Pelican Acquisition Corporation Announces Closing of $75,000,000 Initial Public Offering

Rhea-AI Summary

Pelican Acquisition Corporation (NASDAQ: PELI) has successfully completed its initial public offering (IPO), raising $75 million through the sale of 7.5 million units at $10.00 per unit. 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 units began trading on NASDAQ under "PELIU" on May 23, 2025, with ordinary shares and rights to trade separately under "PELI" and "PELIR" respectively. EarlyBirdCapital serves as the sole book-runner, with IB Capital as co-manager. The underwriters have a 45-day option to purchase up to 1,125,000 additional units to cover over-allotments.

Positive

• Successfully raised $75 million through IPO
• Units priced at $10.00, a standard SPAC pricing indicating market confidence
• Secured listing on major exchange (NASDAQ)
• Additional 1,125,000 unit over-allotment option provides potential for increased capital

Negative

• SPAC structure means uncertainty about future acquisition target
• Potential shareholder dilution upon business combination
• No operating business or revenue generation until successful merger completion

Insights

SPAC & IPO Financial Analyst

Pelican Acquisition Corporation raises $75M in SPAC IPO with standard structure but smaller size in current market.

Pelican Acquisition Corporation has successfully completed its $75 million SPAC IPO through the issuance of 7.5 million units at $10 per unit. Each unit's structure includes one ordinary share plus one right that converts to one-tenth of a share upon completing a business combination – a slightly different approach than the more common warrant-based structures seen in many SPACs.

The $75 million raise positions this as a smaller-sized SPAC in a market that has seen offerings frequently exceeding $200-300 million during peak periods. This capital size suggests Pelican will likely target smaller private companies or may need to secure additional PIPE (Private Investment in Public Equity) financing when identifying an acquisition target.

The underwriters' 45-day option to purchase an additional 1.125 million units could potentially increase the offering size to $86.25 million if fully exercised. This standard over-allotment provision provides flexibility to meet market demand.

With EarlyBirdCapital serving as the sole book-runner, Pelican now enters the target-hunting phase where management will seek a private business to acquire and take public. Notably absent from the announcement is any indication of target industries or sectors of focus, which is typical at this initial stage for SPACs.

The SPAC now has a limited timeframe (typically 18-24 months) to identify and complete a business combination before facing potential liquidation and return of capital to investors. As with all SPACs, investor outcomes will be entirely dependent on management's ability to identify and successfully merge with a promising private company at reasonable valuation.

NEW YORK, May 27, 2025 (GLOBE NEWSWIRE) -- Pelican Acquisition Corporation (NASDAQ: PELIU, the “Company”) announced today that it has closed its initial public offering of 7,500,000 units at $10.00 per unit. Each unit 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. 

The units are listed on the Nasdaq Global Market (“NASDAQ”) and began trading under the ticker symbol “PELIU” on May 23, 2025. 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. is acting as sole book-running manager while IB Capital LLC is acting as co-manager in the offering and qualified independent underwriter. The underwriters have been granted a 45-day option to purchase up to an additional 1,125,000 units at the initial public offering price to cover over-allotments, if any.

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

What is the IPO price for Pelican Acquisition Corporation (PELI) stock?

Pelican Acquisition Corporation's IPO units were priced at $10.00 per unit, with each unit consisting of one ordinary share and one right to receive one-tenth of an ordinary share upon business combination.

How much money did PELI raise in its IPO?

Pelican Acquisition Corporation raised $75 million in its IPO through the sale of 7.5 million units.

What are the trading symbols for Pelican Acquisition Corporation?

The units trade under 'PELIU', while the ordinary shares and rights will trade separately under 'PELI' and 'PELIR' respectively on NASDAQ.

Who are the underwriters for the PELI IPO?

EarlyBirdCapital, Inc. is the sole book-running manager, while IB Capital LLC acts as co-manager for the IPO.

What is the over-allotment option for PELI's IPO?

The underwriters have a 45-day option to purchase up to an additional 1,125,000 units at the IPO price to cover over-allotments.