Company: PELI
Filing Date: 2025-12-19
Form Type: 10-Q
Source: 0001829126-25-010193
Chunk: 4

Company: Pelican Acquisition Corp
Filing Date: 2025-12-19
Form: 10-Q
Item: Part I, Item 1
Chunk 4
---
    Proceeds from sale of public units

    86,250,000

    Proceeds from sale of Private Placements units

    2,987,500

    Payment of underwriter fees

    (1,725,000
    )

    Proceeds from issuance of founder shares to Sponsor

    -

    25,000

    Proceeds from issuance of EBC founder shares to the underwriter

    -

    4,348

    Payment of offering costs

    (409,240
    )

    (108,500
    )
  
    Repayment of promissory note - related party

    (700,000
    )

    -

    Proceeds from promissory note - related party

    500,000

    200,000

    Due to target company

    100,000

    -

    Due to related party

    15,806

    -

    Net cash provided by financing activities

    87,019,066

    120,848

    Net Changes in Cash

    (58,853
    )

    96,323

    Cash - Beginning of period

    59,073

    -

    Cash - End of period
     
    $
    220

    $
    96,323

    Supplemental Disclosure of Non-cash Financing Activities:

    Accretion of additional paid in capital to accumulated deficit
     
    $
    791,512

    $
    -

    Remeasurement of carrying value to redemption value
     
    $
    5,393,416

    $

    Deferred offering costs included in accrued offering costs
     
    $
    -

    $
    3,063

The accompanying notes are an integral part of the unaudited condensed financial statements.

4

PELICAN ACQUISITION CORPORATION

NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS

Note 1 — Organization, Business Operations

Pelican Acquisition Corporation (the “Company” or “Pelican”) is a blank check company incorporated under the laws of the Cayman Islands with limited liability on July 23, 2024. The Company was formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses or entities (“Business Combination”). The Company is not limited to a particular industry or sector for purposes of consummating a Business Combination,