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Pelican Acquisition Corporation (NASDAQ: PELI) has signed a non-binding letter of intent to acquire Greenland Exploration Limited (GEL), a Texas-based company focused on North American energy assets. The proposed share-for-share exchange would involve issuing 21.5 million Pelican shares for 100% of GEL's equity.
GEL has rights to invest up to $70 million in the Jameson Land Basin through a partnership with March GL Company, covering over 2 million acres in Greenland. The region is estimated to contain 31.4 billion barrels of oil equivalent. The deal includes potential equity exchange rights for March GL Company based on a $200 million valuation.
The LOI provides a 30-day exclusive negotiation period for finalizing definitive agreements. Pelican's sponsor would reduce its founder equity to 25% of IPO shares post-transaction.
Pelican Acquisition Corporation (NASDAQ: PELI) has successfully completed its initial public offering (IPO), raising $75 million through the sale of 7.5 million units at $10.00 per unit. Each unit comprises one ordinary share and one right, with the right convertible to one-tenth of an ordinary share upon completing an initial business combination.
The units began trading on NASDAQ under "PELIU" on May 23, 2025, with ordinary shares and rights to trade separately under "PELI" and "PELIR" respectively. EarlyBirdCapital serves as the sole book-runner, with IB Capital as co-manager. The underwriters have a 45-day option to purchase up to 1,125,000 additional units to cover over-allotments.
Pelican Acquisition Corporation (NASDAQ: PELIU) has announced the pricing of its initial public offering (IPO) at $10.00 per unit, aiming to raise $75 million through the sale of 7.5 million units. Each unit comprises one ordinary share and one right, with the right convertible to one-tenth of an ordinary share upon completing an initial business combination.
Trading commenced on May 23, 2025 on the Nasdaq Global Market under "PELIU". The ordinary shares and rights will later trade separately under "PELI" and "PELIR". EarlyBirdCapital serves as the sole book-runner, with IB Capital as co-manager. The underwriters have a 45-day option to purchase up to 1.125 million additional units for over-allotments. The offering is expected to close on May 27, 2025.
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