Pelican Acquisition Corp(US:PELI)2025-06-27 20:53Financial Performance - The company had 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 of $499,606[111]. - The company expects to incur significant costs in pursuit of its initial business combination, raising substantial doubt 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 - 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 upon consummation[121]. Accounting and Reporting - The company has no off-balance sheet arrangements as of April 30, 2025[114]. - The company has not identified any critical accounting policies and estimates that could materially affect its financial statements[123]. - 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].