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 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 merger-related transaction costs, with the amount recorded as due to the target company[130]. - EBC was granted a right of first refusal for financing activities related to business combinations for a period of up to three years[147]. - The Company will pay EBC a service fee of 3.5% of the gross proceeds of the IPO, amounting to $3,018,750, upon the consummation of its initial business combination[149]. Financial Performance - For the three months ended October 31, 2025, the company reported a net income of $514,636, driven by interest income of $889,901, offsetting general and administrative expenses of $375,265[134]. - The company has not generated any revenues to date and does not expect to do so until after the completion of its initial business combination[132]. - The company generated total gross proceeds of $86,250,000 from its IPO, selling 8,625,000 units at $10.00 per unit[137]. - As of October 31, 2025, the company had cash of $220 and a working capital deficit of $145,981, indicating liquidity challenges[140]. Costs and Expenses - The company expects to incur significant costs related to the pursuit of its acquisition plans and ongoing public company expenses[133]. - The monthly fee for the Administrative Services Agreement with the Sponsor was increased from $15,000 to $20,000 as of April 4, 2025[144]. - The underwriters received a cash underwriting discount of $1,500,000 at the IPO closing on May 27, 2025[146]. - 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]. Regulatory and Reporting - 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 reduced reporting requirements under the JOBS Act, which may apply for five years post-IPO[156]. - The Company has not identified any critical accounting policies and estimates that could materially affect its financial statements[151]. - The FASB issued ASU No. 2023-07, effective for fiscal years beginning after December 15, 2023, requiring additional segment disclosures[152]. - The Company has no off-balance sheet arrangements or commitments as of October 31, 2025[154]. Business Continuity - The company has until August 27, 2026, to consummate its initial business combination, or it will trigger an automatic winding up and liquidation[141].
Pelican Acquisition Corp Unit(PELIU) - 2026 Q1 - Quarterly Report