Company: PELI
Filing Date: 2025-12-19
Form Type: 10-Q
Source: 0001829126-25-010193
Chunk: 0

Company: Pelican Acquisition Corp
Filing Date: 2025-12-19
Form: 10-Q
Item: Part I, Item 1
Chunk 0
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PELICAN ACQUISITION CORPORATION

CONDENSED BALANCE SHEETS

    October 31,2025

    January 31, 2025

    (Unaudited)

    Assets:

    Current Assets

    Cash
     
    $
    220

    $
    59,073

    Prepaid expenses

    165,049

    -

    Total Current Assets

    165,269

    59,073

    Deferred offering costs

    -

    149,313

    Prepaid expenses

    114,735

    -

    Investments held in Trust Account

    87,774,470

    -

    Total Assets
     
    $
    88,054,474

    $
    208,386

    Liabilities, Ordinary Shares Subject to Possible Redemption and Shareholders’ Deficit

    Current Liabilities

    Accrued expenses
     
    $
    195,166

    $
    18,539

    Accrued offering costs

    278

    3,063

    Due to related party – administrative fee

    5,806

    -

    Due to related party

    10,000

    -

    Due to target company (Greenland)

    100,000

    -

    Promissory note – related party

    -

    200,000

    Total Current Liabilities

    311,250

    221,602

    Total Liabilities

    311,250

    221,602

    Commitments and Contingencies – see Note 6

    Ordinary shares subject to possible redemption, 8,625,000 shares and 0 shares at redemption value of $10.18 and $0 per share as of October 31, 2025 and January 31, 2025, respectively

    87,774,470

    -

    Shareholders’ Deficit

    Ordinary shares, $0.0001 par value; 500,000,000 shares authorized; 3,373,750 and 3,075,000 shares(1) issued and outstanding as of October 31, 2025 and January 31, 2025 (excluding 8,625,000 and 0 shares subject to possible redemption as of October 31, 2025 and January 31, 2025, respectively)

    337

    307