Pelican Acquisition Corp(PELI) - 2026 Q2 - Quarterly Report

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, offset by general and administrative expenses of $331,247 [136]. - Pelican's only activities from inception through July 31, 2025, were organizational and related to the IPO, with no revenues generated to date [134]. IPO and Capital Raising - 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 [138]. - A total of 276,250 private placement units were sold at $10.00 per unit, generating gross proceeds of $2,762,500 [137]. - 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]. - EBC is entitled to a service fee of 3.5% of the gross proceeds of the IPO, amounting to $3,018,750, upon the consummation of the initial business combination [150]. Business Combination and Liquidation - Pelican Acquisition Corporation entered into a Merger Agreement with an aggregate merger consideration valued at US$215,000,000, based on a per share value of US$10.00 [128]. - The company has until August 27, 2026, to consummate its initial business combination, or it will trigger an automatic winding up and liquidation [142]. - The company will pay EBC an additional fee of 1.0% of the total consideration payable in the initial business combination if EBC introduces the target business [151]. Financial Position - 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]. - As of July 31, 2025, the company had no off-balance sheet arrangements or contractual obligations [155]. - The company has no off-balance sheet arrangements as of July 31, 2025, and has not entered into any special purpose entities [143]. Administrative and Compliance Costs - The company expects to incur increased expenses related to being a public company, including legal and compliance costs [135]. - The monthly fee for administrative services provided by the Sponsor was increased to $20,000 as of April 4, 2025 [145]. Accounting Policies and Standards - The company adopted ASU No. 2023-07, effective for fiscal years beginning after December 15, 2023, requiring additional segment information disclosures [153]. - The company is evaluating the benefits of relying on reduced reporting requirements under the JOBS Act, which may exempt it from certain disclosures for five years post-IPO [157]. - The company has not identified any critical accounting policies and estimates that could materially affect its financial statements [152]. - The company does not believe that any recently issued accounting standards will have a material effect on its financial statements [154]. - The company is classified as an "emerging growth company" under the JOBS Act, allowing it to delay the adoption of new accounting standards [156].