Company: PELI
Filing Date: 2025-12-19
Form Type: 10-Q
Source: 0001829126-25-010193
Chunk: 3

Company: Pelican Acquisition Corp
Filing Date: 2025-12-19
Form: 10-Q
Item: Part I, Item 1
Chunk 3
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 issued to the Sponsor(1)

    2,875,000

    287

    24,713

    -

    25,000

    Ordinary shares issued to underwriter

    200,000

    20

    4,328

    -

    4,348

    Net loss

    -

    -

    -

    (42,564
    )

    (42,564
    )
  
    Balance – October 31, 2024

    3,075,000

    $
    307

    $
    29,041

    $
    (42,564
    )
     
    $
    (13,216
    )

    (1)

    Includes an aggregate of up to 375,000 ordinary shares subject to forfeiture if the over-allotment is not exercised in full or in part by the underwriters (see Note 5).  

    As a result of the underwriter’s full exercise of its over-allotment option to purchase 1,125,000 units on May 30, 2025, no shares were subject to forfeiture.

The accompanying notes are an integral part of these unaudited condensed financial statements.

3

PELICAN ACQUISITION CORPORATION

UNAUDITED CONDENSED STATEMENTS OF CASH FLOWS

    For the Nine Months Ended October 31, 2025

    For the Period from July 23, 2024 (Inception) to October 31, 2024

    Cash Flows from Operating Activities:

    Net income (loss)
     
    $
    802,493

    $
    (43,064
    )
  
    Adjustments to reconcile net income to net cash used in operating activities:

    Interest earned on investments held in Trust Account

    (1,524,470
    )

    -

    Changes in operating assets and liabilities:

    Prepaid expenses

    (279,784
    )

    -

    Accrued expenses

    173,842

    18,539

    Net cash used in operating activities

    (827,919
    )

    (24,525
    )

    Cash Flows from Investing Activities:

    Purchase of investments held in Trust Account

    (86,250,000
    )

    -

    Net cash used in investing activities

    (86,250,000
    )

    -

    Cash Flows from Financing Activities: