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Pelican Acquisition II Corp (PLCI) has a significant shareholder disclosure from its sponsor, Pelican II Capital Solutions Ltd. The sponsor reports beneficial ownership of 3,186,500 ordinary shares, representing 26.36% of Pelican Acquisition II Corp’s 12,086,500 ordinary shares outstanding as of July 27, 2026.
The stake consists of 2,875,000 Founder Shares acquired for $25,000 at formation and 311,500 Private Placement Units purchased at $10.00 per unit in connection with the SPAC’s IPO of 8,625,000 units, including full over-allotment. Each Private Placement Unit includes one share and a right to receive one-tenth of a share upon completion of an initial business combination.
The sponsor characterizes its holdings as for investment purposes but has agreed to vote its Founder and private placement shares in favor of any proposed initial business combination, to waive redemption rights and to waive liquidating distributions on these shares if no business combination is completed within 21 months after the IPO.
Pelican Acquisition II Corporation (PLCI) completed its SPAC initial public offering on July 27, 2026, issuing 8,625,000 Units at $10.00 per Unit, including full exercise of the underwriters’ over‑allotment, for $86,250,000 in gross proceeds. Each Unit includes one ordinary share and one right to receive one‑tenth of an ordinary share upon completion of an initial business combination.
Concurrently, the sponsor and EarlyBirdCapital purchased 420,250 Private Placement Units for $4,202,500. In total, $87,112,500 was deposited into a Trust Account, or $10.10 per Public Unit, with $641,640 held outside the trust for working capital. The audited balance sheet shows total assets of $88,078,218, including 8,625,000 ordinary shares classified as subject to possible redemption and 3,495,250 founder and related shares in shareholders’ equity. The auditor and management highlight that failure to complete a business combination within 21 months will trigger liquidation, and current conditions raise substantial doubt about the company’s ability to continue as a going concern.
Pelican Acquisition II Corporation (PLCI) reported that it completed its initial public offering of 8,625,000 units, including the full exercise of the underwriters’ over-allotment option of 1,125,000 units, at $10.00 per unit on July 27, 2026, for total gross proceeds of $86,250,000. Each unit consists of one ordinary share and one right, with each right entitling the holder to receive one-tenth (1/10) of an ordinary share upon consummation of an initial business combination. The units trade on Nasdaq under the symbol PLCIU, with the ordinary shares and rights expected to trade separately as PLCI and PLCIR.
Simultaneously, the company completed a private placement of 386,500 Private Units at $10.00 per unit, generating additional gross proceeds of $3,865,000, purchased by Pelican II Capital Solutions Limited and EarlyBirdCapital, Inc. and/or its designees, without underwriting discounts or commissions. Pelican appointed three independent directors, formed its audit and compensation committees (with Sean Michael Deegan designated as an audit committee financial expert), and adopted Amended and Restated Memorandum and Articles of Association effective with the registration statement.