Blue Water Acquisition Corp IV (BWIV) is a blank check company formed for the purpose of completing a merger, capital stock exchange, asset acquisition, stock purchase, reorganization, or similar business combination with one or more target businesses. The company generates no operating revenue. It raised $130,000,000 through its Initial Public Offering of 13,000,000 Units at $10.00 per Unit, which closed on March 23, 2026, with net proceeds held in a Trust Account managed by Continental Stock Transfer & Trust Company and invested in U.S. government treasury obligations or qualifying money market funds pending a business combination. As of March 31, 2026, the company carried a working capital deficit of $866,374 and reported going concern uncertainty in its 10-Q filed May 15, 2026. No target business combination had been announced as of the filing date.

Revenue model

No operating revenue. Income is limited to interest earned on cash and marketable securities held in the Trust Account pending a business combination. The company is funded through IPO proceeds, private placement units, and related-party promissory notes.

Products and services

Blank check shell company. Primary financial instrument is the Unit, comprising ordinary shares and associated securities sold in the IPO at $10.00 per Unit (as of March 23, 2026 IPO closing). Private Placement Units were also sold concurrent with the IPO.

Customers and end markets

No commercial customers. The company's counterparties are IPO investors, private placement unit purchasers, and the Sponsor. End market is undefined until a target business combination is identified.

Value-chain role

Special purpose acquisition company (SPAC). Holds $130,000,000 in Trust Account as of March 23, 2026, invested in U.S. government treasury obligations with maturities of 185 days or less or qualifying Rule 2a-7 money market funds, with Continental Stock Transfer & Trust Company acting as trustee.

Source: SEC 10-Q, filed 2026-05-15

Industry: Blank Checks