Bleichroeder Acquisition Corp. III完成3.45億美元IPO上市

EX-99.1
2
ea029775101ex99-1.htm
AUDITED BALANCE SHEET AS OF JULY 8, 2026

 

Exhibit 99.1

 

BLEICHROEDER ACQUISITION CORP. III

 

INDEX TO FINANCIAL STATEMENT

 

 
  
  
 Page

 
 Financial
 Statement of Bleichroeder Acquisition Corp. III:
  
  

 
 Report of Independent Registered Public Accounting Firm
  
 F-2

 
 Balance Sheet as of July 8, 2026
  
 F-3

 
 Notes to Financial Statement
  
 F-4

 

 

 F-1

  

 

 

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING
FIRM

 

To the Shareholder and the Board of Directors
of

Bleichroeder Acquisition Corp. III:

 

Opinion on the Financial Statement

 

We have audited the accompanying balance sheet
of Bleichroeder Acquisition Corp. III (the “Company”) as of July 8, 2026, and the related notes (collectively referred to
as the “financial statement”). In our opinion, the financial statement present fairly, in all material respects, the financial
position of the Company as of July 8, 2026, in conformity with accounting principles generally accepted in the United States of America.

 

Basis for Opinion

 

The financial statement is the responsibility of the Company’s management.
Our responsibility is to express an opinion on the Company’s financial statement based on our audit. We are a public accounting firm registered
with the Public Company Accounting Oversight Board (United States) (the “PCAOB”) and are required to be independent with respect
to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange
Commission and the PCAOB.

 

We conducted our audit in accordance with the
standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial
statement is free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to
perform, an audit of its internal control over financial reporting. As part of our audit, we are required to obtain an understanding of
internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company’s
internal control over financial reporting. Accordingly, we express no such opinion.

 

Our audit included performing procedures to assess
the risks of material misstatement of the financial statement, whether due to error or fraud, and performing procedures that respond to
those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statement.
Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating
the overall presentation of the financial statement. We believe that our audit provides a reasonable basis for our opinion.

 

/s/ WithumSmith+Brown, PC

 

We have served as the Company’s auditor since
2026.

 

East Brunswick, New Jersey

July 14, 2026

 

 F-2

  

 

 

BLEICHROEDER ACQUISITION CORP. III

BALANCE SHEET

JULY 8, 2026

 

 
 Assets
  
  
  

 
 Current assets
  
  
  
  

 
 Cash
  
 $
 1,467,629
  

 
 Prepaid expenses and insurance
  
  
 195,668
  

 
 Total current assets
  
  
 1,663,297
  

 
 Long-term prepaid insurance
  
  
 154,187
  

 
 Cash held in Trust Account
  
  
 345,000,000
  

 
 Total Assets
  
 $
 346,817,484
  

 
  
  
  
  
  

 
 Liabilities, Class A Ordinary Shares Subject to Possible Redemption, and Shareholders’ Deficit
  
  
  
  

 
 Current liabilities
  
  
  
  

 
 Accrued expenses
  
 $
 2,340
  

 
 Accrued offering costs
  
  
 89,522
  

 
 Total current liabilities
  
  
 91,862
  

 
 Deferred underwriting fee
  
  
 14,700,000
  

 
 Total Liabilities
  
  
 14,791,862
  

 
  
  
  
  
  

 
 Commitments and Contingencies (Note 6)
  
  
  
  

 
  
  
  
  
  

 
 Class A Ordinary Shares Subject to Possible Redemption
  
  
  
  

 
 Class A ordinary shares subject to possible redemption, $0.0001 par value; 34,500,000 shares at redemption value of $10.00 per share
  
  
 345,000,000
  

 
  
  
  
  
  

 
 Shareholders’ Deficit
  
  
  
  

 
 Preference shares, $0.0001 par value; 5,000,000 shares authorized; none issued or outstanding
  
  
 —
  

 
 Class A ordinary shares, $0.0001 par value; 500,000,000 shares authorized; none issued or outstanding (excluding 34,500,000 shares subject to possible redemption)
  
  
 —
  

 
 Class B ordinary shares, $0.0001 par value; 50,000,000 shares authorized; 11,500,000 shares issued and outstanding
  
  
 1,150
  

 
 Additional paid-in capital
  
  
 —
  

 
 Accumulated deficit
  
  
 (12,975,528
 )

 
 Total Shareholders’ Deficit
  
  
 (12,974,378
 )

 
 Total Liabilities, Class A Ordinary Shares Subject to Possible Redemption, and Shareholders’ Deficit
  
 $
 346,817,484
  

 

 

The accompanying notes are an integral part of
the financial statement.

 

 F-3

  

 

 

BLEICHROEDER ACQUISITION CORP. III

NOTES TO FINANCIAL STATEMENT

JULY 8, 2026

 

Note 1 — Organization
and Business Operations

 

Bleichroeder Acquisition Corp. III (the “Company”)
is a blank check company incorporated as a Cayman Islands exempted company on April 1, 2026. The Company was incorporated for the
purpose of effecting a merger, amalgamation, share exchange, asset acquisition, share purchase, reorganization or similar business combination
with one or more businesses that the Company has not yet identified (“Business Combination”).

 

As of July 8, 2026, the Company had not yet commenced
operations. All activity for the period from April 1, 2026 (inception) through July 8, 2026 relates to the Company’s formation
and the initial public offering (the “Initial Public Offering”). The Company will not generate any operating revenues prior
to the completion of the Business Combination and will generate non-operating income in the form of interest income from the proceeds
derived from the Initial Public Offering. The Company has selected December 31 as its fiscal year end.

 

The registration statement for the Company’s
Initial Public Offering was declared effective on July 6, 2026. On July 8, 2026, the Company consummated the Initial Public Offering of
34,500,000 units (the “Units” and, with respect to the Class A ordinary shares included in the Units being offered, the “Public
Shares”) at $10.00 per Unit, generating gross proceeds of $345,000,000. Each Unit consists of one Class A Ordinary Share, par value
$0.0001 per share, and one-fourth of one redeemable warrant (the “Public Warrants”). Each whole Public Warrant entitles the
holder thereof to purchase one Class A Ordinary Share at an exercise price of $11.50 per share, subject to adjustment.

 

Simultaneously with the closing of the Initial
Public Offering, the Company consummated the sale of 8,500,000 private placement warrants (the “Private Placement Warrants”)
at a price of $1.00 per Private Placement Warrant, in a private placement to the Company’s sponsor, Bleichroeder Sponsor 3 LLC (the
“Sponsor”), and Cohen & Company Capital Markets, a division of Cohen & Company Securities, LLC (“CCM”),
the representative of the underwriters, and Clear Street LLC (“CS” and collectively with CCM, the “underwriters”),
generating gross proceeds of $8,500,000. Of those 8,500,000 Private Placement Warrants, the Sponsor purchased 5,000,000 Private Placement
Warrants and the underwriters purchased 3,500,000 Private Placement Warrants. Each whole Private Placement Warrant entitles the holder
thereof to purchase one Class A Ordinary Share at an exercise price of $11.50 per share, subject to adjustment.

 

Transaction costs amounted to $21,364,856, consisting
of $6,000,000 of cash underwriting fee, $14,700,000 of deferred underwriting fee, and $664,856 of other offering costs.

 

The Business Combination must be with one or more
target businesses that together have a fair market value equal to at least 80% of the value of the assets held in the Trust Account (as
defined below) (excluding the amount of deferred underwriting discounts held and taxes payable on the interest earned on the Trust Account)
at the time of the signing an agreement to enter into a Business Combination. However, the Company will only complete a Business Combination
if the post-Business Combination company owns or acquires 50% or more of the outstanding voting securities of the target or otherwise
acquires a controlling interest in the target sufficient for it not to be required to register as an investment company under the Investment
Company Act of 1940, as amended (the “Investment Company Act”). There is no assurance that the Company will be able
to successfully effect a Business Combination.

 

Following the closing of the Initial Public Offering
on July 8, 2026, an amount of $345,000,000 ($10.00 per Unit) from the net proceeds of the sale of the Units, and a portion of the proceeds
of the sale of the Private Placement Warrants, were placed in a trust account (the “Trust Account”) located in the United States
with Continental Stock Transfer & Trust Company acting as trustee, and initially be invested only in U.S. government treasury
obligations with a maturity of 185 days or less or in money market funds meeting certain conditions under Rule 2a-7 under the
Investment Company Act, which invest only in direct U.S. government treasury obligations; the holding of these assets in this form
is intended to be temporary and for the sole purpose of facilitating the intended business combination. To mitigate the risk that might
be deemed to be an investment company for purposes of the Investment Company Act, which risk increases the longer that the Company holds
investments in the Trust Account, the Company may, at any time (based on management team’s ongoing assessment of all factors related
to the potential status under the Investment Company Act), instruct the trustee to liquidate the investments held in the Trust Account
and instead to hold the funds in the Trust Account in cash or in an interest bearing demand deposit account at a bank. Except with respect
to interest earned on the funds held in the Trust Account that may be released to the Company to pay its taxes, if any, the proceeds from
the Initial Public Offering and the sale of the Private Placement Warrants will not be released from the Trust Account until the
earliest of (i) the completion of the Company’s initial Business Combination, (ii) the redemption of the Company’s
Public Shares if the Company is unable to complete the initial Business Combination within 24 months from the closing of the Initial
Public Offering or by such earlier liquidation date as the board of directors may approve (the “Completion Window”), subject
to applicable law, or (iii) the redemption of the Company’s Public Shares properly submitted in connection with a shareholder
vote to amend the Company’s amended and restated memorandum and articles of association to (A) modify the substance or timing
of the Company’s obligation to allow redemption in connection with the initial Business Combination or to redeem 100% of the Company’s
Public Shares if the Company has not consummated an initial Business Combination within the Completion Window or (B) with respect
to any other material provisions relating to shareholders’ rights or pre-initial Business Combination activity. The proceeds deposited
in the Trust Account could become subject to the claims of the Company’s creditors, if any, which could have priority over the claims
of the Company’s public shareholders.

 

 F-4

  

 

 

BLEICHROEDER ACQUISITION CORP. III

NOTES TO FINANCIAL STATEMENT

JULY 8, 2026

 

Note 1 — Organization
and Business Operations (cont.)

 

The Company will provide the Company’s public
shareholders with the opportunity to redeem all or a portion of their Public Shares upon the completion of the initial Business Combination
either (i) in connection with a general meeting called to approve the initial Business Combination or (ii) without a shareholder
vote by means of a tender offer. The decision as to whether the Company will seek shareholder approval of a proposed initial Business
Combination or conduct a tender offer will be made by the Company, solely in its discretion. The public shareholders will be entitled
to redeem their shares at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account calculated
as of two business days prior to the consummation of the initial Business Combination, including interest earned on the funds
held in the Trust Account (less taxes payable), divided by the number of then outstanding Public Shares, subject to the limitations. The
amount in the Trust Account is initially anticipated to be $10.00 per Public Share.

 

The Public Shares subject to redemption were recorded
at a redemption value and classified as temporary equity upon the completion of the Initial Public Offering, in accordance with Financial
Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 480, “Distinguishing
Liabilities from Equity.”

 

The Company will have only the duration of the
Completion Window to complete the initial Business Combination. However, if the Company is unable to complete its initial Business Combination
within the Completion Window, the Company will 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 (less taxes payable and up to $100,000 of interest income to pay dissolution expenses),
divided by the number of then outstanding Public Shares, which redemption will constitute full and complete payment for the Public Shares
and completely extinguish public shareholders’ rights as shareholders (including the right to receive further liquidation or other
distributions, if any), subject to the Company’s obligations under Cayman Islands law to provide for claims of creditors and subject
to the other requirements of applicable law.

 

The Sponsor, officers and directors have entered
into a letter agreement with the Company, pursuant to which they have agreed to (i) waive their redemption rights with respect to
their founder shares and Public Shares in connection with the completion of the initial Business Combination or an earlier redemption
in connection with the commencement of the procedures to consummate the initial Business Combination if the Company determines it is desirable
to facilitate the completion of the initial Business Combination; (ii) waive their redemption rights with respect to their founder
shares and Public Shares in connection with a shareholder vote to approve an amendment to the Company’s amended and restated memorandum
and articles of association; (iii) waive their rights to liquidating distributions from the Trust Account with respect to their founder
shares if the Company fails to complete the initial Business Combination within the Completion Window, although they will be entitled
to liquidating distributions from the Trust Account with respect to any Public Shares they hold if the Company fails to complete the initial
Business Combination within the Completion Window and to liquidating distributions from assets outside the Trust Account; and (iv) vote
any founder shares held by them and any Public Shares purchased during or after the Initial Public Offering (including in open market
and privately-negotiated transactions) in favor of the initial Business Combination.

 

The Sponsor has agreed that it will 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 entered into a written letter of intent, confidentiality or other similar agreement or Business
Combination 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
share due to reductions in the value of the trust assets, less income taxes payable, provided that such liability will not apply to any
claims by a third party or prospective target business who executed a waiver of any and all rights to the monies held in the Trust Account
(whether or not such waiver is enforceable) nor will it apply 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”). However, the Company has not asked the Sponsor to reserve for such indemnification obligations, nor
has the Company independently verified whether the Sponsor has sufficient funds to satisfy its indemnity obligations and the Company believes
that the Sponsor’s only assets are securities of the Company. Therefore, the Company cannot assure that the Sponsor would be able
to satisfy those obligations.

 

 F-5

  

 

 

BLEICHROEDER ACQUISITION CORP. III

NOTES TO FINANCIAL STATEMENT

JULY 8, 2026

 

Note 2 — Significant Accounting
Policies

 

Basis of Presentation

 

The accompanying financial statement is presented
in conformity with accounting principles generally accepted in the United States of America (the “US GAAP”) and pursuant
to the rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”).

 

Liquidity and Capital Resources

 

The Company’s liquidity needs up to July
8, 2026, had been satisfied through the loan under an unsecured promissory note from the Sponsor of up to $500,000 (see Note 5). As of
July 8, 2026, the Company had $1,467,629 in cash and working capital of $1,571,435.

 

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, loan the Company funds as may be required (the “Working Capital Loans”). If the Company completes
a Business Combination, the Company would repay the Working Capital Loans. In the event that a Business Combination does not close, the
Company may use a portion of the working capital held outside the Trust Account to repay the Working Capital Loans but no proceeds from
the Trust Account would be used to repay the Working Capital Loans. Up to $2,000,000 of such Working Capital Loans may be convertible
into Private Placement Warrants of the post-Business Combination entity at a price of $1.00 per warrant at the option of the lender. As
of July 8, 2026, no such Working Capital Loans were outstanding.

 

In connection with the Company’s assessment
of going concern considerations in accordance with FASB ASC 205-40, “Presentation of Financial Statements - Going Concern,”
the Company does not believe it will need to raise additional funds in order to meet the expenditures required for operating its business.
However, if the estimate of the costs of identifying a target business, undertaking in-depth due diligence and negotiating a Business
Combination are less than the actual amount necessary to do so, the Company may have insufficient funds available to operate its business
prior to the initial Business Combination. The Company has the Completion Window to complete the initial Business Combination. Management
has determined that based on the completion of the Initial Public Offering, the Company has sufficient funds to finance the working capital
needs of the Company within one year from the date of issuance of the accompanying financial statement.

 

Emerging Growth Company Status

 

The Company is an “emerging growth company,”
as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart Our Business Startups Act of 2012 (the
“JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements that are applicable to other
public companies that are not emerging growth companies including, but not limited to, not being required to comply with the auditor attestation
requirements of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation in its periodic
reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and
shareholder approval of any golden parachute payments not previously approved.

 

Further, Section 102(b)(1) of the JOBS
Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies
(that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered
under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that
a company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies
but any such election to opt out is irrevocable. The Company has elected not to opt out of such extended transition period which means
that when a standard is issued or revised and it has different application dates for public or private companies, the Company, as an emerging
growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard. This may make comparison
of the Company’s financial statement with another public company which is neither an emerging growth company nor an emerging growth
company which has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting
standards used.

 

 F-6

  

 

 

BLEICHROEDER ACQUISITION CORP. III

NOTES TO FINANCIAL STATEMENT

JULY 8, 2026

 

Note 2 — Significant Accounting
Policies (cont.)

 

Use of Estimates

 

The preparation of the financial statement in
conformity with US GAAP requires 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 financial statement. Actual results could differ from those estimates.

 

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 financial statement, 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.

 

Cash and Cash Equivalents

 

The Company considers all short-term investments
with an original maturity of three months or less when purchased to be cash equivalents. The Company had cash of $1,467,629 and did not
have any cash equivalents as of July 8, 2026.

 

Cash Held in Trust Account

 

As of July 8, 2026, the assets held in the Trust
Account, amounting to $345,000,000, were held in cash.

 

Concentration of Credit Risk

 

Financial instruments that potentially subject
the Company to concentrations of credit risk consist of a cash account in a financial institution, which, at times, may exceed the Federal
Deposit Insurance Corporation coverage limit of $250,000. Any loss incurred or a lack of access to such funds could have a significant
adverse impact on the Company’s financial condition, results of operations, and cash flows.

 

Offering Costs

 

The Company complies with the requirements of
FASB ASC 340-10-S99 and SEC Staff Accounting Bulletin Topic 5A, “Expenses of Offering.” Offering costs consist principally
of professional and registration fees that are related to the Initial Public Offering. FASB ASC 470-20, “Debt with Conversion
and Other Options,” addresses the allocation of proceeds from the issuance of convertible debt into its equity and debt components.
The Company applies this guidance to allocate Initial Public Offering proceeds from the Units between Public Shares and warrants,
prorate, allocating the Initial Public Offering proceeds to the assigned value of the warrants and to the Public Shares. Offering costs
allocated to the Public Shares were charged to temporary equity and offering costs allocated to the Public Warrants and Private Placement
Warrants were charged to shareholders’ deficit as Public Warrants and Private Placement Warrants (defined in Note 1),
after management’s evaluation, were accounted for under equity treatment.

 

Fair Value of Financial Instruments

 

The fair value of the Company’s assets and
liabilities, which qualify as financial instruments under FASB ASC 820, “Fair Value Measurements and Disclosures,” approximates
the carrying amounts represented in the balance sheet, primarily due to its short-term nature except for warrants (see Note 8).

 

 F-7

  

 

 

BLEICHROEDER ACQUISITION CORP. III

NOTES TO FINANCIAL STATEMENT

JULY 8, 2026

 

Note 2 — Significant Accounting
Policies (cont.)

 

Income Taxes

 

The Company accounts for income taxes under FASB
ASC Topic 740, “Income Taxes,” which requires an asset and liability approach to financial accounting and reporting for
income taxes. Deferred income tax assets and liabilities are computed for differences between the financial statement and tax bases of
assets and liabilities that will result in future taxable or deductible amounts, based on enacted tax laws and rates applicable to the
periods in which the differences are expected to affect taxable income. Valuation allowances are established, when necessary, to reduce
deferred tax assets to the amount expected to be realized.

 

FASB ASC Topic 740 prescribes a recognition
threshold and a measurement attribute for the financial statement recognition and measurement of tax positions taken or expected to be
taken in a tax return. For those benefits to be recognized, a tax position must be more likely than not to be sustained upon examination
by taxing authorities. The Company’s management determined that the Cayman Islands is the Company’s major tax jurisdiction.
The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. As of July 8, 2026,
there were no unrecognized tax benefits and no amounts accrued for interest and penalties. The Company is currently not aware of any issues
under review that could result in significant payments, accruals or material deviation from its position.

 

The Company is considered to be an exempted Cayman
Islands company with no connection to any other taxable jurisdiction and is presently not subject to income taxes or income tax filing
requirements in the Cayman Islands or the United States. As such, the Company’s tax provision was zero for the period presented.

 

Share-Based Compensation

 

The Company accounts for share awards in accordance
with FASB ASC 718, “Compensation—Stock Compensation,” which requires that all equity awards be accounted for at their
“fair value.” Fair value is measured on the grant date and is equal to the underlying value of the share. Costs equal to these
fair values are recognized ratably over the requisite service period based on the number of awards that are expected to vest, in the period
of grant for awards that vest immediately and have no future service condition, or in the period the awards vest immediately after meeting
a performance condition becomes probable (i.e., the occurrence of a Business Combination). For awards that vest over time, cumulative
adjustments in later periods are recorded to the extent actual forfeitures differ from the Company’s initial estimates; previously
recognized compensation cost is reversed if the service or performance conditions are not satisfied and the award is forfeited.

 

Warrant Instruments

 

The Company accounts for the Public and Private
Placement Warrants issued in connection with the Initial Public Offering and the private placement in accordance with the guidance contained
in FASB ASC Topic 815, “Derivatives and Hedging”. Accordingly, the Company evaluated and classified the warrant instruments
under equity treatment at their assigned value. There are 8,625,000 Public Warrants and 8,500,000 Private Placement Warrants currently
outstanding as of July 8, 2026.

 

Class A Ordinary Shares Subject to Possible
Redemption

 

The Public Shares contain a redemption feature
which allows for the redemption of such Public Shares in connection with the Company’s liquidation, or if there is a shareholder
vote or tender offer in connection with the Company’s initial Business Combination. In accordance with FASB ASC Topic 480-10-S99,
the Company classifies Public Shares subject to possible redemption outside of permanent equity as the redemption provisions are not solely
within the control of the Company. The Company recognizes changes in redemption value immediately as they occur and will adjust the carrying
value of redeemable shares to equal the redemption value at the end of each reporting period. Immediately upon the closing of the Initial
Public Offering, the Company recognized the accretion from initial book value to redemption value. The change in the carrying value of
redeemable shares will result in charges against additional paid-in capital (to the extent available) and accumulated deficit. Accordingly,
as of July 8, 2026, Class A ordinary shares subject to possible redemption are presented at redemption value as temporary equity, outside
of the shareholders’ deficit section of the Company’s balance sheet. As of July 8, 2026, the Public Shares subject to possible
redemption reflected in the balance sheet are reconciled in the following table:

 

 
 Gross proceeds 
 $345,000,000 

 
 Less: 
    

 
 Proceeds allocated to Public Warrants 
  (3,294,750)

 
 Public Shares issuance costs 
  (21,144,988)

 
 Plus: 
    

 
 Remeasurement of carrying value to redemption value 
  24,439,738 

 
 Class A ordinary shares subject to possible redemption, July 8, 2026 
 $345,000,000 

 

 

Recent Accounting Pronouncements

 

Management does not believe that any recently
issued, but not effective, accounting standards, if currently adopted, would have a material effect on the Company’s financial statement.

 

 F-8

  

 

 

BLEICHROEDER ACQUISITION CORP. III

NOTES TO FINANCIAL STATEMENT

JULY 8, 2026

 

Note 3 — Initial Public
Offering

 

Pursuant to the closing of the Initial Public
Offering on July 8, 2026, the Company sold 34,500,000 Units, which includes the full exercise by the underwriters of their over-allotment
option of 4,500,000 Units, at a purchase price of $10.00 per Unit, generating gross proceeds of $345,000,000. Each Unit consists
of one Class A ordinary share, and one-fourth of one redeemable warrant. Each whole warrant entitles the holder to purchase one Class A
ordinary share at a price of $11.50 per share, subject to adjustment.

 

Warrants — There are 8,625,000
Public Warrants and 8,500,000 Private Placement Warrants currently outstanding as of July 8, 2026. Each whole warrant entitles the holder
to purchase one Class A ordinary share at a price of $11.50 per share, subject to adjustment as discussed herein. The warrants cannot
be exercised until 30 days after the completion of the initial Business Combination, and will expire at 5:00 p.m., New York
City time, five years after the completion of the initial Business Combination or earlier upon redemption or liquidation.

 

The Company will not be obligated to deliver any
Class A ordinary shares pursuant to the exercise of a warrant and will have no obligation to settle such warrant exercise unless
a registration statement under the Securities Act with respect to the Class A ordinary shares underlying the warrants is then effective
and a prospectus relating thereto is current. No warrant will be exercisable and the Company will not be obligated to issue a Class A
ordinary share upon exercise of a warrant unless the Class A ordinary share issuable upon such warrant exercise has been registered,
qualified or deemed to be exempt under the securities laws of the state of residence of the registered holder of the warrants. In the
event that the conditions in the two immediately preceding sentences are not satisfied with respect to a warrant, the holder of such warrant
will not be entitled to exercise such warrant and such warrant may have no value and expire worthless. In no event will the Company be
required to net cash settle any warrant. In the event that a registration statement is not effective for the exercised warrants, the purchaser
of a unit containing such warrant will have paid the full purchase price for the unit solely for the Class A ordinary share underlying
such unit.

 

Under the terms of the warrant agreement, the
Company has agreed that, as soon as practicable, but in no event later than 20 business days, after the closing of its Business
Combination, it will use its commercially reasonable efforts to file with the SEC a post-effective amendment to the registration statement
for the Initial Public Offering or a new registration statement covering the registration under the Securities Act of the Class A
ordinary shares issuable upon exercise of the warrants and thereafter will use its commercially reasonable efforts to cause the same to
become effective within 60 business days following the Company’s initial Business Combination and to maintain a current
prospectus relating to the Class A ordinary shares issuable upon exercise of the warrants until the expiration of the warrants in
accordance with the provisions of the warrant agreement. If a registration statement covering the Class A ordinary shares issuable
upon exercise of the warrants is not effective by the sixtieth (60th) business day after the closing of the initial Business
Combination, warrant holders may, until such time as there is an effective registration statement and during any period when the Company
will have failed to maintain an effective registration statement, exercise warrants on a “cashless basis” in accordance with
Section 3(a)(9) of the Securities Act or another exemption. Notwithstanding the above, if the Class A ordinary shares are
at the time of any exercise of a warrant not listed on a national securities exchange such that they satisfy the definition of a “covered
security” under Section 18(b)(1) of the Securities Act, the Company may, at its option, require holders of Public Warrants
who exercise their warrants to do so on a “cashless basis” in accordance with Section 3(a)(9) of the Securities
Act and, in the event the Company so elects, the Company will not be required to file or maintain in effect a registration statement,
and in the event the Company does not so elect, the Company will use its commercially reasonable efforts to register or qualify the shares
under applicable blue sky laws to the extent an exemption is not available.

 

If the holders exercise their Public Warrants
on a cashless basis, they would pay the warrant exercise price by surrendering the warrants for that number of Class A ordinary shares
equal to the quotient obtained by dividing (x) the product of the number of Class A ordinary shares underlying the warrants,
multiplied by the excess of the “fair market value” of the Class A ordinary shares over the exercise price of the warrants
by (y) the fair market value. The “fair market value” is the average reported closing price of the Class A ordinary
shares for the 10 trading days ending on the third trading day prior to the date on which the notice of exercise is
received by the warrant agent or on which the notice of redemption is sent to the holders of warrants, as applicable.

 

 F-9

  

 

 

BLEICHROEDER ACQUISITION CORP. III

NOTES TO FINANCIAL STATEMENT

JULY 8, 2026

 

Note 3 — Initial Public
Offering (cont.)

 

Redemption of Warrants When the Price per Class A
Ordinary Share Equals or Exceeds $18.00: The Company may redeem the outstanding warrants:

 

●in whole and not in part;

 

●at a price of $0.01 per warrant;

 

●upon a minimum of 30 days’ prior written notice
of redemption (the “30-day redemption period”); and

 

●if, and only if, the last reported sale price (the “closing
price”) of the Class A ordinary shares equals or exceeds $18.00 per share (as adjusted for adjustments to the number of shares
issuable upon exercise or the exercise price of a warrant) for any 20 trading days within a 30-trading day period commencing
at least 30 days after completion of the initial Business Combination and ending on the third trading day prior to the
date on which the Company sends the notice of redemption to the warrant holders.

 

Additionally, if the number of outstanding Class A
ordinary shares is increased by a share capitalization payable in Class A ordinary shares, or by a subdivision of ordinary shares
or other similar event, then, on the effective date of such share capitalization, subdivision or similar event, the number of Class A
ordinary shares issuable on exercise of each warrant will be increased in proportion to such increase in the outstanding ordinary shares.
A rights offering made to all or substantially all holders of ordinary shares entitling holders to purchase Class A ordinary shares
at a price less than the fair market value will be deemed a share capitalization of a number of Class A ordinary shares equal to
the product of (i) the number of Class A ordinary shares actually sold in such rights offering (or issuable under any other
equity securities sold in such rights offering that are convertible into or exercisable for Class A ordinary shares) and (ii) the
quotient of (x) the price per Class A ordinary share paid in such rights offering and (y) the fair market value. For these
purposes (i) if the rights offering is for securities convertible into or exercisable for Class A ordinary shares, in determining
the price payable for Class A ordinary shares, there will be taken into account any consideration received for such rights, as well
as any additional amount payable upon exercise or conversion and (ii) fair market value means the volume weighted average price of
Class A ordinary shares as reported during the ten (10) trading day period ending on the trading day prior to
the first date on which the Class A ordinary shares trade on the applicable exchange or in the applicable market, regular way, without
the right to receive such rights.

 

Note 4 — Private Placement

 

Simultaneously with the closing of the Initial
Public Offering, the Sponsor and the underwriters purchased an aggregate of 8,500,000 Private Placement Warrants, at a price of $1.00
per Private Placement Warrant, generating gross proceeds of $8,500,000. Of those 8,500,000 Private Placement Warrants, the Sponsor purchased
5,000,000 Private Placement Warrants and the underwriters purchased 3,500,000 Private Placement Warrants. Each Private Placement Warrant
entitles the holder to purchase one Class A ordinary share at a price of $11.50 per share, subject to adjustments.

 

The Private Placement Warrants are identical to
the Public Warrants sold in the Initial Public Offering except that, so long as they are held by the Sponsor or its permitted transferees,
the Private Placement Warrants (i) may not (including the Class A ordinary shares issuable upon exercise of these warrants),
subject to certain limited exceptions, be transferred, assigned or sold by the holders until 30 days after the completion of the
initial Business Combination, (ii) will be entitled to registration rights and (iii) with respect to Private Placement warrants
held by CCM, CS, and/or their designees, will not be exercisable more than five years from the commencement of sales in the Initial
Public Offering in accordance with Financial Industry Regulatory Authority (“FINRA”) Rule 5110(g)(8). Amending the warrant
agreement (including, for the avoidance of doubt, the forfeiture of cancellation of any warrants) will require a vote of holders of at
least 50% of the Private Placement Warrants (including the vote or written consent of each underwriter) or working capital warrants solely
with respect to any amendment to the terms of the Private Placement Warrants or working capital warrants.

 

 F-10

  

 

 

BLEICHROEDER ACQUISITION CORP. III

NOTES TO FINANCIAL STATEMENT

JULY 8, 2026

 

Note 5 — Related Party
Transactions

 

Founder Shares

 

On April 9, 2026, the Sponsor made a capital
contribution of $25,000, or approximately $0.003 per share, through payments of offering costs and expenses on the Company’s behalf,
for which the Company issued 9,583,333 Class B ordinary shares, known as founder shares, to the Sponsor. On June 18, 2026, the Company
issued an additional 1,916,667 founder shares to the Sponsor by way of a share premium capitalization, resulting in the Sponsor holding
an aggregate of 11,500,000 founder shares, or approximately $0.002 per share. Up to 1,500,000 of the founder shares may be surrendered
by the Sponsor for no consideration depending on the extent to which the underwriters’ over-allotment is exercised. All share and
per-share data have been retrospectively presented. On July 8, 2026, the underwriters exercised their over-allotment option in full as
part of the closing of the Initial Public Offering. As a result, the 1,500,000 Founder Shares are no longer subject to forfeiture.

 

On June 16, 2026, the Sponsor granted membership
interests equivalent to an aggregate of 20,000 founder shares to the independent directors of the Company. The membership interests represented
by the 20,000 founder shares granted to the independent directors are in the scope of FASB ASC 718. Under FASB ASC 718, stock-based compensation
associated with equity-classified awards is measured at fair value on the grant date. Those founder shares have an aggregate fair value
of $73,300, or approximately $3.67 per share. The Company established the fair value of founder shares on June 16, 2026, the date of the
grant agreement, using Monte Carlo Simulation Model prepared by a third party valuation firm, which takes into consideration the following
market assumptions; (i) underlying stock price of $9.87, (ii) remaining term of 0.05 years, (iii) risk-free rate of 3.60% and (iv) implied
market adjustment of 37.2.0%. The membership interests represented by the 20,000 founder shares were granted to the independent directors
subject to a performance condition (i.e., the occurrence of Business Combination). The Company will recognize compensation expense of
$73,300 at the date a Business Combination is considered probable (i.e., upon consummation of a Business Combination).

 

Additionally on June 16, 2026, the Sponsor granted
membership interests equivalents to an aggregate of 550,000 founder shares to the officers of the Company. The membership interests represented
by the 550,000 founder shares granted to the officers are in the scope of FASB ASC 718. Under FASB ASC 718, stock-based compensation associated
with equity-classified awards is measured at fair value on the grant date. Those founder shares have an aggregate fair value of $2,015,750,
or approximately $3.67 per share. The membership interests represented by the 550,000 founder shares were granted to the officers without
further restrictions or performance measures as of the grant date thus, the total fair value of $2,015,750 was recorded as compensation
expense on June 16, 2026.

 

The founder shares are designated as Class B
ordinary shares and, except as described below, are identical to the Class A ordinary shares included in the Units being sold in
the Initial Public Offering, and holders of founder shares have the same shareholder rights as public shareholders, except that (i) the
founder shares are subject to certain transfer restrictions, as described in more detail below, (ii) the founder shares are entitled
to registration rights; (iii) the Sponsor and the Company’s officers and directors have entered into a letter agreement, pursuant
to which they have agreed to (A) waive their redemption rights with respect to their founder shares, private placement shares and
Public Shares in connection with the completion of the initial Business Combination, (B) waive their redemption rights with respect
to their founder shares, private placement shares and Public Shares in connection with a shareholder vote to approve an amendment to the
amended and restated memorandum and articles of association prior to the consummation of the initial Business Combination (A) to
modify the substance or timing of the obligation to allow redemption in connection with the initial Business Combination or to redeem
100% of the Public Shares if the Company has not consummated an initial Business Combination within the Completion Window or (B) with
respect to any other material provisions relating to shareholders’ rights or pre-initial Business Combination activity, (C) waive
their rights to liquidating distributions from the Trust Account with respect to their founder shares or private placement shares if the
Company fails to complete the initial Business Combination within the Completion Window, although they will be entitled to liquidating
distributions from the Trust Account with respect to any Public Shares they hold if the Company fails to complete the initial Business
Combination within such time period and to liquidating distributions from assets outside the Trust Account and (D) vote any founder
shares and private placement shares held by them and any Public Shares purchased during or after the Initial Public Offering (including
in open market and privately negotiated transactions, aside from shares they may purchase in compliance with the requirements of Rule 14e-5
under the Exchange Act, which would not be voted in favor of approving the Business Combination transaction) in favor of the initial
Business Combination, (iv) the founder shares are automatically convertible into Class A ordinary shares in connection with
the consummation of the initial Business Combination or earlier at the option of the holder on a one-for-one basis, subject to adjustment
as described herein and in the Company amended and restated memorandum and articles of association, and (v) prior to, or in connection
with, the closing of the initial Business Combination, only holders of the Class B ordinary shares will be entitled to vote on the
appointment and removal of directors or continuing the Company in a jurisdiction outside the Cayman Islands (including any special resolution
required to amend constitutional documents or to adopt new constitutional documents, in each case, as a result of the approving a transfer
by way of continuation in a jurisdiction outside the Cayman Islands).

 

Promissory Note — Related
Party

 

The Sponsor has agreed to loan the Company an
aggregate of up to $500,000 to be used for a portion of the expenses of the Initial Public Offering. The loan was non-interest bearing,
unsecured and due at the earlier of December 31, 2026 or the closing of the Initial Public Offering. As of July 8, 2026, the Company
repaid the total outstanding balance of the promissory note amounting to $205,447. Borrowings against the note are no longer available.

 

 F-11

  

 

 

BLEICHROEDER ACQUISITION CORP. III

NOTES TO FINANCIAL STATEMENT

JULY 8, 2026

 

Note 5 — Related Party
Transactions (cont.)

 

Administrative Services Agreement

 

Commencing on July 6, 2026, the effective date
of the Initial Public Offering, the Company has agreed to pay the Sponsor $5,000 per month for reimbursement of office space, utilities
and secretarial and administrative support. The agreement will cease upon the completion of the initial Business Combination or a liquidation
event. As of July 8, 2026, no amount has been accrued for these services in the Company’s balance sheet.

 

Service Agreement

 

On May 15, 2026, the Company and MJP Advisory
Group, LLC (“MJP”), an affiliate of the Chief Executive Officer, entered into an advisory services agreement for which MJP
will provide advisory services relating to the Company’s search for and consummation of an initial Business Combination in exchange
for $600,000 plus reimbursement of any out-of-pocket expenses. Pursuant to the advisory services agreement, commencing on July 6, 2026,
the effective date of the Initial Public Offering, the Company will pay MJP $18,000 per month. Upon closing of the Company’s
initial Business Combination or liquidation, the Company shall pay MJP an amount equal to $600,000 less any prior monthly payments of
fees made, and such payment shall be made at the closing of the Company’s initial Business Combination or its liquidation from amounts
held outside of the Trust Account. As of July 8, 2026, no amount has been accrued or paid for these services in the Company’s balance
sheet.

 

Related Party Loans

 

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, loan the Company funds as may be required. If the Company completes a Business Combination, the Company would
repay the Working Capital Loans. In the event that a Business Combination does not close, the Company may use a portion of the working
capital held outside the Trust Account to repay the Working Capital Loans but no proceeds from the Trust Account would be used to repay
the Working Capital Loans. Up to $2,000,000 of such Working Capital Loa