity.” In such case, the Company will proceed with a Business Combination if the Company has net tangible assets of at least $5,000,001 upon such consummation of a Business Combination and, only if a majority of the ordinary shares, represented in person or by proxy and entitled to vote thereon, voted at a shareholder meeting are voted in favor of the Business Combination. If a shareholder vote is not required by applicable law or stock exchange listing requirements and the Company does not decide to hold a shareholder vote for business or other reasons, the Company will, pursuant to the amended and restated memorandum and articles of association which the Company will adopt upon the consummation of the Initial Public Offering (the “Amended and Restated Memorandum and Articles of Association”), conduct the redemptions pursuant to the tender offer rules of the U.S. Securities and Exchange Commission (“SEC”) and file tender offer documents with the SEC prior to completing a Business Combination. If, however, shareholder approval of the transactions is required by law, or the Company decides to obtain shareholder approval for business or other reasons, the Company will offer to redeem shares in conjunction with a proxy solicitation pursuant to the proxy rules and not pursuant to the tender offer rules. Additionally, each Public Shareholder may elect to redeem their Public Shares irrespective of whether they vote for or against the proposed transaction or vote at all. If the Company seeks shareholder approval in connection with a Business Combination, the initial shareholders (as defined below) agreed to vote their Founder Shares (as defined below in Note 4) and any Public Shares purchased during or after the Initial Public Offering in favor of a Business Combination or to not vote at all. Subsequent to the consummation of the Initial Public Offering, the Company will adopt an insider trading policy which will require insiders to: (i) refrain from purchasing shares during certain blackout periods and when they are in possession of any material non-public information and (ii) to clear all trades with the Company’s legal counsel prior to execution. In addition, the initial shareholders agreed to waive their redemption rights with respect to their Founder Shares, private placement shares (the “Private Placement Shares”) underlying the Private Placement Units and Public Shares in connection with the completion of a Business Combination.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 12pt 0pt;">Notwithstanding the foregoing, if the Company seeks shareholder approval of its Business Combination and does not conduct redemptions in connection with its Business Combination pursuant to the tender offer rules, the Amended and Restated Memorandum and Articles of Association will provide that a Public Shareholder, together with any affiliate of such shareholder or any other person with whom such shareholder is acting in concert or as a “group” (as defined under Section 13 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)), will be restricted from redeeming its shares with respect to more than an aggregate of 15% of the Class A ordinary shares sold in the Initial Public Offering, without the prior consent of the Company.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 12pt 0pt;">The Company’s Sponsor, officers and directors (the “initial shareholders”) agreed not to propose an amendment to the Amended and Restated Memorandum and Articles of Association that would (a) modify the substance or timing of the Company’s obligation to provide holders of its Public Shares the right to have their shares redeemed in connection with a Business Combination or to redeem 100% of the Company’s Public Shares if the Company does not complete its Business Combination within 24 months from the closing of this offering, or February 2, 2023, or during any Extension Period (as such period may be extended by the Company’s shareholders in accordance with the Amended and Restated Memorandum and Articles of Association, the “Combination Period”) or (b) with respect to any other material provision relating to the rights of Public Shareholders, unless the Company provides the Public Shareholders with the opportunity to redeem their Class A ordinary shares in conjunction with any such amendment.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 12pt 0pt;">If the Company has not completed a Business Combination within the Combination Period, the Company will (i) cease all operations except for the purpose of winding up; (ii) as promptly as reasonably possible but not more than ten business days thereafter, redeem the Public Shares, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account, including interest earned on the funds held in the Trust Account and not previously released to the Company to pay its income taxes, if any (less up to $100,000 of interest to pay dissolution expenses) divided by the number of the then-outstanding Public Shares, which redemption will completely extinguish Public Shareholders’ rights as shareholders (including the right to receive further liquidation distributions, if any); and (iii) as promptly as reasonably possible following such redemption, subject to the approval of the remaining shareholders and the board of directors, liquidate and dissolve, subject in the case of clauses (ii) and (iii), to the Company’s obligations under Cayman Islands law to provide for claims of creditors and the requirements of other applicable law. There will be no redemption rights or liquidating distributions with respect to the Company’s warrants, which will expire worthless if the Company fails to consummate a Business Combination within the Combination Period.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 12pt 0pt;">The initial shareholders agreed to waive their liquidation rights with respect to the Founder Shares and Private Placement Shares held by them if the Company fails to complete a Business Combination within the Combination Period. However, if the initial shareholders acquire Public Shares in or after the Initial Public Offering, they will be entitled to liquidating distributions from the Trust Account with respect to such Public Shares if the Company fails to complete a Business Combination within the Combination Period. The underwriters agreed to waive their rights to their deferred underwriting commission (see Note 5) held in the Trust Account in the event the Company does not complete a Business Combination within the Combination Period and, in such event, such amounts will be included with the other funds held in the Trust Account that will be available to fund the redemption of the Public Shares. In the event of such distribution, it is possible that the per share value of the assets remaining available for distribution (including Trust Account assets) will be only $10.00 per share initially held in the Trust Account or potentially less. In order to protect the amounts held in the Trust Account, the Sponsor agreed to be liable to the Company if and to the extent any claims by a third party for services rendered or products sold to the Company, or a prospective target business with which the Company has discussed entering into a transaction agreement, reduce the amount of funds in the Trust Account to below the lesser of (i) $10.00 per Public Share and (ii) the actual amount per Public Share held in the Trust Account as of the date of the liquidation of the Trust Account if less than $10.00 per Public Share due to reductions in the value of the trust assets. This liability will not apply with respect to any claims by a third party who executed a waiver of any right, title, interest or claim of any kind in or to any monies held in the Trust Account or to any claims under the Company’s indemnity of the underwriters of the Initial Public Offering against certain liabilities, including liabilities under the Securities Act of 1933, as amended (the “Securities Act”). Moreover, in the event that an executed waiver is deemed to be unenforceable against a third party, the Sponsor will not be responsible to the extent of any liability for such third-party claims. The Company will seek to reduce the possibility that the Sponsor will have to indemnify the Trust Account due to claims of creditors by endeavoring to have all vendors, service providers (excluding the Company’s independent registered public accounting firm), prospective target businesses and other entities with which the Company does business, execute agreements with the Company waiving any right, title, interest or claim of any kind in or to monies held in the Trust Account.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 12pt 0pt;"><span style="font-style:italic;font-weight:bold;">Liquidity and Going Concern</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 12pt 0pt;">As of March 31, 2022, the Company had approximately <span style="-sec-ix-hidden:Hidden_syZwkb6f9EOWCKEuhFGJ8w;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">$190,000</span></span> in its operating bank account and a working capital deficit of approximately $368,000.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 12pt 0pt;">The Company’s liquidity needs to date have been satisfied through a contribution of $25,000 from Sponsor to cover for certain expenses in exchange for the issuance of the Founder Shares, the loan of approximately $79,000 from the Sponsor under the Note (as defined in Note 4), and the proceeds from the consummation of the Private Placement not held in the Trust Account. The Company repaid the Note in full on February 5, 2021. In addition, in order to finance transaction costs in connection with a Business Combination, the Sponsor or an affiliate of the Sponsor, or certain of the Company’s officers and directors may, but are not obligated to, provide the Company Working Capital Loans (as defined in Note 4). As of March 31, 2022 and December 31, 2021, there were no amounts outstanding under any Working Capital Loans.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 12pt 0pt;">Management has determined that the Company has access to funds from the Sponsor or an affiliate of the Sponsor, or certain of the Company’s officers and directors to meet its needs through the earlier of the consummation of a Business Combination or one year from this filing. Over this time period, the Company will be using these funds for paying existing accounts payable, identifying and evaluating prospective initial Business Combination candidates, performing due diligence on prospective target businesses, paying for travel expenditures, selecting the target business to merge with or acquire, and structuring, negotiating and consummating the Business Combination.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 12pt 0pt;">However, in connection with the Company’s assessment of going concern considerations in accordance with Financial Accounting Standards Board’s (“FASB”) accounting Standards Update (“ASU”) 2014-15, “Disclosures of Uncertainties about an Entity’s Ability to Continue as a Going Concern,” management has determined that the liquidity condition and mandatory liquidation and subsequent dissolution raises substantial doubt about the Company’s ability to continue as a going concern. No adjustments have been made to the carrying amounts of assets or liabilities should the Company be required to liquidate after February 2, 2023. The financial statements do not include any adjustment that might be necessary if the Company is unable to continue as a going concern. The Company intends to complete a Business Combination before the mandatory liquidation date.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 12pt 0pt;"><i style="font-style:italic;">Risks and Uncertainties</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 12pt 0pt;">Management continues to evaluate the impact of the COVID-19 pandemic on the industry and has concluded that while it is reasonably possible that the virus could have a negative effect on the Company’s financial position, results of its operations, and/or search for a target company, the specific impact is not readily determinable as of the date of these financial statements. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:0pt;margin:0pt;">In February 2022, the Russian Federation and Belarus commenced a military action with the country of Ukraine. As a result of this action, various nations, including the United States, have instituted economic sanctions against the Russian Federation and Belarus. Further, the impact of this action and related sanctions on the world economy are not determinable as of the date of these financial statements and the specific impact on the Company’s financial condition, results of operations, and cash flows is also not determinable as of the date of these financial statements.</p>
CY2022Q1 blua Condition For Future Business Combination Number Of Businesses Minimum
ConditionForFutureBusinessCombinationNumberOfBusinessesMinimum
1
CY2021Q1 blua Payments For Investment Of Cash In Trust Account
PaymentsForInvestmentOfCashInTrustAccount
287500000
CY2021Q1 us-gaap Shares Issued Price Per Share
SharesIssuedPricePerShare
10.00
CY2022Q1 blua Initial Public Offering Proceeds Business Combination Acquiree Threshold To Trust Account
InitialPublicOfferingProceedsBusinessCombinationAcquireeThresholdToTrustAccount
0.80
CY2022Q1 blua Initial Public Offering Proceeds Business Combination Ownership
InitialPublicOfferingProceedsBusinessCombinationOwnership
0.50
CY2022Q1 us-gaap Temporary Equity Redemption Price Per Share
TemporaryEquityRedemptionPricePerShare
10.00
CY2022Q1 blua Business Combination Condition Minimum Tangible Assets
BusinessCombinationConditionMinimumTangibleAssets
5000001
CY2022Q1 blua Minimum Shares Redemption Requiring Approval
MinimumSharesRedemptionRequiringApproval
0.15
CY2022Q1 blua Shares Redemption If Business Combination Not Completed
SharesRedemptionIfBusinessCombinationNotCompleted
1
CY2022Q1 blua Threshold Period From Closing Of Public Offering Entity Is Obligated To Complete Business Combination
ThresholdPeriodFromClosingOfPublicOfferingEntityIsObligatedToCompleteBusinessCombination
P24M
CY2022Q1 blua Threshold Business Days For Redemption Of Shares Of Trust Account
ThresholdBusinessDaysForRedemptionOfSharesOfTrustAccount
10
CY2022Q1 blua Maximum Allowed Dissolution Expenses
MaximumAllowedDissolutionExpenses
100000
CY2022Q1 blua Working Capital Deficit
WorkingCapitalDeficit
368000
CY2022Q1 us-gaap Use Of Estimates
UseOfEstimates
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 12pt 0pt;"><span style="font-style:italic;font-weight:bold;">Use of Estimates</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 12pt 0pt;">The preparation of unaudited condensed financial statements in conformity with GAAP requires the Company’s management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the unaudited condensed financial statements and the reported amounts of revenues and expenses during the reporting period. Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the unaudited condensed financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. Accordingly, the actual results could differ significantly from those estimates.</p>
CY2022Q1 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
0
CY2021Q4 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
0
CY2022Q1 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 12pt 0pt;"><span style="font-style:italic;font-weight:bold;">Concentration of Credit Risk</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 12pt 0pt;">Financial instruments that potentially subject the Company to concentrations of credit risk consist of cash accounts in a financial institution, which, at times, may exceed the Federal Depository Insurance Corporation coverage limit of $250,000 and investments held in the Trust Account. As of March 31, 2022 and December 31, 2021, the Company had not experienced losses on these accounts and management believes the Company is not exposed to significant risks on such accounts. </p>
CY2022Q1 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0
CY2021Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0
CY2022Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
9850000
CY2022Q1 blua Threshold Period For Not To Transfer Assign Or Sell Any Shares Or Warrants After Completion Of Initial Business Combination
ThresholdPeriodForNotToTransferAssignOrSellAnySharesOrWarrantsAfterCompletionOfInitialBusinessCombination
P1Y
CY2022Q1 us-gaap Related Party Transaction Amounts Of Transaction
RelatedPartyTransactionAmountsOfTransaction
50000
CY2022Q1 blua Maximum Number Of Demands For Registration Of Securities
MaximumNumberOfDemandsForRegistrationOfSecurities
3
CY2022Q1 blua Registration Statement Lock Up Period After Business Combination
RegistrationStatementLockUpPeriodAfterBusinessCombination
P30D
CY2022Q1 blua Maximum Threshold Period For Registration Statement To Become Effective After Business Combination
MaximumThresholdPeriodForRegistrationStatementToBecomeEffectiveAfterBusinessCombination
P60D
CY2022Q1 blua Maximum Threshold Period For Registration Statement To Become Effective After Business Combination
MaximumThresholdPeriodForRegistrationStatementToBecomeEffectiveAfterBusinessCombination
P60D
CY2022Q1 blua Maximum Threshold Period For Registration Statement To Become Effective After Business Combination
MaximumThresholdPeriodForRegistrationStatementToBecomeEffectiveAfterBusinessCombination
P60D
CY2022Q1 us-gaap Proceeds From Issuance Of Redeemable Convertible Preferred Stock
ProceedsFromIssuanceOfRedeemableConvertiblePreferredStock
287500000
CY2022Q1 blua Temporary Equity Proceeds Allocated To Warrants
TemporaryEquityProceedsAllocatedToWarrants
10350000
CY2022Q1 blua Temporary Equity Issuance Costs
TemporaryEquityIssuanceCosts
15806777
CY2022Q1 us-gaap Temporary Equity Accretion To Redemption Value
TemporaryEquityAccretionToRedemptionValue
26156777
CY2022Q1 us-gaap Temporary Equity Carrying Amount Attributable To Parent
TemporaryEquityCarryingAmountAttributableToParent
287500000
CY2022Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1000000
CY2021Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1000000
CY2022Q1 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2021Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2022Q1 blua Common Stock Number Of Votes Per Share
CommonStockNumberOfVotesPerShare
1
CY2021Q1 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Issues
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityIssues
10638000

Files In Submission

Name View Source Status
0001104659-22-061149-index-headers.html Edgar Link pending
0001104659-22-061149-index.html Edgar Link pending
0001104659-22-061149.txt Edgar Link pending
0001104659-22-061149-xbrl.zip Edgar Link pending
blua-20220331.xsd Edgar Link pending
blua-20220331x10q.htm Edgar Link pending
blua-20220331x10q_htm.xml Edgar Link completed
blua-20220331xex31d1.htm Edgar Link pending
blua-20220331xex31d2.htm Edgar Link pending
blua-20220331xex32d1.htm Edgar Link pending
blua-20220331xex32d2.htm Edgar Link pending
blua-20220331_cal.xml Edgar Link unprocessable
blua-20220331_def.xml Edgar Link unprocessable
blua-20220331_lab.xml Edgar Link unprocessable
blua-20220331_pre.xml Edgar Link unprocessable
FilingSummary.xml Edgar Link unprocessable
Financial_Report.xlsx Edgar Link pending
MetaLinks.json Edgar Link pending
R1.htm Edgar Link pending
R10.htm Edgar Link pending
R11.htm Edgar Link pending
R12.htm Edgar Link pending
R13.htm Edgar Link pending
R14.htm Edgar Link pending
R15.htm Edgar Link pending
R16.htm Edgar Link pending
R17.htm Edgar Link pending
R18.htm Edgar Link pending
R19.htm Edgar Link pending
R2.htm Edgar Link pending
R20.htm Edgar Link pending
R21.htm Edgar Link pending
R22.htm Edgar Link pending
R23.htm Edgar Link pending
R24.htm Edgar Link pending
R25.htm Edgar Link pending
R26.htm Edgar Link pending
R27.htm Edgar Link pending
R28.htm Edgar Link pending
R29.htm Edgar Link pending
R3.htm Edgar Link pending
R30.htm Edgar Link pending
R31.htm Edgar Link pending
R32.htm Edgar Link pending
R33.htm Edgar Link pending
R34.htm Edgar Link pending
R35.htm Edgar Link pending
R4.htm Edgar Link pending
R5.htm Edgar Link pending
R6.htm Edgar Link pending
R7.htm Edgar Link pending
R8.htm Edgar Link pending
R9.htm Edgar Link pending
report.css Edgar Link pending
Show.js Edgar Link pending