Pelican AI debuts on Canadian exchange via reverse takeover with 121M shares outstanding

What's the deal? Pelican AI Corp.Dealroom has a profile for this one. Try Dealroom → has completed a reverse takeover of Ocham's Razor Capital LimitedDealroom has a profile for this one. Try Dealroom → (ORCL), a Toronto-based shell company that changes its name and takes on the business of Pelican Canada Inc.Dealroom has a profile for this one. Try Dealroom → (PCI). The deal, closed on August 27, 2026, clears the way for the resulting issuer to list its common shares on the Canadian Securities Exchange (CSE).

How it worked: The transaction was structured as a three-cornered amalgamation, in which an ORCL subsidiary merged with PCI. PCI shareholders received one Pelican AI share for each share held. ORCL also consolidated its shares on a 4.6166:1 basis before renaming itself.

By the numbers: On completion, Pelican AI has 121,368,384 common shares outstanding on a non-diluted basis. Former PCI holders account for the bulk — 76,056,326 shares issued in exchange for their stock — while former ORCL holders received just 1,680,000 shares.

The financing: Alongside the deal, PCI ran a brokered private placement of subscription receipts at C$0.25 each, led by Canaccord Genuity Corp.Dealroom has a profile for this one. Try Dealroom → with Research Capital CorporationDealroom has a profile for this one. Try Dealroom → and Haywood Securities Inc.Dealroom has a profile for this one. Try Dealroom → ORCL ran a concurrent non-brokered placement. Escrowed proceeds were released and the receipts converted at closing.

The signal: Reverse takeovers remain a common route for private companies to reach public markets without a traditional IPO, and the CSE has become a frequent venue for smaller, growth-stage issuers. Pelican AI's arrival adds another AI-branded name to that pipeline.

Read more: centralcharts.com

Image credit: ChrisTylerTO