Pelican Acquisition Corporation Prices $75mln IPO at $10 per Unit

Pelican Acquisition Corporation priced its initial public offering of 7.5 million units at $10 each, with the option to purchase an additional 1.125 million units. The offering is expected to close on May 27, 2025, with the securities listed on the Nasdaq Global Market. The company plans to use the net proceeds to identify a prospective target business.

Pelican Acquisition Corporation (NASDAQ: PELIU) has priced its initial public offering (IPO) at $10.00 per unit, aiming to raise $75 million through the sale of 7.5 million units. 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. Trading commenced on May 23, 2025, on the Nasdaq Global Market under "PELIU". The ordinary shares and rights will later trade separately under "PELI" and "PELIR".

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 million additional units for over-allotments. The offering is expected to close on May 27, 2025.

Pelican Acquisition Corporation, incorporated in the Cayman Islands, 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.

The company's IPO represents a continued presence of SPACs in the market, following their dramatic rise and fall in 2020-2022. The $75 million raise positions this as a smaller SPAC, likely targeting private companies in the lower middle market. The rights structure (versus warrants) may indicate attempts to refine the SPAC model to reduce dilution while still providing upside incentives for early investors.

References:
[1] https://www.stocktitan.net/news/PELI/pelican-acquisition-corporation-announces-pricing-of-75-000-000-g26unwd8db08.html