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Pelican Acquisition II Corporation prices $75 million initial public offering

The blank-check company priced 7.5 million units at $10 each, with Nasdaq trading in PLCIU set to begin July 24 and closing expected July 27.

Summary

Pelican Acquisition II Corporation priced its initial public offering of 7,500,000 units at $10.00 each, raising $75 million before any exercise of the over-allotment option. The units are expected to begin trading on the Nasdaq Capital Market under the symbol PLCIU on July 24, 2026, with the offering slated to close on July 27, subject to customary conditions. Each unit consists of one ordinary share and one right, with each right entitling the holder to receive one-tenth of one ordinary share upon completion of an initial business combination. EarlyBirdCapital, Inc. is acting as sole book-running manager and holds a 45-day option to buy up to 1,125,000 additional units to cover over-allotments. Pelican Acquisition II is a blank-check company formed to pursue a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination without limiting its search to a specific industry or geography.

Terms & Concepts
  • blank-check company: A company formed to raise money through an IPO and later merge with or acquire an operating business.
  • over-allotments: Additional securities that underwriters can buy, typically through an option, to meet excess demand or stabilize trading.
  • initial business combination: The first merger or acquisition transaction a blank-check company completes with a target business.