Company: PELI
Filing Date: 2025-06-27
Form Type: 10-Q
Source: 0001829126-25-004771
Chunk: 2

Company: Pelican Acquisition Corp
Filing Date: 2025-06-27
Form: 10-Q
Item: Part I, Item 1
Chunk 2
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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 STATEMENT OF CASH FLOWS

    For the Three Months Ended April 30, 2025

    Cash Flows from Operating Activities:

    Net loss
     
    $
    (19,553
    )
  
    Changes in operating assets and liabilities:

    Prepaid expenses

    (1,850
    )
  
    Accrued expenses

    (18,261
    )
  
    Net cash used in operating activities

    (39,664
    )

    Cash Flows from Financing Activities:

    Payment of deferred offering costs

    (19,803
    )
  
    Proceeds from promissory note to related party

    500,000

    Net cash provided by financing activities

    480,197

    Net change in cash

    440,533

    Cash, Beginning of period

    59,073

    Cash, End of the period
     
    $
    499,606

    Non-cash investing and financing disclosure:

    Deferred offering costs included in accrued offering costs
     
    $
    3,341

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

4

PELICAN ACQUISITION CORPORATION

NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS

Note 1 — Organization, Business Operations

Pelican Acquisition Corporation (the “Company”) is a blank check company incorporated under the laws of the Cayman Islands with limited liability on July 23, 2024. The Company was formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses or entities (“Business Combination”). The Company is not limited to a particular industry or sector for purposes of consummating a Business Combination, although the Company intends to primarily focus on target businesses within the technology industry globally. The Company is an early stage and emerging growth company and, as such, the Company is subject to all of the risks associated with early stage and emerging growth companies.

As of April 30, 2025, the Company had not commenced any operations. For the period from July 23, 2024 (inception)