Company: PELI
Filing Date: 2025-12-19
Form Type: 10-Q
Source: 0001829126-25-010193
Chunk: 58

Company: Pelican Acquisition Corp
Filing Date: 2025-12-19
Form: 10-Q
Item: Part I, Item 8
Chunk 58
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ion of carrying value to redemption value.

The calculation of diluted net income per ordinary share does not consider the effect of the rights issued in connection with the IPO and the Private Units since the exercise of the rights is contingent upon the occurrence of future events. As of October 31, 2025, the Company did not have any dilutive securities or other contracts that could, potentially, be exercised or converted into ordinary shares that then share in the earnings of the Company. As a result, diluted net income per ordinary share is the same as basic net income per ordinary share for the periods presented.

The net income per ordinary share presented in the unaudited condensed consolidated statements of operations is based on the following:

    Schedule of net income per share

    Three Months
    Ended October 31, 2025

    Three
                                            Months Ended
                                            October 31,
                                            2024

    Nine Months
    Ended
    October 31,
    2025

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

    Net income (loss)
     
    $
    514,636

    $
    (43,064
    )
     
    $
    802,493

    $
    (43,064
    )

    Three Months Ended October 31,2025

    Three Months Ended
October 31,
2024

        Redeemable Ordinary
        Shares

    Non-redeemable OrdinaryShares

        Redeemable Ordinary
        Shares

    Non-redeemable OrdinaryShares

    Basic and diluted net income per ordinary share

    Numerator:

    Allocation of net income (loss)
     
    $
    369,933

    $
    144,703

    $
    -

    $
    (43,064
    )

    Denominator:

    Basic and diluted weighted average shares outstanding

    8,625,000

    3,373,750

    -

    2,700,000

    Basic and diluted net income (loss) per ordinary share
     
    $
    0.04

    $
    0.04

    $
    -

    $
    (0.02
    )

    12

    Nine Months
    Ended October 31, 2025

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