Company: PELI
Filing Date: 2025-09-15
Form Type: 10-Q
Source: 0001829126-25-007404
Chunk: 17

Company: Pelican Acquisition Corp
Filing Date: 2025-09-15
Form: 10-Q
Item: Part I, Item 1
Chunk 17
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 weighted-average number of ordinary shares outstanding during the period. The Company has elected to treat only the portion of the periodic adjustment to the carrying amount of the redeemable shares that reflects a redemption in excess of fair value like a dividend. As such, income or loss allocable to each class of ordinary share is not adjusted for the accretion 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 July 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 July 31,2025

    Six Months Ended July 31,2025

        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
     
    $
    202,040

    $
    105,370

    $
    147,542

    $
    140,315

    Denominator:

    Basic and diluted weighted average shares outstanding

    6,081,522

    3,171,698

    3,091,160

    2,939,758

    Basic and diluted net income per ordinary share
     
    $
    0.03

    $
    0.03

    $
    0.05

    $
    0.05

Rights Accounting

The Company accounts for rights as either equity-classified or liability-classified instruments based on an assessment of the right’s specific terms and applicable authoritative guidance in ASC 480 and ASC 815. The assessment considers whether the rights are freestanding financial instruments pursuant to ASC 480, meet the definition of a liability pursuant to ASC 480, and whether the rights meet all of the requirements for equity classification under ASC