Story
Pelican Acquisition II Prices $75 Million SPAC IPO on Nasdaq
Summary
The special purpose acquisition company raised $75 million by offering 7.5 million units at $10.00 each, which began trading on the Nasdaq Capital Market on July 24.
Pelican Acquisition II Corporation, a special purpose acquisition company (SPAC), has priced its initial public offering of 7.5 million units at $10.00 per unit, raising gross proceeds of $75 million. The units commenced trading on the Nasdaq Capital Market on July 24, 2026, under the ticker symbol “PLCIU”.
Offering Structure
According to the company's press release, each unit consists of one ordinary share and one right. Each right entitles the holder to receive one-tenth of one ordinary share upon the completion of the company's 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 “PLCI” and “PLCIR,” respectively. The offering is anticipated to close on July 27, 2026, contingent on customary closing conditions.
AdUnderwriting and Company Strategy
EarlyBirdCapital, Inc. is serving as the sole book-running manager for the offering. The underwriter has been granted a 45-day option to purchase up to an additional 1,125,000 units at the IPO price to cover any over-allotments.
As a blank check company, Pelican Acquisition II was formed for the purpose of effecting a merger, asset acquisition, or similar business combination. The company has not identified a specific target and has not limited its search to any particular industry or geographic region. The U.S. Securities and Exchange Commission declared the company's registration statement effective on July 23, 2026.
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