Pelican Acquisition Swings to Profit on Trust Account Interest

TL;DR

**Pelican's sitting on a cash pile earning interest, but the clock's ticking to find a tech target or it's lights out for this SPAC.**

AI Summary

Pelican Acquisition Corp (PELIR) reported a net income of $514,636 for the three months ended October 31, 2025, a significant improvement from a net loss of $43,064 in the same period of 2024. For the nine months ended October 31, 2025, the company achieved a net income of $802,493, compared to a net loss of $43,064 for the period from inception (July 23, 2024) through October 31, 2024. This turnaround is primarily driven by substantial interest income from investments held in its Trust Account, totaling $888,798 for the three months and $1,524,470 for the nine months ended October 31, 2025. General and administrative expenses increased to $375,265 for the three months and $726,449 for the nine months ended October 31, 2025, up from $43,064 in the comparable 2024 periods. The company successfully completed its IPO on May 27, 2025, raising $75,000,000, and an additional $11,250,000 from the full exercise of the over-allotment option on May 30, 2025, placing $86,250,000 into a Trust Account. As of October 31, 2025, Pelican had $87,774,470 in investments held in the Trust Account and only $220 in cash, indicating its status as a blank check company focused on a business combination within the technology industry.

Why It Matters

This 10-Q filing reveals Pelican Acquisition Corp's financial health post-IPO, showing a significant shift to profitability driven by interest earned on its substantial Trust Account. For investors, this indicates the SPAC is effectively managing its capital while searching for a target, providing a stable base for potential future growth. The company's focus on the technology industry positions it within a highly competitive sector, where a successful business combination could yield substantial returns, but also carries the risk of failing to find a suitable partner. Employees and customers of a potential target company would be impacted by the strategic direction and resources Pelican brings to a merger, potentially accelerating innovation or market expansion. The broader market watches SPACs like Pelican for signals on M&A activity and valuations in the tech space.

Risk Assessment

Risk Level: medium — The risk level is medium because Pelican Acquisition Corp is a blank check company with no operations, relying entirely on completing a Business Combination by August 27, 2026. While it has a substantial Trust Account of $87,774,470 generating interest income, the primary risk is the failure to identify and consummate a suitable acquisition, which would lead to liquidation and redemption of public shares, as stated in Note 1.

Analyst Insight

Investors should monitor PELIR closely for news regarding a potential business combination, particularly within the technology sector. Given the company's strong cash position and interest income, it's a holding play for those betting on a successful SPAC merger; however, be prepared for potential redemption if a deal isn't struck by August 27, 2026.

Financial Highlights

debt To Equity

N/A

revenue

$0

operating Margin

N/A

total Assets

$88,054,474

total Debt

$311,250

net Income

$802,493

eps

N/A

gross Margin

N/A

cash Position

$220

revenue Growth

N/A

Key Numbers

• $802,493 — Net Income (For the nine months ended October 31, 2025, a significant improvement from a $43,064 net loss in the prior year period.)
• $1,524,470 — Interest Income from Trust Account (For the nine months ended October 31, 2025, driving the company's profitability.)
• $87,774,470 — Investments in Trust Account (As of October 31, 2025, representing the primary asset base for a future business combination.)
• $220 — Cash (As of October 31, 2025, indicating minimal operational cash outside the Trust Account.)
• August 27, 2026 — Business Combination Deadline (The date by which Pelican must complete its initial business combination.)
• $726,449 — General and Administrative Expenses (For the nine months ended October 31, 2025, an increase from $43,064 in the prior year period.)
• 8,625,000 — Ordinary Shares Subject to Possible Redemption (As of October 31, 2025, reflecting the public shares that can be redeemed.)
• $10.18 — Redemption Value Per Share (As of October 31, 2025, for ordinary shares subject to possible redemption.)

Key Players & Entities

• Pelican Acquisition Corporation (company) — Registrant and blank check company
• Pelican Sponsor LLC (company) — Company's sponsor
• EarlyBirdCapital, Inc. (company) — Representative of the underwriters
• Continental Stock Transfer & Trust (company) — Trustee for the Trust Account
• SEC (regulator) — U.S. Securities and Exchange Commission
• $86,250,000 (dollar_amount) — Amount placed in Trust Account from IPO and over-allotment
• $514,636 (dollar_amount) — Net income for the three months ended October 31, 2025
• $802,493 (dollar_amount) — Net income for the nine months ended October 31, 2025
• $888,798 (dollar_amount) — Interest earned on investments in Trust Account for three months ended October 31, 2025
• $1,524,470 (dollar_amount) — Interest earned on investments in Trust Account for nine months ended October 31, 2025

FAQ

Risk Factors

• Dependence on Trust Account Investments [high — financial]: Pelican Acquisition Corp's profitability is heavily reliant on interest income generated from its Trust Account investments, which amounted to $1,524,470 for the nine months ended October 31, 2025. The company has minimal cash ($220 as of October 31, 2025) outside this account, making its financial performance directly tied to the performance and stability of these investments.
• Business Combination Deadline [high — operational]: The company must complete its initial business combination by August 27, 2026. Failure to do so will result in liquidation, impacting the value of investments held in the Trust Account and potentially leading to losses for shareholders.
• Increasing General and Administrative Expenses [medium — operational]: General and administrative expenses have significantly increased to $726,449 for the nine months ended October 31, 2025, from $43,064 in the comparable prior period. This rise in operational costs, while expected post-IPO, needs to be managed effectively to ensure the company's resources are preserved for the business combination.
• Blank Check Company Structure [medium — regulatory]: As a blank check company, Pelican Acquisition Corp is subject to regulatory scrutiny regarding its IPO process, trust account management, and the eventual business combination. Any missteps in these areas could lead to regulatory action or investor dissatisfaction.
• Shareholder Redemption Risk [medium — financial]: Ordinary shares subject to possible redemption represent a significant portion of the capital raised ($87,774,470 as of October 31, 2025). A high redemption rate could deplete the funds available for the business combination, potentially jeopardizing the deal or reducing the value for remaining shareholders.

Industry Context

Pelican Acquisition Corp operates within the Special Purpose Acquisition Company (SPAC) sector, which has seen significant activity in recent years, particularly targeting technology companies. The industry is characterized by a race against time to identify and complete a business combination before a set deadline. Success hinges on identifying a viable target and navigating regulatory and market conditions to ensure shareholder approval and minimize redemptions.

Regulatory Implications

As a SPAC, Pelican is subject to SEC regulations governing IPOs, trust account management, and disclosures related to potential business combinations. The increasing scrutiny on SPACs means compliance with evolving rules and transparency in dealings are paramount to avoid regulatory challenges and maintain investor confidence.

What Investors Should Do

1. Monitor Trust Account Performance
2. Track Business Combination Progress
3. Evaluate General and Administrative Expense Trends
4. Assess Redemption Risk

Key Dates

• 2025-05-27: Initial Public Offering (IPO) completed — Raised $75,000,000, initiating the company's public trading and providing capital for its business combination search.
• 2025-05-30: Over-allotment option exercised — An additional $11,250,000 was raised, bringing the total IPO proceeds to $86,250,000, all placed in the Trust Account.
• 2025-10-31: Quarterly reporting period end — Reported significant net income of $514,636 for the quarter and $802,493 for the nine months, driven by Trust Account interest income.
• 2026-08-27: Business Combination Deadline — The critical date by which Pelican Acquisition Corp must complete its initial business combination or face liquidation.

Glossary

Trust Account

A segregated account holding the proceeds from the IPO, typically invested in U.S. Treasury bills or money market funds, to be used for the business combination or returned to shareholders upon liquidation. (The primary source of Pelican's income and assets, generating $1,524,470 in interest income for the nine months ended October 31, 2025.)

Ordinary shares subject to possible redemption

Public shares sold in the IPO that holders can elect to redeem for cash at a specified redemption price, typically close to the IPO price, if they do not wish to participate in the business combination. (Represents $87,774,470 of the company's liabilities as of October 31, 2025, and a key factor in the capital available for a business combination.)

Blank Check Company

A shell corporation that is formed to raise capital through an IPO for the purpose of acquiring an existing company, often referred to as a Special Purpose Acquisition Company (SPAC). (Defines Pelican Acquisition Corp's business model and its primary objective of finding and merging with a target company.)

Accumulated Deficit

The cumulative net losses of a company since its inception, offset by any net income. (Pelican had an accumulated deficit of $31,583 as of October 31, 2025, reflecting initial operating expenses prior to generating significant investment income.)

Redemption Value Per Share

The per-share amount that holders of redeemable shares can receive upon redemption, typically the IPO price plus any accrued interest, less any liquidation expenses. (Stood at $10.18 per share for Pelican's redeemable shares as of October 31, 2025, influencing the potential outflow of capital.)

Year-Over-Year Comparison

Compared to the period from inception through October 31, 2024, Pelican Acquisition Corp has shown a dramatic financial turnaround. The company has shifted from a net loss of $43,064 to a net income of $802,493 for the nine months ended October 31, 2025, primarily driven by substantial interest income from its Trust Account investments. General and administrative expenses have risen significantly from $43,064 to $726,449, reflecting increased operational activity post-IPO. The company's balance sheet has transformed with the addition of $87,774,470 in investments held in the Trust Account, compared to zero in the prior period, while cash has dwindled to $220 from $59,073.

Key Financial Figures

• $0.0001 — Market LLC Ordinary Shares, par value $0.0001 per share PELI The Nasdaq Stock Mar
• $10.00 — tal purposes. A total of $ 86,250,000 ($10.00 per Unit) of the net proceeds from the

Filing Documents

• pelicanacq_10q.htm (10-Q) — 553KB
• pelicanacq_ex31-1.htm (EX-31.1) — 18KB
• pelicanacq_ex31-2.htm (EX-31.2) — 18KB
• pelicanacq_ex32-1.htm (EX-32.1) — 8KB
• pelicanacq_ex32-2.htm (EX-32.2) — 8KB
• 0001829126-25-010193.txt ( ) — 3221KB
• cik0002037431-20251031.xsd (EX-101.SCH) — 34KB
• cik0002037431-20251031_cal.xml (EX-101.CAL) — 31KB
• cik0002037431-20251031_def.xml (EX-101.DEF) — 115KB
• cik0002037431-20251031_lab.xml (EX-101.LAB) — 241KB
• cik0002037431-20251031_pre.xml (EX-101.PRE) — 204KB
• pelicanacq_10q_htm.xml (XML) — 428KB

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION 1 Item 1.

Financial Statements

Financial Statements 1 Condensed Balance Sheets as of October 31, 2025 (Unaudited) and January 31, 2025 1 Unaudited Condensed Statements of Operations for the Three and Nine Months Ended October 31, 2025 and for the Three Months Ended October 31, 2024 and for the Period from July 23, 2024 (Inception) Through October 31, 2024 2 Unaudited Condensed Statement of Changes in Shareholders' (Deficit) Equity for the Three and Nine Months Ended October 31, 2025 and for the Three Months Ended October 31, 2024 and for the Period from July 23, 2024 (Inception) Through October 31, 2024 3 Unaudited Condensed Statement of Cash Flows for the Nine Months Ended October 31, 2025 and for the Period from July 23, 2024 (Inception) Through October 31, 2024 4 Notes to Unaudited Condensed Financial Statements 5 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 21 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 27 Item 4.

Controls and Procedures

Controls and Procedures 27

– OTHER INFORMATION

PART II – OTHER INFORMATION 28 Item 1.

Legal Proceedings

Legal Proceedings 28 Item 1A.

Risk Factors

Risk Factors 28 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 28 Item 3. Defaults Upon Senior Securities 28 Item 4. Mine Safety Disclosures 28 Item 5. Other Information 28 Item 6. Exhibits 29

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements PELICAN ACQUISITION CORPORATION CONDENSED BALANCE SHEETS October 31, 2025 January 31, 2025 (Unaudited) Assets: Current Assets Cash $ 220 $ 59,073 Prepaid expenses 165,049 - Total Current Assets 165,269 59,073 Deferred offering costs - 149,313 Prepaid expenses 114,735 - Investments held in Trust Account 87,774,470 - Total Assets $ 88,054,474 $ 208,386 Liabilities, Ordinary Shares Subject to Possible Redemption and Shareholders' Deficit Current Liabilities Accrued expenses $ 195,166 $ 18,539 Accrued offering costs 278 3,063 Due to related party – administrative fee 5,806 - Due to related party 10,000 - Due to target company (Greenland) 100,000 - Promissory note – related party - 200,000 Total Current Liabilities 311,250 221,602 Total Liabilities 311,250 221,602 Commitments and Contingencies – see Note 6 Ordinary shares subject to possible redemption, 8,625,000 shares and 0 shares at redemption value of $ 10.18 and $ 0 per share as of October 31, 2025 and January 31, 2025, respectively 87,774,470 - Shareholders' Deficit Ordinary shares, $ 0.0001 par value; 500,000,000 shares authorized; 3,373,750 and 3,075,000 shares (1) issued and outstanding as of October 31, 2025 and January 31, 2025 (excluding 8,625,000 and 0 shares subject to possible redemption as of October 31, 2025 and January 31, 2025, respectively) 337 307 Additional paid-in capital - 29,041 Accumulated deficit ( 31,583 ) ( 42,564 ) Total Shareholders' Deficit ( 31,246 ) ( 13,216 ) Total Liabilities and Shareholders' Deficit $ 88,054,474 $ 208,386 (1) Includes an aggregate of up to 375,000 ordinary shares subject to forfeiture if the over-allotment is not exercised in full or in part by the underwriters (see Note 5). As a result of the underwriter's full exercise of its over-allotment option to purchase 1,125,000 uni

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