Company: PELI
Filing Date: 2025-06-27
Form Type: 10-Q
Source: 0001829126-25-004771
Chunk: 14

Company: Pelican Acquisition Corp
Filing Date: 2025-06-27
Form: 10-Q
Item: Part I, Item 1
Chunk 14
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 No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which requires the disclosure of additional segment information. ASU No. 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. The Company adopted this guidance as of April 30, 2025 (see Note 8).

Management does not believe that any other recently issued, but not effective, accounting standards, if currently adopted, would have a material effect on the Company’s financial statements.

Note 3 — Initial Public Offering

On May 27, 2025 and May 30, 2025, the Company
sold 7,500,000
Units and 1,125,000 Option Units, respectively, at a price of $10.00
per Unit. Each Unit consists of one ordinary share, par value $0.0001 per share and one right (the “Public Right”). Each
Public Right entitles the holder to convert one-tenth (1/10) of one ordinary share upon the consummation of the Company’s
initial Business Combination. The Company will not issue fractional shares.

Note 4 — Private Placement

Simultaneously with the closing of the IPO and the over-allotment option, the Sponsor and EBC purchased an aggregate of 212,500 Private Placement Units and 86,250 Private Placement Units, respectively, at a price of $10.00 per Private Placement Unit for an aggregate purchase price of $2,987,500.

Each Private Placement Unit consists of one ordinary share (“Private Share”) and one right (“Private Right”). Each Private Right will convert into one-tenth (1/10) of one ordinary share upon the consummation of a Business Combination. The proceeds from the Private Units were added to the proceeds from the IPO which were deposited in the Trust Account. If the Company does not complete a Business Combination within the Combination Period, the proceeds from the sale of the Private Units will be used to fund the redemption of the Public Shares (subject to the requirements of applicable law), and the Private Units and all underlying securities will expire worthless. Private Placement Units and all underlying securities will not be transferable, assignable, or salable until the completion of a Business Combination, subject to certain exceptions.

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Note 5 — Related Party Transactions

Founder Shares

On August 22, 2024