Company: PELI
Filing Date: 2025-12-19
Form Type: 10-Q
Source: 0001829126-25-010193
Chunk: 98

Company: Pelican Acquisition Corp
Filing Date: 2025-12-19
Form: 10-Q
Item: Part I, Item 2
Chunk 98
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 the Sponsor acquired an aggregate of 2,875,000 Founder Shares for an aggregate purchase price of $25,000. The Founder Shares include an aggregate of up to 375,000 Founder Shares that are subject to forfeiture to the extent that the underwriters’ over-allotment option is not exercised in full or in part, so that the Founder Shares will represent 25% of our issued and outstanding shares after this offering (excluding the private shares and the EBC founder shares).

On September 30, 2024, EBC entered into a securities subscription agreement with the Company to purchase an aggregate of 500,000 ordinary shares, or “EBC founder shares,” from us for an aggregate purchase price of $4,348. Subsequently on January 10, 2025, EBC agreed to reduce the subscription amount by 300,000 EBC founder shares for no consideration, resulting in EBC holding an aggregate of 200,000 EBC founder shares.

On May 27, 2025, the Company consummated its initial public offering of 7,500,000 units. Each Unit consists of one ordinary share, par value $0.0001 per share, of the Company and one right to receive one-tenth (1/10) of one Ordinary Share upon the consummation of the Company’s initial business combination. The Units were sold at an offering price of $10.00 per Unit, generating total gross proceeds of $75,000,000.

Simultaneously with the closing of the IPO, the Company consummated the Private Placement in which the Sponsor and EBC purchased an aggregate of 276,250 Private Placement Units at a price of $10.00 per Private Placement Unit, generating total gross proceeds of $2,762,500.

On May 28, 2025, the underwriters of the Company, notified the Company of their exercise of the over-allotment option in full and purchased 1,125,000 additional units at $10.00 per unit upon the closing of the over-allotment option, generating gross proceeds of $11,250,000. The over-allotment option closed on May 30, 2025. Simultaneously with the closing of the over-allotment option, the Company consummated the private placement of an aggregate of 22,500 units to the Sponsor and EBC at a price of $10.00 per unit, generating gross proceeds of $225,000.

Upon the closing