Merger and Acquisition - Pelican Acquisition Corporation entered into a definitive Agreement and Plan of Merger on September 9, 2025, with an aggregate merger consideration valued at US$215,000,000[125]. - The merger will involve a domestication process, transitioning Pelican from a Cayman Islands exempted company to a Texas corporation[123]. - Existing Greenland shareholders will receive 1,500,000 shares of Holdco common stock, while March GL shareholders will receive 20,000,000 shares[125]. - A promissory note of $100,000 was issued to Greenland for transaction-related expenses, with the amount recorded as due to the target company[130]. - The Company will pay EBC a service fee of 3.5% of the gross proceeds of the IPO, amounting to $3,018,750, upon consummation of its initial business combination[149]. Financial Performance - For the three months ended October 31, 2025, Pelican reported a net income of $514,636, driven by interest income of $889,901, compared to a net loss of $43,064 for the same period in 2024[134]. - As of October 31, 2025, Pelican had cash of $220 and a working capital deficit of $145,981, indicating liquidity challenges[140]. - Pelican has not generated any revenues to date and does not expect to do so until after the completion of its initial business combination[132]. Initial Public Offering (IPO) - 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[137]. - The underwriters received a cash underwriting discount of $1,500,000 at the IPO closing and an additional $225,000 for the over-allotment option[146]. - The underwriters were granted a 45-day option to purchase up to 1,125,000 additional Units to cover over-allotments, which was fully exercised[145]. - The Company entered into promissory notes totaling $700,000 with the Sponsor, which were repaid upon the closing of the IPO on May 27, 2025[143]. Administrative and Compliance Matters - An Administrative Services Agreement was established with the Sponsor, with the monthly fee increased from $15,000 to $20,000 as of April 4, 2025[144]. - The Company qualifies as an "emerging growth company" under the JOBS Act, allowing it to delay the adoption of new accounting standards[155]. - The Company is evaluating the benefits of relying on reduced reporting requirements provided by the JOBS Act, which may exempt it from certain disclosures for five years post-IPO[156]. - The Company has no off-balance sheet arrangements as of October 31, 2025, and does not participate in transactions that create relationships with unconsolidated entities[142]. - The Company has not identified any critical accounting policies and estimates that could materially affect its financial statements[151]. - The Company has no off-balance sheet arrangements or commitments as of October 31, 2025[154]. - The FASB issued ASU No. 2023-07, effective for fiscal years beginning after December 15, 2023, requiring additional segment disclosures[152]. Future Expectations - The company expects to incur significant costs related to the pursuit of its initial business combination and has until August 27, 2026, to complete this transaction[141].

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]

Financial Performance - The company had a net loss of $19,553 for the three months ended April 30, 2025, consisting of formation and operating costs of $19,937, offset by interest income of $384[106]. - The company has a working capital deficit of $201,885 as of April 30, 2025, with cash of $499,606[111]. - The company expects to incur significant costs in pursuit of its initial business combination, raising substantial doubt about its ability to continue as a going concern[113]. IPO and Fundraising - 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[108]. - The company intends to use substantially all net proceeds from the IPO and private placement for its initial business combination and related expenses[110]. - The company incurred $700,000 in loans from its Sponsor prior to the IPO, which was repaid upon the IPO closing[115]. Business Combination - The company has until August 27, 2026, to complete its initial business combination, or it will trigger an automatic winding up and liquidation[113]. - The company has engaged EarlyBirdCapital, Inc. as an advisor for its Business Combination, with a service fee of 3.5% of gross proceeds upon consummation[121]. Accounting and Reporting - The company has no off-balance sheet arrangements as of April 30, 2025[114]. - The company has not identified any critical accounting policies and estimates that could materially affect its financial statements[123]. - The company is evaluating the benefits of reduced reporting requirements under the JOBS Act as an "emerging growth company" for a period of five years or until it no longer qualifies[127]. - Exemptions may include not providing an auditor's attestation report on internal controls over financial reporting[127]. - The company may not need to disclose all executive compensation details required of non-emerging growth public companies under the Dodd-Frank Act[127].

As filed with the U.S. Securities and Exchange Commission on May 20, 2025. Registration No. 333-286452 UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM S-1 Amendment No 3 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 PELICAN ACQUISITION CORPORATION (Exact name of registrant as specified in its charter) Cayman Islands 6770 N/A (State or Other Jurisdiction of Incorporation or Organization) (Primary Standard Industrial Classification Code Number) (I.R.S. Employer Identific ...

As filed with the U.S. Securities and Exchange Commission on May 2, 2025. Registration No. 333-286452 UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM S-1 Amendment No 2 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 PELICAN ACQUISITION CORPORATION (Exact name of registrant as specified in its charter) Robert Labbe 1185 Avenue of the Americas, Suite 304 New York, NY 10036 Telephone: (212) 612-1400 (Name, Address, Including Zip Code, and Telephone Number, Including Area C ...

Registration No. 333-286452 UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM S-1 Amendment No 1 As filed with the U.S. Securities and Exchange Commission on April 30, 2025. REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 PELICAN ACQUISITION CORPORATION (Exact name of registrant as specified in its charter) Cayman Islands 6770 N/A (State or Other Jurisdiction of Incorporation or Organization) (Primary Standard Industrial Classification Code Number) (I.R.S. Employer Identif ...

As filed with the U.S. Securities and Exchange Commission on April 9, 2025. Registration No. 333-[*] UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 PELICAN ACQUISITION CORPORATION (Exact name of registrant as specified in its charter) Cayman Islands 6770 N/A (State or Other Jurisdiction of Incorporation or Organization) (Primary Standard Industrial Classification Code Number) (I.R.S. Employer Identification Number) 118 ...