Monitor for SEC effectiveness and IPO pricing. Post-IPO, track the sponsor's search for a target within the 21-month combination period. The stock will trade as a SPAC unit (PLCIU) at roughly $10 until a de-SPAC announcement.
Executive Summary
Pelican Acquisition II Corp filed Amendment No. 2 to its S-1 registration statement for a $75 million SPAC IPO, offering 7,500,000 units at $10.00 per unit, each consisting of one ordinary share and one right. The filing is a routine step toward IPO effectiveness, with no changes to the offering structure or terms from prior amendments. The company has no operations, no revenue, and no target business identified.
Key Financial Metrics
Key Facts
- Offering size: $75,000,000 (7,500,000 units at $10.00 per unit)
- Trust account: $10.10 per unit deposited ($75,750,000 total)
- 21-month deadline to consummate a business combination
- Sponsor purchased 2,875,000 founder shares for $25,000 (~$0.0087/share)
- Working capital deficit of $131,684 as of June 30, 2026; going concern qualification from auditors
- No target business identified; no substantive discussions with any prospective target
Financial Impact
No operating revenue. $75,750,000 in trust. Approximately $960,000 available outside trust for working capital.
Risk Factors
- No identified target and no operating history
- Going concern qualification from auditors if IPO fails or target not found within 21 months
- Significant dilution from founder shares purchased at nominal price
- Management conflicts of interest due to involvement with multiple other SPACs
Documents Analyzed
This report is based on 8 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| S-1/A Filing (Primary) | 0001829126-26-007507 |
| Document: pelicanacq2_ex10-5.htm | 0001829126-26-007507 |
| Document: pelicanacq2_ex10-6.htm | 0001829126-26-007507 |
| Document: pelicanacq2_ex10-9.htm | 0001829126-26-007507 |
| Document: pelicanacq2_ex23-3.htm | 0001829126-26-007507 |
| Document: 0001829126-26-007507-index-headers.html | 0001829126-26-007507 |
| Document: 0001829126-26-007507-index.html | 0001829126-26-007507 |
| Document: 0001829126-26-007507.txt | 0001829126-26-007507 |
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 19w ago | S-1/A | — | awaiting T+20 | — | — |
US Market Status
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