Company: PELI
Filing Date: 2025-09-15
Form Type: 10-Q
Source: 0001829126-25-007404
Chunk: 3

Company: Pelican Acquisition Corp
Filing Date: 2025-09-15
Form: 10-Q
Item: Part I, Item 1
Chunk 3
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 $
    342,916

    (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 Six Months Ended July 31, 2025

    Cash Flows from Operating Activities:

    Net income
     
    $
    287,857

    Adjustments to reconcile net income to net cash used in operating activities:

    Interest earned on investments held in Trust Account

    (635,672
    )
  
    Changes in operating assets and liabilities:

    Prepaid expenses

    (174,652
    )
  
    Accrued expenses

    62,374

    Net cash used in operating activities

    (460,093
    )

    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:

    Proceeds from sale of public units

    86,250,000

    Proceeds from sale of Private Placements units

    2,987,500

    Payment of underwriter fees

    (1,725,000
    )
  
    Proceeds from promissory note - related party

    500,000

    Repayment of promissory note - related party

    (700,000
    )
  
    Payment of offering costs

    (409,240
    )
  
    Net cash provided by financing activities

    86,903,260

    Net Changes in Cash

    193,167

    Cash - Beginning of period

    59,073

    Cash - End of period
     
    $
    252,240

    Supplemental Disclosure of Non-cash Financing Activities:

    Remeasurement of carrying value to redemption value
     
    $
    4,504,