Pelican Acquisition II Corp Completes IPO, Raises $86.25M

What Happened

• Pelican Acquisition II Corp (PLCI) announced it consummated its initial public offering on July 27, 2026. The offering sold 8,625,000 units at $10.00 per unit, generating $86,250,000 in gross proceeds. The underwriters fully exercised their 1,125,000-unit over‑allotment option.
• Each Unit consists of one ordinary share (par value $0.0001) and one right to receive one‑tenth (1/10) of one ordinary share upon the company’s initial business combination. Simultaneously, the Sponsor (Pelican II Capital Solutions Limited) purchased 334,000 Private Placement Units and EarlyBirdCapital, Inc. and/or its designees purchased 86,250 Private Placement Units for a combined $4,202,500.
• In total, $87,112,500 of the net proceeds from the IPO and the private placement were placed in a trust account maintained by Continental Stock Transfer & Trust Company. An audited balance sheet as of July 27, 2026 reflecting receipt of proceeds was issued by the company.

Key Details

• Units sold: 8,625,000 at $10.00 each; gross IPO proceeds: $86,250,000.
• Over‑allotment: underwriters exercised 1,125,000-unit option (included above).
• Private placement: 420,250 units (334,000 Sponsor; 86,250 EarlyBirdCapital/designees) for $4,202,500.
• Trust account funding: $87,112,500 held for public shareholders; trustee: Continental Stock Transfer & Trust Company.

Why It Matters

• The IPO completion and trust funding are the key first steps for this SPAC to pursue an initial business combination; the cash in trust is what will be used to finance a future merger or acquisition.
• Retail investors should note the amount in trust ($87.11M) and the private placement/sponsor holdings, which affect the pool of cash available and the ownership/dilution dynamics when a deal is announced.
• The filing includes an audited balance sheet confirming receipt of proceeds, providing verified financial confirmation of the company’s available cash position.