Company: PELI
Filing Date: 2025-12-19
Form Type: 10-Q
Source: 0001829126-25-010193
Chunk: 57

Company: Pelican Acquisition Corp
Filing Date: 2025-12-19
Form: 10-Q
Item: Part I, Item 8
Chunk 57
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 redemption date of the instrument or (ii) recognize changes in the redemption value immediately as they occur and adjust the carrying amount of the instrument to equal the redemption value at the end of each reporting period. The Company has elected to recognize the changes immediately. Immediately upon the closing of the IPO, the Company recognized the accretion from initial book value to redemption value. The change in the carrying value of redeemable shares will result in charges against additional paid-in capital (to the extent available) and accumulated deficit.

Accordingly, as of October 31, 2025, ordinary shares subject to possible redemption are presented at redemption value as temporary equity, outside of the shareholders’ equity section of the Company’s balance sheet. As of October 31, 2025 the ordinary shares subject to redemption reflected in the balance sheet are reconciled in the following table:

    Schedule of ordinary shares subject to redemption

    Shares

    Amount

    Gross proceeds from IPO

    8,625,000

    $
    86,250,000

    Less:

    Proceeds allocated to Public Rights

    -

    (1,380,000
    )
  
    Reversal of proceeds allocated to over-allotment option

    -

    104,039

    Ordinary shares issuance costs

    -

    (2,592,985
    )
  
    Plus:

    Remeasurement of carrying value to redemption value

    -

    5,393,416

    Ordinary shares subject to
    possible redemption – October 31, 2025

    8,625,000

    $
    87,774,470

    11

Net Income Per Ordinary Share

The Company complies with accounting and disclosure requirements of FASB ASC 260, Earnings Per Share. The unaudited condensed statements of operations include a presentation of net income per redeemable share and net income per non-redeemable share following the two-class method of net income per ordinary share because redemption of the redeemable shares is not at fair value pursuant to the guidance in ASC 480-10-S99. Net income per ordinary share is computed by dividing net income by the weighted-average number of ordinary shares outstanding during the period. The Company has elected to treat only the portion of the periodic adjustment to the carrying amount of the redeemable shares that reflects a redemption in excess of fair value like a dividend. As such, income or loss allocable to each class of ordinary share is not adjusted for the accret