Pelican Acquisition (PELI) clears merger; $77.7M redeemed as GLND readies Nasdaq listing

Rhea-AI Filing Summary

Pelican Acquisition Corporation held an Extraordinary General Meeting on March 19, 2026 and its shareholders approved the Business Combination, Conversion, Governing Documents, Stock Issuance and Incentive Plan proposals required to consummate the Merger Agreement dated September 9, 2025. The company reported 11,998,750 ordinary shares issued and outstanding as of the February 19, 2026 record date.

Holders of 7,562,343 ordinary shares exercised redemption rights for an aggregate redemption amount of $77,740,886.04, a per-share redemption price of approximately $10.28. Subject to closing conditions, the Transactions are expected to close on or around March 24, 2026, and Greenland Energy Company is expected to begin trading on the Nasdaq Global Market under the symbol GLND on March 25, 2026.

Insights

Corporate Governance Expert

Shareholders approved all merger-related proposals, clearing governance and issuance items for closing.

The shareholder votes show majority approval across the Business Combination, Conversion, Governing Documents, Stock Issuance and Incentive Plan proposals, with quorum established from 7,034,878 shares present or by proxy. The approvals complete the corporate authorizations needed to effect the merger subject to other closing conditions.

Watch for post-closing filings and the effective corporate governance documents after closing; timing for consummation is stated as on or around March 24, 2026.

Capital Markets Expert

Significant redemptions reduced the public float ahead of the business combination.

The excerpt reports 7,562,343 shares redeemed for an aggregate of $77,740,886.04 at approximately $10.28 per share. These redemptions represent exercised trust‑account redemptions pro rata and reduce the number of shares that will remain outstanding at closing.

Subsequent disclosures around closing will clarify cash flows and the resulting post‑closing share count; timing for trading under GLND is stated as March 25, 2026.

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 8-K

Current Report

Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934

March 19, 2026

Date of Report (Date of earliest event reported)

Pelican Acquisition Corporation

(Exact Name of Registrant as Specified in its Charter)

Cayman Islands		001-42666		N/A
(State or other jurisdiction of incorporation)		(Commission File Number)		(I.R.S. Employer Identification No.)

1185 Avenue of the Americas, Suite 349 New York, NY		10036
(Address of Principal Executive Offices)		(Zip Code)

Registrant’s telephone number, including area code: (212) 612-1400

N/A

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☒	Written communications pursuant to Rule 425 under the Securities Act
☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act
☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act
☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol(s)		Name of exchange on which registered
Units, each consisting of one ordinary share and one right		PELI		The Nasdaq Stock Market LLC
Ordinary shares, par value $0.0001 per share		PELI U		The Nasdaq Stock Market LLC
Rights, each right entitling the holder to receive one-tenth of one ordinary share		PELI R		The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).

Emerging growth company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

ITEM 5.07 SUBMISSION OF A MATTER TO A VOTE OF SECURITY HOLDERS.

On March 19, 2026, Pelican Acquisition Corporation (the “Company”) held an extraordinary general meeting of shareholders (the “Extraordinary General Meeting”). The record date for shareholders entitled to notice of, and to vote at, the Extraordinary General Meeting was February 19, 2026. As of the close of business on the record date, there were 11,998,750 ordinary shares issued and outstanding and entitled to vote at the Extraordinary General Meeting. Of these shares, 7,034,878 ordinary shares (representing approximately 58.63%) were present virtually or represented by proxy at the Extraordinary General Meeting, constituting a quorum.

At the Extraordinary General Meeting, the Company’s shareholders considered the proposals described in the Company’s definitive proxy statement/prospectus filed with the Securities and Exchange Commission. The final voting results for each proposal submitted to shareholders are set forth below.

Proposal 1

The Company’s shareholders approved the Business Combination Proposal. The votes cast were as follows:

For		Against		Abstain
6,509,645		400,135		125,098

Proposal 2

The Company’s shareholders approved the Conversion Proposal. The votes cast were as follows:

For		Against		Abstain
6,507,603		402,162		125,113

Proposal 3

The Company’s shareholders approved the Governing Documents Proposal. The votes cast were as follows:

For		Against		Abstain
6,509,645		400,135		125,098

Proposal 4

The Company’s shareholders approved the Governing Documents Advisory Proposals. The votes cast were as follows.

For		Against		Abstain
6,508,445		401,335		125,098

Proposal 5

The Company’s stockholders approved the Stock Issuance Proposal. The votes cast were as follows:

For		Against		Abstain
6,506,635		403,145		125,098

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Proposal 6

The Company’s stockholders approved the Incentive Plan Proposal. The votes cast were as follows:

For		Against		Abstain
6,505,085		403,345		126,448

As there were sufficient votes at the time of the Extraordinary General Meeting to approve each of the above proposals, the “Adjournment Proposal” described in the proxy statement/prospectus was not presented to stockholders.

Based on the results of the Extraordinary General Meeting, and subject to the satisfaction or waiver of certain other closing conditions as described in the proxy statement/prospectus, the transactions (the “Transactions”) contemplated by the Agreement and Plan of Merger, dated as of September 9, 2025 (the “Merger Agreement”), are expected to be consummated on or around March 24, 2026. As previously disclosed, following the consummation of the Transactions, the common stock of Greenland Energy Company is expected to begin trading on the Nasdaq Global Market under the symbol “GLND” on March 25, 2026.

In connection with the Extraordinary General Meeting, holders of 7,562,343 ordinary shares exercised their right to redeem such shares for a pro rata portion of the funds in the Company’s trust account, for an aggregate redemption amount of $77,740,886.04, representing a per-share redemption price of approximately $10.28.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

Exhibit No.		Description
99.1		Press Release dated March 19, 2026
104		Cover Page Interactive Data File (embedded within the Inline XBRL document)

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	Pelican Acquisition Corporation
Dated: March 19, 2026	By:	/s/ Robert Labbe
	Name:	Robert Labbe
	Title:	Chief Executive Officer

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FAQ

What proposals did Pelican Acquisition (PELI) shareholders approve?

Shareholders approved the Business Combination, Conversion, Governing Documents, Stock Issuance, and Incentive Plan proposals. Each proposal passed at the Extraordinary General Meeting held on March 19, 2026 with quorum present.

How many Pelican (PELI) shares were outstanding as of the record date?

There were 11,998,750 ordinary shares issued and outstanding as of the record date of February 19, 2026, which determined voting eligibility for the meeting.

How many shares were redeemed and what was the total redemption amount?

Holders of 7,562,343 ordinary shares exercised redemption rights for an aggregate redemption amount of $77,740,886.04, at an approximate per-share redemption price of $10.28.

When is the business combination expected to close and when will Greenland Energy trade?

The Transactions are expected to be consummated on or around March 24, 2026, and Greenland Energy Company is expected to begin trading on the Nasdaq Global Market under the symbol GLND on March 25, 2026.

Was there a quorum for Pelican's Extraordinary General Meeting?

Yes. Of the outstanding shares, 7,034,878 ordinary shares (approximately 58.63%) were present virtually or represented by proxy at the meeting, constituting a quorum for the votes taken.