Merger and Acquisition - Pelican Acquisition Corporation entered into a Merger Agreement with Greenland Exploration Limited and March GL Company, with a total merger consideration valued at $215,000,000 based on a per share value of $10.00[125][128]. - The Merger Agreement allows for termination under specific circumstances, including failure to obtain necessary shareholder approvals by June 30, 2026[130]. - A service fee of 3.5% of the gross proceeds of the IPO, amounting to $3,018,750, will be paid to EBC upon the consummation of the initial business combination[150]. - The company will pay EBC a fee of 1.0% of the total consideration payable in the initial business combination if it introduces the target business[151]. Financial Performance - For the three months ended July 31, 2025, Pelican reported a net income of $307,410, driven by interest income of $638,657, partially offset by general and administrative expenses of $331,247[136]. - As of July 31, 2025, Pelican had cash of $252,240 and working capital of $284,602, with significant costs expected in pursuit of an initial business combination[141][142]. - The IPO raised gross proceeds of $86,250,000 from the sale of 8,625,000 units at $10.00 per unit, with an additional $2,762,500 generated from a private placement[137][138]. - Following the IPO, Pelican intends to use substantially all net proceeds for the initial business combination and related expenses, with remaining funds potentially used for working capital[140]. Company Obligations and Costs - Pelican has incurred and expects to continue incurring significant costs related to being a public company and pursuing acquisition plans[135][142]. - The company has no off-balance sheet arrangements or obligations as of July 31, 2025[143]. - The company has no off-balance sheet arrangements or contractual obligations as of July 31, 2025[155]. - The monthly fee for administrative services provided by the Sponsor was increased to $20,000 as of April 4, 2025[145]. - The underwriters received a cash underwriting discount of $0.20 per Unit, totaling $1,500,000, paid at the IPO closing on May 27, 2025[147]. Regulatory and Reporting Standards - The company adopted new segment reporting standards effective April 30, 2025, following FASB's ASU No. 2023-07[153]. - The company qualifies as an "emerging growth company" under the JOBS Act, allowing it to delay the adoption of certain accounting standards[156]. - The company is evaluating the benefits of reduced reporting requirements under the JOBS Act, which may exempt it from various disclosures for five years[157]. - The company has not identified any critical accounting policies and estimates that could materially affect its financial statements[152]. - No quantitative and qualitative disclosures about market risk are required for smaller reporting companies[158].
Pelican Acquisition Corp Unit(PELIU) - 2025 Q4 - Annual Report