Pelican Acquisition Corp
PELIThis company is no longer listed.Delisted on 03/26/26
Pelican Acquisition Corp AI Insights
Informational only. Not investment advice.Snapshot
- Zero revenue SPAC with 87.2M trust assets trading at 1.08x book value (94M market cap) - pure deal optionality play[P/B Ratio]
- Net income of 307K driven entirely by 639K interest income on trust - no operating business exists[Interest Income]
- Cash burn of 420K TTM with only 252K cash outside trust - runway pressure before deal completion[Free Cash Flow]
Watch Triggers
- Total Revenue: Any revenue recognition — Signals merger completion and transition from shell to operating company
- Cash and Equivalents: Falls below 100K — May force unfavorable deal terms or sponsor capital infusion
- P/B Ratio: Drops below 1.0 — Creates arbitrage opportunity vs redemption value
Bull Case
Trading at 8% premium to NAV provides downside floor near $9.43 redemption value while retaining merger upside optionality
Zero debt and 87.2M trust assets mean clean capital structure for any potential target acquisition
Bear Case
No identified target, zero revenue, and 420K annual cash burn - paying 8% premium for pure speculation
Volume of 7,713 shares indicates extreme illiquidity - difficult to exit position at fair value
Bull vs Bear Balance
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Forward Thesis
SPAC faces binary outcome: successful merger or liquidation at ~$9.43/share book value
- 87.2M trust held in current assets
- Minimal operating expenses (331K/year)
- No debt on balance sheet
Valuation Context
Caveats
PELI Fundamentals
Data as of last trading day: 03/25/26
| Metric | Value | YoY Growth | Industry Percentile |
|---|---|---|---|
Beta 5Y (Monthly) | unknown | — |
PELI Dividend History
PELI Stock Splits
PELI SEC Filings
| Filing Date | Report Date | Report Type | Filing Link |
|---|---|---|---|
12/19/25 | 10/31/25 | 10-Q | |
09/15/25 | 07/31/25 | 10-Q | |
06/27/25 | 04/30/25 | 10-Q | |
12/19/25 | 10/31/24 | 10-Q |