StockNews.AI
PELIU
StockNews.AI
81 days

Pelican Acquisition Corporation Announces Closing of Full Underwriters' Over-Allotment Option in connection with its Initial Public Offering

1. Pelican Acquisition Corp raised $11.25 million through unit sales. 2. Total IPO proceeds reached $86.25 million after over-allotment. 3. Units consist of shares and rights for future business combinations. 4. Securities to be listed as 'PELI' and 'PELIR' on NASDAQ soon. 5. The company looks for various target businesses for acquisition.

M&A
+0.05%Current Return
VS
+0.56%S&P 500
$10.01505/30 04:49 PM EDTEvent Start
$10.0206/02 05:26 PM EDTLatest Updated
5m saved
Insight
Article

FAQ

Why Bullish?

The successful fundraising enhances liquidity and investor confidence. Historical trends show similar IPO successes boost stock prices.

How important is it?

The article details a significant financial event that affects capital metrics, crucial for short-term investors.

Why Short Term?

Immediate liquidity from IPO inspires short-term market interest and potential price spikes.

Related Companies

PELIPELIR
May 30, 2025 16:30 ET  | Source: Pelican Acquisition Corp NEW YORK, May 30, 2025 (GLOBE NEWSWIRE) -- Pelican Acquisition Corporation (NASDAQ: PELIU, the “Company”) announced today that it consummated the sale of an additional 1,125,000 units subject to the underwriters’ over-allotment option at a public offering price of $10.00 per unit resulting in gross proceeds to the Company of $11,250,000. After giving effect to the exercise of the option, an aggregate of 8,625,000 units have been issued in the initial public offering for aggregate gross proceeds of $86,250,000.  Each unit sold in the offering consists of one ordinary share of the Company and one right, with each right entitling the holder thereof to receive one-tenth (1/10) of one ordinary share upon the consummation of an initial business combination. Once the securities comprising the units begin separate trading, the ordinary shares and rights are expected to be listed on NASDAQ under the symbols “PELI,” and “PELIR,” respectively. EarlyBirdCapital, Inc. served as sole book-running manager in the offering and IB Capital LLC served as co-manager in the offering. A registration statement relating to these securities was declared effective by the Securities and Exchange Commission on May 22, 2025. The offering was made only by means of a prospectus. Copies of the prospectus may be obtained, when available, by contacting EarlyBird Capital, Inc., 366 Madison Avenue 8th floor, New York, NY 10017, Attention: Syndicate Department, or by calling 212-661-0200. Copies of the registration statement can be accessed through the SEC’s website at www.sec.gov. This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. About Pelican Acquisition Corporation Pelican Acquisition Corporation is a blank check company formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. The Company’s efforts to identify a prospective target business will not be limited to a particular industry or geographic region. Forward-Looking Statements This press release includes forward-looking statements that involve risks and uncertainties. Forward-looking statements are statements that are not historical facts. Such forward-looking statements are subject to risks and uncertainties, which could cause actual results to differ from the forward-looking statements. The Company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company’s expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based. Contact Robert LabbeChief Executive OfficerEmail: admin@pelicanacq.com Tel: (212) 612-1400

Related News