Monitor for a business combination announcement within the 21-month window. The stock will trade based on the sponsor's ability to find and execute a de-SPAC deal. The units (PLCIU) will trade initially; ordinary shares (PLCI) and rights (PLCIR) will begin separate trading on or after the 90th day post-IPO.
Executive Summary
Pelican Acquisition II Corp has completed its $75M SPAC IPO, pricing 7,500,000 units at $10.00 each, with each unit consisting of one ordinary share and one right. The offering closed on July 23, 2026, with $75,750,000 deposited into a trust account ($10.10 per unit). The company has 21 months to find a target business, focusing on the technology industry, and has no operations or revenue. This is a routine SPAC IPO completion with no target identified, representing a neutral event for the common stock.
Key Financial Metrics
Key Facts
- $75M SPAC IPO completed: 7,500,000 units at $10.00 each, each unit = 1 ordinary share + 1 right
- $75,750,000 deposited into trust account ($10.10 per unit); $960,000 held outside trust for working capital
- 21-month deadline to consummate a business combination, focused on technology industry globally
- Sponsor (Pelican II Capital Solutions) holds 2,500,000 founder shares post-forfeiture, representing ~25% of outstanding shares
- Underwriter: EarlyBirdCapital, Inc. (sole book-runner); 2% underwriting discount ($1.5M)
- No target business identified; no substantive discussions with any prospective target
Financial Impact
$75M gross proceeds from IPO; $75.75M in trust; $960K working capital outside trust
Risk Factors
- No target identified; risk of liquidation if no deal within 21 months
- Sponsor paid ~$0.01/share for founder shares, creating misaligned incentives to complete any deal
- Management has conflicts of interest with multiple other SPACs (Yotta, Quetta, FortuneX, etc.)
- Immediate dilution: net tangible book value per share post-offering is $7.24 vs. $10.00 offering price
Documents Analyzed
This report is based on 4 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 424B4 Filing (Primary) | 0001829126-26-007833 |
| Document: 0001829126-26-007833-index-headers.html | 0001829126-26-007833 |
| Document: 0001829126-26-007833-index.html | 0001829126-26-007833 |
| Document: 0001829126-26-007833.txt | 0001829126-26-007833 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Jul 31, 2026 12w ago | 8-K | — | awaiting T+20 | — | — |
Jul 24, 2026 13w ago | 424B4 | — | awaiting T+20 | — | — |
Jul 24, 2026 13w ago | EFFECT | — | awaiting T+20 | — | — |
Jul 10, 2026 15w ago | S-1/A | — | awaiting T+20 | — | — |
Jun 16, 2026 18w ago | S-1/A | — | awaiting T+20 | — | — |
US Market Status
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