Greenland Energy SPAC plan with Pelican (NASDAQ: PELI) interview
Rhea-AI Filing Summary
Pelican Acquisition Corporation describes an interview featuring Robert Price and Larry Swets of Greenland Energy Company discussing their proposed business combination among Pelican, Greenland Exploration Limited, March GL, and Pelican Holdco, Inc. They highlight the Jameson Land Basin in eastern Greenland, which they say may hold up to a trillion dollars in potential resources, and cite an independent report estimating up to 13 billion barrels of oil in part of the basin. Management outlines a plan to drill two wells within the year, targeting equipment staging by August, deployment to Greenland in late summer, a first well starting in October, and roughly 30 days per well.
They state an estimated breakeven cost of about $25 per barrel, compare this favorably to U.S. shale, and describe potential full-field production of 1.5–2 million barrels per day. The discussion frames the transaction as an asymmetric risk‑reward opportunity, with exploration rights valued around $215 million and significantly higher values contingent on successful drilling and development, possibly via a major partner or acquirer. Pelican notes its Form S‑4 registration statement, including a proxy statement/prospectus declared effective on February 17, 2026, and urges shareholders to review it and related SEC filings for detailed information about the business combination and associated risks.
Positive
- None.
Negative
- None.
Insights
Pelican’s 8-K highlights a high-upside but early-stage Greenland oil SPAC deal.
The content centers on Pelican’s planned business combination with Greenland Energy Company and affiliates, framed as a large conventional oil exploration story in Greenland’s Jameson Land Basin. Management cites an independent estimate of up to 13 billion barrels of oil in part of the basin, very low claimed breakeven costs near $25 per barrel, and potential future production of 1.5–2 million barrels per day at full development.
These figures are presented as management expectations and third‑party estimates, not current reserves or committed developments, and are subject to substantial execution, regulatory, and financing risks. The forward‑looking statements section lists numerous potential obstacles, from shareholder approvals and redemptions to license extensions, litigation, and market conditions, emphasizing the uncertainty around timing and ultimate outcomes.
From an investor perspective, this filing is primarily informational and promotional, spotlighting an interview and pointing to the effective Form S‑4 dated February 17, 2026 for detailed risk factors and transaction terms. It does not update financial results or close the transaction; actual impact will depend on future drilling results, shareholder votes, redemptions, and the ability to secure partners or capital as outlined in subsequent SEC filings.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or Section 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
(Exact name of registrant as specified in its charter)
| N/A | ||||
| (State or other jurisdiction of incorporation) |
(Commission File Number) |
(IRS Employer Identification No.) |
|
|
||
| (Address of principal executive offices) | (Zip Code) |
Registrant’s telephone number, including area code:
Not Applicable
(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 to the registrant under any of the following provisions:
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of exchange on which registered | ||
| The Stock Market LLC | ||||
| The Stock Market LLC | ||||
| The 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 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
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 7.01 | Regulation FD Disclosure |
On March 17, 2026, Robert Price, the Chief Executive Officer (“CEO”) of Greenland Energy Company, and Larry G. Swets, Jr., an incoming director of Greenland Energy Company, participated in an interview titled “$Peli: Pelican Acquisition Corp & Greenland Energy Company” hosted by laptoptravel. The interview discussed the Business Combination (defined below). A video of the interview is available at https://streamyard.com/7hzjrhursr9e. A copy of the transcript of the interview is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated by reference into this Item 7.01.
The information in this Item 7.01 shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended (the “Securities Act”), or the Exchange Act, except as expressly set forth by specific reference in such filing.
Additional Information About the Business Combination and Where to Find It
In connection with the business combination by and among Pelican Acquisition Corporation (“Pelican”), Greenland Exploration Limited (“Greenland”), March GL, and Pelican Holdco, Inc. (“PubCo”) (the “Business Combination”), Pelican filed with the U.S. Securities and Exchange Commission (“SEC”) a registration statement on Form S-4 (the “Registration Statement”), which includes a proxy statement/prospectus of Pelican and was declared effective on February 17, 2026. Pelican will mail the definitive proxy statement/prospectus relating to the Business Combination to Pelican’s shareholders as of the respective record dates to be established for voting on the Business Combination. The Registration Statement, including the proxy statement/prospectus contained therein, contains important information about the Business Combination and the other matters to be voted upon at a meeting of the Pelican shareholders (the “Pelican Shareholder Meeting”). This Current Report on Form 8-K does not contain all the information that should be considered concerning the Business Combination and other matters and is not intended to provide a basis for any investment decision or any other decision in respect of such matters. Pelican, Greenland, March GL, or PubCo may also file other documents with the SEC regarding the Business Combination. Pelican’s shareholders and other interested persons are advised to read, when available, the Registration Statement, including the proxy statement/prospectus contained therein, the amendments thereto and the definitive proxy statement/prospectus and other documents filed in connection with the Business Combination, as these materials will contain important information about Pelican, Greenland, March GL, PubCo, and the Business Combination.
Pelican’s shareholders and other interested persons will be able to obtain copies of the Registration Statement, including the proxy statement/prospectus contained therein, the definitive proxy statement/prospectus and other documents filed or that will be filed with the SEC, free of charge, by Pelican, Greenland, March GL, and PubCo through the website maintained by the SEC at www.sec.gov.
Participants in the Solicitation
Pelican, Greenland, March GL, PubCo, and their respective directors and officers may be deemed participants in the solicitation of proxies of Pelican shareholders in connection with the Business Combination. More detailed information regarding the directors and officers of Pelican, and a description of their interests in Pelican is contained in Pelican’s filings with the SEC, including its Quarterly Report on Form 10-Q for the fiscal quarters ended July 31, 2025, which was filed with the SEC on September 15, 2025, April 30, 2025, which was filed with the SEC on June 27, 2025, and the initial business combination offering filed on Form S-1, and effective as of May 22, 2025, which are available free of charge at the SEC’s website at www.sec.gov. Information regarding the persons who may, under the SEC rules, be deemed participants in the solicitation of proxies of Pelican’s shareholders and other interested persons in connection with the Business Combination and other matters to be voted upon at the Pelican Shareholders Meeting will be set forth in the Registration Statement for the Business Combination when available.
1
Forward-Looking Statements
This Current Report on Form 8-K includes certain statements that may constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act, and Section 21E of the Exchange Act. Forward-looking statements include, but are not limited to, statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions. The words “anticipate,” “believe,” “continue,” “estimate,” “expect,” “intends,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “seek,” “should,” “target,” “would,” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements may include, but are not limited to, statements about Pelican, Greenland, and March GL’s ability to effectuate the Business Combination discussed in this document; the benefits of the Business Combination; the future financial performance of PubCo (defined as the Greenland Energy Company, which will be the go-forward public company following the completion of the Business Combination) following the contemplated transactions; changes in the parties’ strategy; future operations, financial position, estimated revenues and losses, projected costs, prospects, plans and objectives of management. These forward-looking statements are based on information available as of the date of this document, and current expectations, forecasts and assumptions, and involve a number of judgments, risks, and uncertainties. Accordingly, forward-looking statements should not be relied upon as representing Pelican’s, Greenland’s, March GL’s, or PubCo’s views as of any subsequent date, and none of Pelican, Greenland, March GL, and PubCo undertakes any obligation to update forward-looking statements to reflect events or circumstances after the date they were made, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws. Neither Pelican nor PubCo gives any assurance that either Pelican or PubCo will achieve its business expectations. Therefore, you should not place undue reliance on these forward-looking statements. As a result of a number of known and unknown risks and uncertainties, PubCo’s actual result or performance may be materially different from those expressed or implied by these forward-looking statements. Some factors that could cause actual results to differ include: (i) the timing to complete the Business Combination by Pelican’s business combination deadline, including after approval of applicable extensions and the potential failure to obtain such extension(s) of the business combination by the deadline if sought by Pelican; (ii) the occurrence of any event, change or other circumstances that could give rise to the termination of the definitive agreements relating to the Business Combination, (iii) the outcome of any legal, regulatory, or governmental proceedings that may be instituted against Pelican, Greenland, March GL, or PubCo or any investigation or inquiry following announcement of the Business Combination, including in connection with the Business Combination; (iv) the inability to complete the Business Combination due to the failure to obtain approval of Pelican’s shareholders or other interested persons; (v) Greenland, March GL, and PubCo’s success in retaining or recruiting, or changes required in its officers, key employees or directors, following the Business Combination; (vi) the ability of the parties to obtain the listing of the PubCo’s common stock on a national securities exchange upon the date of closing of the Business Combination; (vii) the risk that the Business Combination disrupts current plans and operations of Greenland or March GL; (viii) the ability to recognize the anticipated benefits of the Business Combination; (ix) the unexpected costs related to the Business Combination; (x) the amount of redemptions by the Pelican public shareholders being greater than expected; (xi) the management and board composition of PubCo following the Business Combination; (xii) limited liquidity and trading of PubCo’s securities following completion of the Business Combination; (xiii) changes in domestic and foreign business, market, financial, political, and legal conditions, including March GL’s expectations of receiving extensions on applicable licenses, (xiv) the possibility that Pelican, Greenland, or March GL may be adversely affected by other economic, business, and/or competitive factors; (xv) operational risks; (xvi) litigation and regulatory enforcement risks, including the diversion of management time and attention and the additional costs and demands on Pelican, Greenland, or March GL’s resources; (xvii) the risk that the consummation of the Business Combination is substantially delayed or does not occur; and (xviii) other risks and uncertainties indicated from time to time in the Registration Statement, including those under “Risk Factors” therein, and in other filings of Pelican with the SEC.
No Offer or Solicitation
This Current Report on Form 8-K relates to a Business Combination by and among Pelican, Greenland, PubCo, and March GL. This document does not constitute a solicitation of a proxy, consent or authorization with respect to any securities or in respect of the Business Combination. This document does not constitute an offer to sell or exchange, or the solicitation of an offer to buy or exchange, any securities, nor shall there by any offer, sale or exchange of securities in any state or jurisdiction in which such offer, solicitation, sale or exchange would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities will be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act or an exemption therein.
2
| Item 9.01 | Financial Statements and Exhibits |
| Exhibit No. | Description | |
| 99.1 | Transcript of the laptoptravel Interview dated March 17, 2026 | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |
3
SIGNATURE
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 17, 2026 | By: | /s/ Robert Labbé |
| Name: | Robert Labbé | |
| Chief Executive Officer | ||
4
Exhibit 99.1
 |
Private & Confidential |
Title: LaptopTravel Interview: Greenland Energy Company and the Pelican Acquisition Corp SPAC Transaction
Participants
Laptop Travel – Hosst
Robert Price – CEO, Greenland Energy Company
Larry Swets – Executive Chairman, Greenland Energy Company
Tuesday, March 17, 2026
Time: 9 - 10 am eastern.
Video Source: https://streamyard.com/7hzjrhursr9e
Transcript (Organized by Speaker)
Introduction
LaptopTravel:
Good morning everyone and welcome to this special Spaces interview on X. I’m LaptopTravel, a 45-year market veteran. These days I run an investment newsletter and work as an analyst within the StoryTrading community, focusing on real stories that move stocks.
Quick disclaimer: nothing discussed today is investment advice. Always do your own due diligence.
Today we’re joined by Robert Price, CEO, and Larry Swets, Executive Chairman of Greenland Energy Company.
| Private & Confidential |
With today being the shareholder vote for Pelican Acquisition Corp, this conversation focuses on the opportunity in the Jameson Land Basin in eastern Greenland, which may hold up to a trillion dollars in potential resources.
Let’s begin with introductions.
Opening Statements
Robert Price:
Thank you. I started my career negotiating oil and gas leases, then specialized in energy law. I managed one of the largest oil and gas trust departments in the country and later drilled wells across multiple U.S. basins.
I’ve found millions of barrels of oil in my career. What excites me here is the opportunity to potentially find billions. That’s what Greenland represents.
Larry Swets:
Thank you. My background is in investing and SPACs. I’ve been involved in them for about 20 years.
This project stands out as one of the most compelling asymmetric risk-reward opportunities I’ve seen. There’s always risk, but the upside here is uniquely significant.
Redemption and Capital Strategy
LaptopTravel:
What is your message to shareholders deciding whether to redeem or stay invested?
2
| Private & Confidential |
Larry Swets:
The redemption deadline has passed. Today is the vote.
We’ve seen encouraging trading above $10, which suggests confidence. Regardless of redemption levels, we are confident in our ability to fund the project.
Importantly, while institutional capital is available, we wanted retail investors to participate in this opportunity alongside us.
Project Background: ARCO and Greenland
LaptopTravel:
Can you walk us through the history of this basin?
Robert Price:
ARCO, once one of the largest oil companies in the world, identified this basin as a top prospect after discovering Prudhoe Bay.
They spent $275 million on seismic work and infrastructure but abandoned the project due to low oil prices and an unfavorable royalty agreement with Denmark.
We later acquired the licenses directly from Greenland under much better terms, reducing royalties from nearly 40% to a sliding scale up to 15%.
Using modern seismic analysis, an independent report estimates up to 13 billion barrels of oil in just half the basin.
3
| Private & Confidential |
Operational Plan
Robert Price:
We will drill two wells this year.
Equipment staged in Montreal by August
Deployment to Greenland in late summer
First well begins October
Each well takes about 30 days
We expect to test multiple oil zones per well and gather detailed reservoir data.
By year end, we should have a clear understanding of the basin’s potential.
Cost Structure and Economics
Robert Price:
Our estimated breakeven is about $25 per barrel.
For comparison:
U.S. shale ranges around $60 to $70 per barrel
This would make us one of the lowest cost producers globally.
Production Potential
Robert Price:
At full development, production could reach:
1.5 to 2 million barrels per day
That is comparable to major global oil fields and could meaningfully impact European supply.
4
| Private & Confidential |
Valuation Framework
Larry Swets:
This is not a traditional valuation situation.
We think about it in stages:
Current state: exploration rights valued around $215 million
After two successful wells: potential to reach $1 billion or more
Full production: significantly higher valuation
This is a probability-based, asymmetric opportunity.
Strategic Exit or Partnership
Robert Price:
We will likely need a major partner or acquirer for full field development.
Our role is to prove the resource through initial drilling. Large oil companies or sovereign entities would then scale production.
Why SPAC Instead of IPO
Larry Swets:
Traditional IPOs have become restrictive and selective.
5
| Private & Confidential |
SPACs allow broader investor access, faster market entry, and participation from retail investors.
Without this route, this project likely would have remained private or been funded by foreign capital.
Timeline to Ticker Change
Larry Swets:
Expected sequence:
Shareholder vote: today
Closing: within 1 to 2 days
Ticker change to GLND: likely Thursday or Friday, possibly early next week
Buying PELI today means owning the future Greenland Energy Company.
Investor Base Strategy
Larry Swets:
We want a balanced shareholder base:
Retail investors
Institutional investors
Industry experts
Retail participation is important to maintain a healthy ownership structure and avoid overconcentration.
6
| Private & Confidential |
Long-Term Vision
Robert Price:
This project is about more than oil.
It includes Greenland economic independence, U.S. and European energy security, and potential development of other resources.
It could transform Greenland similar to how oil transformed Norway and Alaska.
Closing Remarks
Robert Price:
This is the most exciting project of my career. Thank you for your time and interest.
Larry Swets:
We are focused on delivering results for shareholders. The opportunity is still early and compelling. Do your due diligence, but we’re excited about the journey ahead.
LaptopTravel:
Thank you both. This is a rare opportunity to hear directly from leadership on a frontier project of this scale. We look forward to following your progress as Greenland Energy transitions to public markets.
7
FAQ
What business combination is Pelican Acquisition (PELI) pursuing with Greenland Energy?
What resource potential did Pelican and Greenland Energy describe for the Jameson Land Basin?
What drilling plan did Greenland Energy outline in Pelican’s 8-K interview?
What cost and production metrics were discussed for Greenland Energy’s project?
What valuation framework did Pelican present for the Greenland Energy SPAC merger?
What SEC filings should Pelican (PELI) shareholders review regarding the Greenland deal?
Why did Pelican and Greenland Energy choose a SPAC structure instead of a traditional IPO?
Filing Exhibits & Attachments
6 documents