Corporate ActionJul 31, 2026, 04:19 PM
Pelican Acquisition II Completes $86.25M IPO & Private Placement
AI Summary
Pelican Acquisition II Corp (PLCI) successfully completed its initial public offering (IPO) of 8,625,000 units at $10.00 per unit, generating $86,250,000 in gross proceeds. Simultaneously, the Sponsor and EarlyBirdCapital purchased 420,250 Private Placement Units for $4,202,500. A total of $87,112,500 from these proceeds was placed into a trust account for public shareholders.
Key Highlights
- Completed IPO of 8,625,000 units at $10.00 per unit.
- Generated total gross proceeds of $86,250,000 from the IPO.
- Sponsor and EarlyBirdCapital purchased 420,250 Private Placement Units.
- Private Placement Units sold at $10.00 per unit for $4,202,500.
- A total of $87,112,500 of net proceeds placed in a trust account.
- Cash of $641,640 held outside the trust account for working capital.
- Transaction costs for the IPO amounted to $2,444,638.
- Trust account holds $10.10 per Public Unit.
Price Impact
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