Financial Performance - For the three months ended July 31, 2025, Pelican reported a net income of $307,410, driven by interest income of $638,657, offset by general and administrative expenses of $331,247 [136]. - Pelican's only activities from inception through July 31, 2025, were organizational and related to the IPO, with no revenues generated to date [134]. IPO and Capital Raising - The company completed its IPO on May 27, 2025, raising total gross proceeds of $86,250,000 from the sale of 8,625,000 units at $10.00 per unit [138]. - A total of 276,250 private placement units were sold at $10.00 per unit, generating gross proceeds of $2,762,500 [137]. - The underwriters received a cash underwriting discount of $0.20 per Unit, totaling $1,500,000, paid at the IPO closing on May 27, 2025 [147]. - EBC is entitled to a service fee of 3.5% of the gross proceeds of the IPO, amounting to $3,018,750, upon the consummation of the initial business combination [150]. Business Combination and Liquidation - Pelican Acquisition Corporation entered into a Merger Agreement with an aggregate merger consideration valued at US$215,000,000, based on a per share value of US$10.00 [128]. - The company has until August 27, 2026, to consummate its initial business combination, or it will trigger an automatic winding up and liquidation [142]. - The company will pay EBC an additional fee of 1.0% of the total consideration payable in the initial business combination if EBC introduces the target business [151]. Financial Position - As of July 31, 2025, Pelican had cash of $252,240 and working capital of $284,602, with significant costs expected in pursuit of an initial business combination [141]. - As of July 31, 2025, the company had no off-balance sheet arrangements or contractual obligations [155]. - The company has no off-balance sheet arrangements as of July 31, 2025, and has not entered into any special purpose entities [143]. Administrative and Compliance Costs - The company expects to incur increased expenses related to being a public company, including legal and compliance costs [135]. - The monthly fee for administrative services provided by the Sponsor was increased to $20,000 as of April 4, 2025 [145]. Accounting Policies and Standards - The company adopted ASU No. 2023-07, effective for fiscal years beginning after December 15, 2023, requiring additional segment information disclosures [153]. - The company is evaluating the benefits of relying on reduced reporting requirements under the JOBS Act, which may exempt it from certain disclosures for five years post-IPO [157]. - The company has not identified any critical accounting policies and estimates that could materially affect its financial statements [152]. - The company does not believe that any recently issued accounting standards will have a material effect on its financial statements [154]. - The company is classified as an "emerging growth company" under the JOBS Act, allowing it to delay the adoption of new accounting standards [156].

Core Viewpoint - Pelican Acquisition Corporation has signed a definitive Agreement and Plan of Merger with Greenland Exploration Limited and March GL Company, aiming to create Greenland Energy Company, which will focus on hydrocarbon exploration in the Jameson Land Basin in East Greenland [1][4][8] Company Overview - Pelican Acquisition Corporation is a publicly listed special purpose acquisition company (SPAC) that is set to merge with Greenland Exploration and March GL, transitioning to Greenland Energy Company post-merger [1][15] - Greenland Exploration Limited is focused on developing strategic positions in North American energy assets, aiming to deliver long-term shareholder value [12] - March GL Company has entered into an agreement for drilling in the Jameson Land Basin and will fund exploration wells to delineate the energy potential of the area [13] Industry Insights - The Jameson Land Basin has significant hydrocarbon potential, with recoverable resources estimated in the multi-billion-barrel range, although it has remained undrilled due to past corporate and macroeconomic conditions [2][6] - March GL has reprocessed legacy seismic data, identifying over 50 distinct oil and gas targets, which positions the company to accelerate drilling efforts in the basin [3][5] - The Greenland Government has approved the mobilization of heavy equipment for drilling activities, indicating a supportive regulatory environment for resource development [4][5] Transaction Highlights - The merger is expected to close in the fourth quarter of 2025, with an implied valuation of $215 million for up to 70% ownership in the Jameson Land Basin [7][15] - Existing shareholders of Greenland Exploration and March GL will receive a significant number of shares in the new Greenland Energy Company, with Pelican shareholders receiving one share for each share they hold [15] Leadership and Governance - Post-merger, the leadership team will include Larry G. Swets, Jr. as Executive Chairman and Robert Price as CEO, with representatives from all three companies involved [10]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (MARK ONE) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarter ended April 30, 2025 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 001-42666 Pelican Acquisition Corporation (Exact Name of Registrant as Specified in Its Charter) Cayman Islands N/A (State or other jurisdictio ...