UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (MARK ONE) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 001-42666 Pelican Acquisition Corporation (Exact Name of Registrant as Specified in Its Charter) Cayman Islands N/A (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) For the quarter ended July 31, 2025 ☐ TRANSITION REPORT ...

Financial Performance - The company reported a net loss of $19,553 for the three months ended April 30, 2025, consisting of formation and operating costs of $19,937, offset by interest income of $384[106]. - The company has a working capital deficit of $201,885 as of April 30, 2025, with cash holdings of $499,606[111]. - The company expects to incur significant costs in pursuit of its initial business combination, raising concerns about its ability to continue as a going concern[113]. IPO and Fundraising - The company completed its IPO on May 27, 2025, raising total gross proceeds of $86,250,000 from the sale of 8,625,000 units at $10.00 per unit[108]. - The company intends to use substantially all net proceeds from the IPO and private placement for its initial business combination and related expenses[110]. - The company incurred $700,000 in loans from its sponsor prior to the IPO, which was repaid upon the IPO closing[115]. Business Combination and Timeline - The company has until August 27, 2026, to complete its initial business combination, or it will trigger an automatic winding up and liquidation[113]. - The company has engaged EarlyBirdCapital, Inc. as an advisor for its business combination, with a service fee of 3.5% of gross proceeds payable upon consummation[121]. Regulatory Exemptions and Reporting - The company is evaluating the benefits of reduced reporting requirements under the JOBS Act as an "emerging growth company" for a period of five years or until it no longer qualifies[127]. - Exemptions may include not providing an auditor's attestation report on internal controls over financial reporting[127]. - The company may not need to disclose all executive compensation details required of non-emerging growth public companies under the Dodd-Frank Act[127]. - The company is exempt from complying with PCAOB requirements regarding mandatory audit firm rotation[127]. - Certain executive compensation-related disclosures, such as the correlation between executive compensation and performance, may not be required[127]. - The company is classified as a smaller reporting company, which exempts it from certain market risk disclosures[128]. Non-Operating Income - The company plans to generate non-operating income from interest on marketable securities held after the IPO[105]. - The company has no off-balance sheet arrangements or contractual obligations as of April 30, 2025[125].