Pelican Acquisition Corporation Announces Closing of Full Underwriters’ Over-Allotment Option in connection with its Initial Public Offering

Rhea-AI Summary

Pelican Acquisition Corporation announced the successful closing of its underwriters' over-allotment option, selling an additional 1,125,000 units at $10.00 per unit, generating $11.25 million in gross proceeds. Combined with the initial offering, the company has now issued a total of 8,625,000 units, raising aggregate gross proceeds of $86.25 million. Each unit comprises one ordinary share and one right, with the right convertible to one-tenth of an ordinary share upon completing an initial business combination. The securities will trade separately on NASDAQ under symbols PELI and PELIR. EarlyBirdCapital served as the sole book-running manager, with IB Capital as co-manager.

Positive

• Successfully raised $86.25 million in total gross proceeds
• Full exercise of over-allotment option indicates strong investor demand
• Listing on major exchange (NASDAQ) provides good liquidity and visibility

Negative

• Potential shareholder dilution through rights conversion
• No specific business combination target identified yet
• SPAC structure carries inherent risks of unsuccessful merger completion

NEW YORK, May 30, 2025 (GLOBE NEWSWIRE) -- Pelican Acquisition Corporation (NASDAQ: PELIU, the “Company”) announced today that it consummated the sale of an additional 1,125,000 units subject to the underwriters’ over-allotment option at a public offering price of $10.00 per unit resulting in gross proceeds to the Company of $11,250,000. After giving effect to the exercise of the option, an aggregate of 8,625,000 units have been issued in the initial public offering for aggregate gross proceeds of $86,250,000. 

Each unit sold in the offering consists of one ordinary share of the Company and one right, with each right entitling the holder thereof to receive one-tenth (1/10) of one ordinary share upon the consummation of an initial business combination. Once the securities comprising the units begin separate trading, the ordinary shares and rights are expected to be listed on NASDAQ under the symbols “PELI,” and “PELIR,” respectively.

EarlyBirdCapital, Inc. served as sole book-running manager in the offering and IB Capital LLC served as co-manager in the offering.

A registration statement relating to these securities was declared effective by the Securities and Exchange Commission on May 22, 2025. The offering was made only by means of a prospectus. Copies of the prospectus may be obtained, when available, by contacting EarlyBird Capital, Inc., 366 Madison Avenue 8th floor, New York, NY 10017, Attention: Syndicate Department, or by calling 212-661-0200. Copies of the registration statement can be accessed through the SEC’s website at www.sec.gov.

This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Pelican Acquisition Corporation

Pelican Acquisition Corporation is a blank check company formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. The Company’s efforts to identify a prospective target business will not be limited to a particular industry or geographic region.

Forward-Looking Statements

This press release includes forward-looking statements that involve risks and uncertainties. Forward-looking statements are statements that are not historical facts. Such forward-looking statements are subject to risks and uncertainties, which could cause actual results to differ from the forward-looking statements. The Company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company’s expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based.

Contact

Robert Labbe
Chief Executive Officer
Email: admin@pelicanacq.com 
Tel: (212) 612-1400

FAQ

How much money did Pelican Acquisition Corporation (PELI) raise in total from its IPO?

Pelican Acquisition Corporation raised a total of $86.25 million in gross proceeds, including $11.25 million from the over-allotment option.

What is included in each PELI unit offering?

Each unit consists of one ordinary share and one right, with each right convertible to one-tenth of an ordinary share upon completing a business combination.

What are the trading symbols for Pelican Acquisition Corporation on NASDAQ?

The ordinary shares will trade under PELI and the rights under PELIR once the securities begin separate trading.

Who were the underwriters for Pelican Acquisition Corporation's IPO?

EarlyBirdCapital served as sole book-running manager, and IB Capital LLC served as co-manager for the offering.

What was the price per unit in PELI's IPO?

The units were offered at a public offering price of $10.00 per unit.