Blue Water Acquisition Corp. IV is a Special Purpose Acquisition Company (SPAC) — a blank check company with no operations, formed solely to acquire a private company and take it public. Blue Water IV raised $125M in its IPO at $10 per unit, with proceeds held in trust in U.S. government securities until a deal closes or the money is returned to shareholders. Blue Water IV has 21 months to complete an acquisition. The company targets biotechnology, healthcare, and technology sectors, including pharma, medical devices, health tech, AI/ML, cloud computing, cybersecurity, and enterprise software. The sponsor, controlled by CEO Joseph Hernandez, acquired roughly 4.2M founder shares for $25,000 total — about $0.005 per share — while public investors paid $10 per share. These founder shares convert to Class A shares upon a successful merger, giving the sponsor substantial upside at nominal cost. If no deal closes, the founder shares are worthless. Blue Water IV is the fourth SPAC in Hernandez's "Blue Water" series. Blue Water I merged with Clarus Therapeutics in 2021, but Clarus filed for bankruptcy in 2022 and was liquidated in 2023. Blue Water III completed its IPO in June 2025, but the full management team resigned in November 2025 to launch Blue Water IV. Blue Water IV has not yet identified an acquisition target, and expects to pursue targets whose enterprise value exceeds the ~$120M in trust, meaning it will likely need to raise additional PIPE financing alongside any transaction.