Pelican Acquisition Corp (: PELI)

Pelican Acquisition Corp is a blank check company formed to effect a merger, share exchange, asset acquisition, share purchase, recapitalization, reorganization or similar business combination with 1 or more businesses.

The company has not generated any operating revenue since its inception and has incurred losses from formation and operating costs. Its primary source of funding consists of the gross proceeds from its initial public offering and private placement, which totaled $88,706,755 after underwriting discounts and offering expenses, and loans from its sponsor and other affiliated parties. These funds are held in a trust account intended to be used for the consummation of a business combination and for working capital. As of January 31, 2026, the trust account held approximately $88,706,755, representing the proceeds available to finance the pending business combination with Greenland Exploration Limited and March GL Company. The company’s securities trade on the Nasdaq Stock Market LLC under the symbols “PELI” for ordinary shares, “PELIR” for rights and “PELIU” for units that have not been separated.

Pelican Acquisition Corp operates in the special purpose acquisition company sector, competing with other blank check companies, private equity funds, venture capital funds, leveraged buyout funds and operating companies seeking strategic acquisitions. Its competitive advantages stem from an experienced management team led by Robert L. Labbe, who brings over 30 years of real estate development and finance expertise, and has served as manager of MCAP Realty Advisors LLC since January 2010 and as general counsel of Global Premier Development Inc. and Global Premier America LLC from March 2012 to December 2021. Directors Daniel M. McCabe and Qi Gong provide additional expertise in legal practice, corporate management and cross border operations, with McCabe having practiced law in Connecticut since 1974 and Gong founding several U. S. China focused enterprises since 2018. The management team’s established deal sourcing network and the company’s status as a publicly listed vehicle give targets with an alternative to a traditional initial public offering, potentially reducing execution risk and providing greater transaction certainty.

The company seeks to partner with private companies that demonstrate strong management teams, meaningful revenue and earnings growth potential, sustainable free cash flow generation and the ability to benefit from public company status. While no specific customer names are disclosed in the filing, the pending business combination involves Greenland Exploration Limited and March GL Company as the intended target businesses. Following the combination, the post transaction company is expected to be renamed Greenland Energy Company and to list its securities on the Nasdaq Stock Market LLC. The ultimate customers of the combined entity will be the investors who hold its securities after the transaction, and the combined company will serve the markets and industries of the acquired businesses.