Pelican Acquisition II Corporation Announces Closing of Initial Public Offering
Rhea-AI Summary
Pelican Acquisition II Corporation (Nasdaq: PLCIU) closed its initial public offering on July 27, 2026, issuing 8,625,000 units at $10.00 per unit, including 1,125,000 units sold through the underwriters’ fully exercised over-allotment option, for aggregate gross proceeds of $86,250,000 before fees and expenses.
Each unit comprises one ordinary share and one right, with each right entitling the holder to receive one-tenth of one ordinary share upon completion of an initial business combination. The units began trading on the Nasdaq Capital Market under the symbol “PLCIU” on July 24, 2026, and the ordinary shares and rights are expected to trade separately under “PLCI” and “PLCIR”, respectively, once separated. EarlyBirdCapital acted as sole book-running manager, and the SEC declared the registration statement effective on July 23, 2026.
Positive
- IPO gross proceeds of $86,250,000 from 8,625,000 units at $10.00
- Underwriters’ over-allotment option fully exercised for 1,125,000 additional units
- Units listed on Nasdaq Capital Market under ticker “PLCIU”
- Each unit includes a right to 0.1 additional ordinary share post-business combination
Negative
- Unit structure includes rights that may lead to future share dilution when converted at 0.1 share per right
News Explained
The IPO closed on July 27, 2026, and its rights can become additional ordinary shares when a business combination is completed; if issued, they would increase the share count and reduce existing holders’ percentage ownership.
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NEW YORK, July 29, 2026 (GLOBE NEWSWIRE) -- Pelican Acquisition II Corporation (Nasdaq: PLCIU, the “Company”) announced today that it has closed on July 27, 2026 its initial public offering of 8,625,000 units at
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 Capital Market (“Nasdaq”) and began trading under the ticker symbol “PLCIU” on July 24, 2026. Once the securities comprising the units begin separate trading, the ordinary shares and rights are expected to be listed on Nasdaq under the symbols “PLCI,” and “PLCIR,” respectively.
EarlyBirdCapital, Inc. acted as sole book-running manager for this offering.
A registration statement relating to these securities was declared effective by the Securities and Exchange Commission on July 23, 2026. The offering was made only by means of a prospectus. Copies of the prospectus may be obtained, by contacting EarlyBirdCapital, Inc., 366 Madison Avenue, 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 II Corporation
Pelican Acquisition II 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
