Pelican Acqsn Stock Price, News & Analysis

Pelican Acquisition Corporation (NASDAQ: PELI) is a special purpose acquisition company (SPAC), also described as a blank check company, in the Financial Services sector under the Shell Companies industry classification. According to company disclosures, Pelican was formed "for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses" and is not limited to any particular industry or geographic region in identifying prospective targets.

Pelican’s securities are listed on the Nasdaq Global Market. Its units, each consisting of one ordinary share and one right, trade under the symbol PELIU, its ordinary shares under PELI, and its rights under PELIR, as disclosed in multiple Current Reports on Form 8-K filed with the U.S. Securities and Exchange Commission (SEC). Each right entitles the holder to receive one-tenth of one ordinary share upon the consummation of an initial business combination.

Business purpose and SPAC structure

As a SPAC, Pelican Acquisition Corporation does not have an operating business of its own. Instead, its stated objective is to identify and complete a business combination with one or more operating companies. The company’s description in public communications emphasizes that it may pursue targets in any industry or geographic region, providing flexibility in the type of business combination it can undertake.

Pelican completed its initial public offering of units on the Nasdaq Global Market, with each unit composed of one ordinary share and one right. Subsequent news releases describe the closing of the initial public offering and the full exercise of the underwriters’ over-allotment option, resulting in additional units being issued. These transactions established the capital base that Pelican can use in connection with a future business combination, consistent with the typical SPAC model.

Proposed business combination with Greenland Exploration and March GL

Pelican has announced a significant proposed transaction involving Greenland Exploration Limited and March GL Company. In a definitive Agreement and Plan of Merger, Pelican disclosed that Pelican, Greenland Exploration, and March GL plan to combine under a newly formed Texas corporation, Pelican Holdco, Inc., which will be renamed Greenland Energy Company upon closing. The combined company is expected, according to the merger announcement, to be listed on the Nasdaq Stock Market under the ticker symbol GLND after completion of the transaction.

The merger announcement describes the transaction structure, including domestication of Pelican from the Cayman Islands to Texas prior to closing and a series of mergers whereby Pelican, Greenland Exploration, and March GL each merge with subsidiaries of Pelican Holdco, Inc. Existing Greenland Exploration shareholders and March GL shareholders are expected to receive shares of Greenland Energy Company common stock, and Pelican shareholders are expected to receive one share of Greenland Energy Company common stock for each Pelican common share they hold, subject to redemptions. These details are drawn from Pelican’s public news release describing the Agreement and Plan of Merger.

Pelican’s SEC filings, including several Forms 8-K, refer to this transaction as the "Business Combination" among Pelican, Greenland Exploration, March GL, and Pelican Holdco, Inc. The filings note that Pelican has filed a registration statement on Form S-4 with the SEC, which includes a preliminary proxy statement/prospectus relating to the proposed business combination, and that a definitive proxy statement/prospectus will be mailed to shareholders after the registration statement is declared effective.

Focus areas highlighted in public disclosures

While Pelican itself is a shell company, its proposed combination partners are associated in public communications with energy assets related to the Jameson Land Basin in Greenland. Company news releases and related materials describe Greenland Exploration as a Texas-based entity focused on developing strategic positions in North American energy assets, and March GL as a Texas corporation that has entered into agreements related to drilling in the Jameson Land Basin in Greenland. These descriptions appear in Pelican’s news releases and in the "About" sections for Greenland Exploration and March GL, which are included in Pelican’s public announcements.

Pelican’s subsequent SEC filings under Regulation FD (Item 7.01 of Form 8-K) reference investor presentations, reserve reports, media articles, and video segments that discuss the resource potential of Greenland and the contemplated Greenland Energy Company. These filings emphasize that such materials are furnished, not filed, and include cautionary statements regarding forward-looking information and the need for investors to review the registration statement on Form S-4 and related proxy materials for comprehensive details on the business combination.

Regulatory filings and reporting status

Pelican Acquisition Corporation files periodic and current reports with the SEC under the Securities Exchange Act of 1934. Its filings identify the company as a Cayman Islands exempted company with limited liability and confirm its registration of units, ordinary shares, and rights on the Nasdaq Stock Market. Forms 8-K filed in 2025 and 2026 provide updates on the proposed business combination, investor communications, and media coverage related to Greenland Exploration, March GL, and the Jameson Land Basin.

The company has also filed a Form 12b-25 (Notification of Late Filing) relating to a Quarterly Report on Form 10-Q for the period ended October 31, 2025. In that notification, Pelican states that it required additional time to complete the preparation and review of certain disclosures and analyses, and that it expected to file the report within the time period permitted by Rule 12b-25.

Trading status and corporate domicile

Pelican’s SEC filings list its Commission File Number as 001-42666 and identify its jurisdiction of incorporation as the Cayman Islands. The company has publicly disclosed that, in connection with the proposed business combination with Greenland Exploration and March GL, it will domesticate from the Cayman Islands to Texas prior to closing. This domestication is part of the transaction structure described in the merger announcement and related SEC filings.

There is no indication in the provided materials of a completed delisting, deregistration, or liquidation of Pelican Acquisition Corporation. The filings instead focus on the ongoing process of pursuing the business combination and the related shareholder approval and regulatory steps.

Investor considerations and documentation

Pelican’s public communications and SEC filings consistently direct shareholders and other interested parties to the registration statement on Form S-4 and accompanying proxy statement/prospectus for detailed information about the proposed business combination, the parties involved, and the terms of the transaction. The filings also identify Pelican, Greenland Exploration, March GL, and Pelican Holdco, Inc. as potential participants in the solicitation of proxies in connection with the business combination and refer readers to Pelican’s existing SEC reports, such as its Quarterly Reports on Form 10-Q and its initial public offering registration statement on Form S-1, for additional information about the company and its directors and officers.

Because Pelican is a SPAC and shell company, investors and researchers typically focus on its transaction announcements, proxy materials, and related SEC filings to understand the potential future operating business that may result from a completed business combination. The available disclosures indicate that Pelican’s current primary focus is the proposed combination with Greenland Exploration and March GL to form Greenland Energy Company, subject to shareholder and regulatory approvals and other customary closing conditions.