Fri, Jun 27, 8:54 PM (16 days ago)
**Summary of Pelican Acquisition Corporation (PELI) Q1 2025 Financial Report** **Financial Health and Performance:** - **Revenue:** No revenue generated; company in pre-operational phase. - **Profit Margins:** Net loss of $19,553,000, primarily due to formation and operating costs of $19,937,000, offset by interest income of $384,000. - **Cash Flow:** Positive cash flow from financing activities of $480,197,000, driven by proceeds from IPO and private placements. Net cash used in operating activities was $39,664,000. - **Earnings Changes:** No earnings from operations; losses attributed to pre-combination activities. **Key Metrics and Trends:** - **Liquidity:** Cash position improved to $499,606,000 post-IPO, with a working capital deficit of $201,885,000. - **Capital Raising:** Successfully raised $86,250,000 through IPO and private placements, with funds placed in a trust account. - **Going Concern:** Substantial doubt raised about the company's ability to continue as a going concern if a business combination is not completed within the prescribed timeline. **Future Operations and Uncertainties:** - **Business Combination:** Must complete a business combination by August 27, 2026, to avoid liquidation. - **Risks:** Dependence on successful completion of a business combination, market volatility, and economic uncertainties. - **Impact:** Failure to complete a business combination could result in the company's dissolution and liquidation. **Conclusion:** Pelican Acquisition Corporation is in a critical phase, relying on the successful completion of a business combination to sustain operations and generate future revenue. The company's financial health is currently supported by the proceeds from its IPO and private placements, but it faces significant risks and uncertainties related to its ability to complete a business combination within the required timeframe.