Pelican Acquisition closes $75M IPO, overallotment adds $11.25M, auditor flags going concern

Pelican Acquisition Corp

IPO of 7,500,000 units at $10.00 each closed May 27, 2025, generating $75M gross proceeds.
Simultaneous private placement: 276,250 units at $10.00 to Sponsor and EBC for $2.7625M.
Overallotment fully exercised May 30: 1,125,000 additional units at $10.00, plus 22,500 private units for $225,000.
Audited balance sheet shows $75M in trust account; auditor raises substantial doubt about going concern due to lack of operating capital.

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