Pelican Acquisition II closes $86.25 million IPO of 8.625 million units
On July 27, 2026, blank check company Pelican Acquisition II Corporation closed its initial public offering of 8,625,000 units at $10.00 each, for gross proceeds of $86.25 million, including the full exercise of the underwriters' over-allotment option. Of the net proceeds and private placement funds, $87.11 million was placed in a trust account, which is released only upon a business combination or liquidation. The company's auditor has raised substantial doubt about its ability to continue as a going concern, and the company has until April 27, 2028 to complete an initial business combination.
Key points
- IPO of 8,625,000 units at $10.00 per unit, including 1,125,000 units from the full over-allotment exercise, for gross proceeds of $86,250,000
- Private placement of 420,250 units to the sponsor and EarlyBirdCapital for $4,202,500
- $87,112,500 ($10.10 per public unit) placed in a trust account with Continental Stock Transfer & Trust Company as trustee
- Auditor cites substantial doubt about going concern; the company must complete a business combination by April 27, 2028 (21 months after the IPO)
The filing
Written by AI on Nov 9, 2026, 11:48 AM ET, from this filing only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on July 31, 2026.
Briefs are written by AI from the filing text and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the AI's reading of the filing for shareholders, not a price forecast. Not investment advice.