Company: PELI
Filing Date: 2025-09-15
Form Type: 10-Q
Source: 0001829126-25-007404
Chunk: 2

Company: Pelican Acquisition Corp
Filing Date: 2025-09-15
Form: 10-Q
Item: Part I, Item 1
Chunk 2
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 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.

2

PELICAN ACQUISITION CORPORATION

UNAUDITED CONDENSED STATEMENT OF CHANGES IN SHAREHOLDERS’ (DEFICIT) EQUITY

FOR THE THREE AND SIX MONTHS ENDED JULY 31, 2025

    Ordinary Shares

    Additional Paid-in

    (Accumulated Deficit) Retained

        Total Shareholders’ (Deficit)

    Shares(1)

    Amount

    Capital

    Earnings

    Equity

    Balance–January 31, 2025(1)

    3,075,000

    $
    307

    $
    29,041

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

    -

    -

    -

    (19,553
    )

    (19,553
    )
  
    Balance–April 30, 2025(1)

    3,075,000

    $
    307

    $
    29,041

    $
    (62,117
    )
     
    $
    (32,769
    )
  
    Issuance of Private Placement Units

    298,750

    30

    2,987,470

    -

    2,987,500

    Issuance of Public Rights net of issuance costs

    -

    -

    1,337,837

    -

    1,337,837

    Issuance of representative shares

    247,556

    247,556

    Remeasurement of carrying value to redemption value

    -

    -

    (4,504,618
    )

    -

    (4,504,618
    )
  
    Net income

    -

    -

    -

    307,410

    307,410

    Balance – July 31, 2025

    3,373,750

    $
    337

    $
    97,286

    $
    245,293