Pelican Acquisition II Corporation, a special purpose acquisition company incorporated in the Cayman Islands, completed an initial public offering that raised $75,000,000 by selling 7,500,000 units at $10.00 apiece, according to the company's press statement.
The units started trading on the Nasdaq Capital Market on July 24, 2026, under the symbol "PLCIU." Each unit is comprised of one ordinary share plus one right. Each right grants the holder entitlement to one-tenth of one ordinary share upon the closing of an initial business combination.
Company filings indicate that, after the units split, the ordinary shares and the rights are expected to trade separately on Nasdaq under the ticker symbols "PLCI" for the ordinary shares and "PLCIR" for the rights. The offering is slated to close on July 27, 2026, subject to customary closing conditions.
EarlyBirdCapital, Inc. is serving as the sole book-running manager for the transaction. As part of the underwriting arrangement, EarlyBirdCapital has been given a 45-day option to acquire up to an additional 1,125,000 units at the IPO price to cover any potential over-allotments.
The Securities and Exchange Commission declared the registration statement effective on July 23, 2026. Pelican Acquisition II was established with the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization, or a similar business combination.
The blank check company has not confined its search for a target to any specific industry or geographic region, leaving its potential combination scope open-ended within the terms disclosed.
Summary
Pelican Acquisition II priced 7,500,000 units at $10.00 per unit, generating $75 million in proceeds. The units began trading on Nasdaq as PLCIU on July 24, 2026, and the offering is expected to close on July 27, 2026. EarlyBirdCapital is the sole book-runner and holds a 45-day over-allotment option for up to 1,125,000 units. The company is a Cayman Islands-incorporated blank check vehicle formed to pursue a broad range of potential business combinations.
Key points
- Offering size and price: 7,500,000 units at $10.00 per unit, raising $75,000,000.
- Trading and structure: Units began trading on Nasdaq as PLCIU; after separation, ordinary shares and rights are expected to trade as PLCI and PLCIR, respectively.
- Underwriting: EarlyBirdCapital is the sole book-running manager and has a 45-day option to buy up to 1,125,000 additional units to cover over-allotments.
Risks and uncertainties
- Closing conditions: The offering is expected to close on July 27, 2026, but remains subject to customary closing conditions that could affect timing or completion.
- Business combination outcome: As a blank check company, Pelican Acquisition II's future depends on identifying and completing a suitable business combination; no specific targets, industries, or regions have been limited.
- Market and issuance adjustments: The underwriter's 45-day over-allotment option could alter the total number of units sold if exercised, changing the company's immediate capital structure.
All details in this report reflect the company's disclosures regarding the IPO, the trading timeline, the underwriting arrangement, and the stated corporate purpose. No additional claims, targets, or timelines beyond those released by the company are included here.