Pelican Acquisition Corp
Cash in trust
$88.6M
$88,594,774
Trust per share
$10.27
Redemption value
IPO
May 2025
$86.3M raised
Combination deadline
Aug 27, 2026
Deadline passed
Filings on record
85
Latest May 15, 2026
Business combination
- Target
- Not disclosed in an indexed filing
- Announced
- Oct 20, 2025
Overview
Pelican Acquisition Corp is a special purpose acquisition company incorporated in Cayman Islands and registered with the SEC under CIK 0002037431. It completed its initial public offering in May 2025, raising $86.3M in gross proceeds. The vehicle is sponsored by Pelican through Pelican Sponsor LLC. The mandate targets technology. Definitive business-combination agreement signed, closing pending.
“We intend to focus our efforts on identifying and completing our initial business combination with a company that aligns with our team's experiences, expertise and network of relationships.”
Reading the filings
Arithmetic on what Pelican Acquisition Corp has disclosed, written the way a desk would read it. These are observations, not a rating. Nothing here scores the vehicle or implies a view on it.
Trust versus the $10 unit
The trust holds $10.27 per public share, 2.7% above the $10.00 the units were sold at. That spread is accrued interest on the trust and, where the charter provides for it, sponsor contributions paid in to buy more time. It is the floor a public shareholder can redeem at, not a valuation of the business.
Time on the clock
The stated combination deadline of Aug 27, 2026 has passed without a closing in our filing record. Either an extension was approved that we have not yet indexed, or the vehicle is in wind-down. Check the latest proxy statement.
Extension history
Shareholders have already approved 1 extension. Each one opened a redemption window, so the public float and the trust are almost certainly smaller than at IPO, and each typically came with a sponsor contribution that lifts trust per share. A vehicle on its second or third extension is one where the sponsor is paying to keep the search alive.
Sponsor promote
The sponsor's founder block is 2,875,000 shares against 8,625,000 public shares, or 25.0% of the combined count, acquired before the IPO at nominal cost. That promote is the structural dilution every public shareholder carries into a combination, and it is why the economics of a de-SPAC differ so sharply from a conventional IPO.
Rights, not warrants
Each unit carried one right per unit, convertible into one-tenth of a share. A right converts automatically on closing rather than needing to be exercised at a strike, so it is dilution that arrives whatever the share price does — unlike a warrant, which only bites if the stock works. For a holder redeeming at the trust it is worth nothing either way; for one staying in, it is a certain claim rather than an option.
Underwriting
EarlybirdCapital led the offering. It has been named on 72 SPAC IPOs, book-running 1 of them, and 65.5% of its resolved vehicles closed a deal. The syndicate has no control over whether a sponsor finds a target, but the quality of the book at pricing shapes who ends up holding the units.
From listing to the date Pelican Acquisition Corp must close a deal, extend again, or return the trust. The marker is today.
Filings per month since the first one. A vehicle that has gone quiet with a deadline ahead is a different proposition from one that is still working.
85 filings in all. 28 in the last three months, against a busiest month of 26.
Scores
Recomputed 9m agoThree readings of Pelican Acquisition Corp, each an unweighted mean of the components shown beneath it, and each component a percentile against every live SPAC rather than an absolute we invented. They describe the setup, not the merit. How they are built
Edge
ModerateHow much does the structure protect a holder right now?
35/100
- Trust accretion55
$10.27 per share
- Runway16
-53 days
Edge reads the setup, not the business. A vehicle can score well on protection and still be a poor place to leave money once a deal closes.
FOMO
LowHow much attention is this vehicle attracting right now?
14/100
- Filing activity0
0 in 30 days
- News coverage0
0 stories in 30 days
- Deal freshness43
announced 364 days ago
Attention is not quality. FOMO rises on news volume and on the market paying above trust, both of which have preceded plenty of disappointments.
Potential
ElevatedHow likely is this vehicle to complete a combination, and at what scale?
54/100
- Lead bank record50
65.5%
- Bank franchise55
72 SPAC mandates
- Trust scale28
$89M
- Stage85
definitive agreement signed
Potential is about execution, not about the target. It says nothing about whether the eventual deal is worth owning, because the target is usually unknown when the score is computed.
These are derived measures, not ratings of investment merit. They carry no view on the target, no price target and no recommendation, and a high score is not a reason to buy anything.
News on Pelican Acquisition Corp
Last 90 daysNothing in the last 90 days that names this vehicle. We attribute a story only when the release carries the ticker or the registered name, so an empty section means no press release or wire story matched — not that nothing was published. The filings below are the primary record either way.
SEC filing history
Free tier: filings older than 24 hours- SCHEDULE 13G/A
Amended beneficial ownership report (passive)
Accession 0001104659-26-062842
- SCHEDULE 13G/A
Amended beneficial ownership report (passive)
Accession 0001905106-26-000101
- 25-NSE
Notification of delisting
Accession 0001354457-26-000298
- 425
Business-combination communication
Accession 0001829126-26-002533
- 8-K
Submission of matters to a vote of security holders
Items 5.07, 9.01 · Accession 0001829126-26-002532
- 10-K
Annual report
Accession 0001829126-26-002526
- 425
Business-combination communication
Accession 0001829126-26-002465
- 8-K
Regulation FD disclosure
Items 7.01, 9.01 · Accession 0001829126-26-002464
- 425
Business-combination communication
Accession 0001829126-26-002400
- 8-K
Regulation FD disclosure
Items 7.01, 9.01 · Accession 0001829126-26-002398
- DEFA14A
Additional proxy soliciting material
Accession 0001829126-26-002392
- 425
Business-combination communication
Accession 0001829126-26-002391
- 8-K
Other events
Item 8.01 · Accession 0001829126-26-002390
- 425
Business-combination communication
Accession 0001829126-26-002341
- 8-K
Regulation FD disclosure
Items 7.01, 9.01 · Accession 0001829126-26-002340
- 8-K
Regulation FD disclosure
Items 7.01, 9.01 · Accession 0001829126-26-002260
- 425
Business-combination communication
Accession 0001829126-26-002261
- 425
Business-combination communication
Accession 0001829126-26-002171
- 8-K
Other events
Items 8.01, 9.01 · Accession 0001829126-26-002170
- 425
Business-combination communication
Accession 0001829126-26-002117
- 8-K
Regulation FD disclosure
Items 7.01, 9.01 · Accession 0001829126-26-002116
- 425
Business-combination communication
Accession 0001829126-26-002093
- 8-K
Regulation FD disclosure
Items 7.01, 9.01 · Accession 0001829126-26-002092
- SCHEDULE 13G
Beneficial ownership report (passive)
Accession 0001104659-26-023716
- DEFA14A
Additional proxy soliciting material
Accession 0001829126-26-001895
- 8-K
Other events
Items 8.01, 9.01 · Accession 0001829126-26-001893
- 425
Business-combination communication
Accession 0001829126-26-001894
- 424B3
Prospectus supplement
Accession 0001829126-26-001891
- 8-K
Regulation FD disclosure
Items 7.01, 9.01 · Accession 0001829126-26-001595
- 425
Business-combination communication
Accession 0001829126-26-001596
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Pelican Acquisition Corp: questions answered
What is Pelican Acquisition Corp?
Pelican Acquisition Corp is a special purpose acquisition company incorporated in Cayman Islands and registered with the SEC under CIK 0002037431. It completed its initial public offering in May 2025, raising $86.3M in gross proceeds. The vehicle is sponsored by Pelican through Pelican Sponsor LLC. The mandate targets technology. Definitive business-combination agreement signed, closing pending.
How much does Pelican Acquisition Corp hold in trust?
Approximately $88,594,774, or about $10.27 per public share, as at the most recent filing on record. Trust balances move: shareholders redeem at extension votes and at the combination vote, and sponsors pay contributions in to extend. Treat the figure as a point-in-time disclosure, not a running balance.
When must Pelican Acquisition Corp complete a merger?
By Aug 27, 2026, after 1 shareholder-approved extension. If no combination closes by then the sponsor must seek a further extension or wind the vehicle up and return the trust.
What happens if Pelican Acquisition Corp does not find a target in time?
The charter requires the vehicle to redeem 100% of the public shares and return the trust, pro rata, to public shareholders. That is the mechanism working as designed rather than a default. Founder shares and warrants are worthless in that outcome, which is why the sponsor's incentive is to get a deal done or to buy more time. Across the market, deadline lapsed without a deal; trust returned to public shareholders.
Can I redeem shares in Pelican Acquisition Corp, and at what price?
Public shareholders may elect to redeem in connection with a combination vote and at each extension vote, at the pro-rata trust value on the relevant record date, most recently disclosed at about $10.27 per share. Redemption is a right attached to the public shares only; warrants and rights carry no claim on the trust. The mechanics and the deadline for electing are set out in the proxy statement for the vote in question.
Is the trust value the same as the share price for Pelican Acquisition Corp?
No. Trust per share is a disclosed, contractual figure: what a redeeming holder receives. The market price is whatever the shares change hands at, which can sit above the trust when a deal is well received or below it when the market doubts one will close. We do not have a current quote for this vehicle, so no spread is shown.
How much dilution do Pelican Acquisition Corp's founder shares and warrants create?
The founder block is 2,875,000 shares against 8,625,000 public shares, so roughly 25.0% of the combined count sits with the sponsor at nominal cost. Both are disclosed in the prospectus and both survive into the combined company, which is why a de-SPAC at $10 is not economically the same as an IPO at $10.
Who sponsors Pelican Acquisition Corp, and what is their track record?
Pelican Sponsor LLC is the sponsor entity, part of the Pelican franchise. This is the only vehicle we have attributed to that sponsor. Named principals: Robert Labbe.
Which banks underwrote the Pelican Acquisition Corp IPO?
EarlyBirdCapital, IB Capital. Syndicate membership and role are read from the prospectus cover and the underwriting section.
Is Pelican Acquisition Corp a good investment?
That is not a question this site answers. Pelican Acquisition Corp is covered here as reference data: what the company filed, when it filed it, and what the numbers in those filings say. The Edge, FOMO and Potential scores on this page are derived measures with a published formula, not ratings of investment merit: they describe the setup, and every component is shown so you can take them apart. We publish no price targets and no recommendations, and nothing here should be read as advice. The figures are a starting point for your own work, and each one carries the accession number of the filing it came from.
Where does this Pelican Acquisition Corp data come from?
Filings Pelican Acquisition Corp submitted to the SEC under CIK 0002037431: the registration statement and final prospectus for the structure, quarterly and annual reports for the trust, current reports and proxy statements for deals, votes and extensions. Trust economics are taken from the registrant's own XBRL tags rather than parsed from prose, which is why they are exact. Every filing in the history above is listed with its accession number, which identifies the document uniquely on EDGAR; Pro accounts open it directly from the row.
Compiled by the SPACListing research desk
Last reconciled Oct 19, 2026
Every figure on this page is read from documents the registrants filed with the U.S. Securities and Exchange Commission, principally the IPO prospectus (Form 424B4), quarterly and annual reports, current reports and proxy statements, the registrant's own XBRL tags for trust economics. Nothing is sourced from press coverage, from the companies themselves, or from a third-party aggregator. Where a filing does not disclose something, the field is left blank rather than estimated.
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Continue reading
The context around this vehicle: who else the sponsor has launched, which banks priced it, and where it sits in the wider market.
Pelican: the full record
Every vehicle this sponsor has launched, what closed, what liquidated and what is still live.
EarlyBirdCapital in SPACs
Mandates, bookrun credit, deal volume and the outcome of the vehicles it priced.
Technology SPACs
Every vehicle chasing the same mandate, ranked by cash in trust.
All spacs with an announced deal
Definitive business-combination agreement signed, closing pending.
Deadline calendar
Which sponsors are running out of time, and when the extension votes land.
What is a SPAC?
The structure, the economics and where the risks actually sit.
SPAC glossary
Every term in a blank-check filing, defined the way practitioners use it.
How this data is built
Coverage universe, ingestion, normalisation, lifecycle classification and known limits.