[8-K] Pelican Acquisition Corp Reports Material Event
Rhea-AI Filing Summary
Pelican Acquisition Corporation filed a current report describing communications related to its proposed business combination with Greenland Exploration Limited, March GL, and Pelican Holdco, Inc., which will form Greenland Energy Company.
The report furnishes as exhibits a social media post by an incoming Greenland Energy director and an Oilprice.com article outlining the planned merger and strategy to pursue oil exploration and strategic energy development in Greenland’s Jameson Land basin. The filing also reminds shareholders that a Form S-4 registration statement with a proxy statement/prospectus has been declared effective, and encourages careful review of those materials for details about the transaction and related shareholder votes.
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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)
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| (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 7, 2026, Larry G. Swets, Jr., an incoming director of the Greenland Energy Company, republished on X.com a media appearance of Robert Price on Newsmax and included a post related to the Business Combination (defined below). A copy of the social media post is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated by reference into this Item 7.01.
On March 9, 2026, Oilprice.com published an article titled “Greenland’s Untested Oil Basin Could Be the Next Big Discovery.” The article discusses the Business Combination (defined below) and plans by Greenland Energy Company to pursue oil exploration and strategic energy development in Greenland’s Jameson Land basin. The article can be accessed at https://oilprice.com/Energy/Crude-Oil/Greenlands-Untested-Oil-Basin-Could-Be-the-Next-Big-Discovery.html. A copy of the article is furnished as Exhibit 99.2 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.
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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.
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| Item 9.01 | Financial Statements and Exhibits |
| Exhibit No. | Description | |
| 99.1 | Social Media Post on X.com | |
| 99.2 | Greenland’s Untested Oil Basin Could Be the Next Big Discovery | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |
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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 9, 2026 | By: | /s/ Robert Labbé |
| Name: | Robert Labbé | |
| Chief Executive Officer | ||
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Exhibit 99.1
Exhibit 99.2
Greenland’s Untested Oil Basin Could Be the Next Big Discovery
By Tom Kool - Mar 09, 2026, 10:00 AM CDT
In 1968, a wildcat well on Alaska’s North Slope unlocked Prudhoe Bay, the largest oil field ever discovered in the United States. In 2015, Exxon drilled a well offshore Guyana that opened the Stabroek Block, now estimated to hold more than 11 billion barrels of recoverable oil.
Both discoveries started the same way: a small group of geologists drilling a well in a place most of the industry had already written off.
A company called Greenland Energy now plans to test a similar frontier.
Its target lies in the remote Jameson Land basin on Greenland’s east coast — one of the last unexplored petroleum systems in the Arctic.
And the timing may be unusually important.
Greenland has suddenly become a geopolitical flashpoint. Washington has pushed to bring the island more firmly under U.S. influence as Arctic shipping routes open and Russia and China expand their presence across the region.
That shift has turned the island into something more than an isolated Arctic territory. It has become a strategic energy frontier.
One of the World’s Most Significant Undrilled Oil Provinces
Greenland Energy was formed to move quickly on the surge of global interest now surrounding Greenland and the Arctic.
The company is being created through a merger between Texas-based explorer March GL, Greenland Exploration Ltd., and Pelican Acquisition Corporation, a Nasdaq-listed special purpose acquisition company. Currently trading as PELI. The transaction is expected to close on March 17th and the combined entity will operate as Greenland Energy Company and is expected to trade on Nasdaq under the new ticker GLND.
The structure brings together the project’s operating team, exploration licenses, and public market capital needed to advance drilling in the Jameson Land basin. Veteran oil executive Robert Price, who founded March GL, will lead the company.
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Its objective is clear: drill the first modern exploration wells in the Jameson Land basin and test what geologists believe could be one of the largest undeveloped petroleum systems in the Arctic.
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According to Greenland Energy’s corporate presentation, the basin could contain more than 13 billion barrels of recoverable oil if early geological models prove correct.
The estimate builds on roughly 1,800 kilometers of seismic data collected by Atlantic Richfield during exploration campaigns in the 1980s, which modern explorers have since reinterpreted to identify new drilling targets.
Greenland Energy believes the updated interpretation points to a much larger opportunity beneath the basin — and independent analysts are reaching similar conclusions. A petroleum resources evaluation by Sproule-ERCE reached a similar conclusion, identifying the Jameson Land basin as one of the most significant undrilled oil provinces in the Arctic.
Why Jameson Land Looks Familiar to Petroleum Geologists
One reason Jameson Land has drawn renewed interest is its geology.
Long before Greenland and northern Europe were separated by tectonic forces, they formed part of the same sedimentary basin along what geologists now call the Atlantic margin. When the continents pulled apart millions of years ago, the rock layers that once sat side by side were carried with them.
On the European side of that divide, those formations became some of the most prolific oil provinces on Earth. The North Sea fields of Norway and the UK have produced tens of billions of barrels of oil since the 1970s, forming the backbone of Europe’s offshore energy industry.
Jameson Land forms the western edge of the same North Atlantic petroleum system that produced the giant oil fields of the North Sea. Studies by the Geological Survey of Denmark and Greenland identify Permian-Triassic source rocks and reservoirs across the Jameson Land basin — the same formations responsible for many North Sea oil fields.
For geologists studying the basin today, the key elements of a large petroleum system are already in place.
The first company to seriously test that idea was Atlantic Richfield, and it left behind a goldmine of data that advanced technology is now reinterpreting in a promising way. Back in the 80s; when Atlantic Richfield launched its Jameson Land exploration campaign, it was one of America’s largest oil producers.
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ARCO geologists mapped the basin and collected roughly 1,800 kilometers of seismic data,identifying structures capable of trapping large volumes of oil. Rock samples confirmed an active petroleum system.
But the timing was wrong. Oil prices collapsed in the late 1980s, and the cost of operating in one of the world’s most remote Arctic regions proved too high. ARCO surrendered the licenses in the early 1990s, leaving behind a massive seismic dataset.
Decades later, at the height of a struggle over access to this strategic staging ground, Greenland Energy’s exploration team has returned to the basin and reprocessed those seismic records using modern subsurface imaging technology — the same advanced technology that has helped unlock major discoveries in frontier basins around the world.
The Wildcatter Behind the Arctic Bet
Leading the effort is veteran oilman Robert Price, a Texas wildcatter who has spent more than four decades drilling frontier wells across the United States.
Over the course of his career, Price has helped discover millions of barrels of oil in basins ranging from Oklahoma and Kansas to North Dakota and Montana. Greenland, however, represents a far larger prize.
“I have drilled for and found millions of barrels of oil over my career,” Price said in an interview. “I have never drilled for billions.”
Price founded March GL after reviewing historic exploration data from the Jameson Land basin and concluding the opportunity had never been fully tested. Through the merger with Pelican Acquisition Corporation and Greenland Exploration Ltd., that effort is now forming Greenland Energy — the company preparing to drill the first modern exploration wells in the basin in decades.
The First Wells Planned for 2026
Greenland Energy now plans to drill the wells that could finally answer the question geologists have debated for decades.
The company’s initial campaign will focus on two exploration wells in the Jameson Land basin, targeting large structures first identified in the seismic data collected by Atlantic Richfield and recently reprocessed using modern imaging technology.
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According to company disclosures, the first well is expected to cost roughly $40 million to drill, with a second follow-up well estimated at about $20 million. The campaign is designed to test whether the basin’s geological model holds up once the drill bit reaches the reservoir.
If successful, the results could confirm the presence of a petroleum system capable of supporting a major new Arctic oil province.
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Why Greenland Is Back at the Center of Global Strategy
Greenland is no longer an obscure Arctic outpost.
In recent years the island has become one of the most contested strategic locations in the northern hemisphere. President Donald Trump has repeatedly argued that the United States needs Greenland for national security, pointing to the island’s position between North America, Europe, and the Arctic Ocean.
From a military perspective, Greenland anchors the western edge of the Greenland-Iceland-UK gap — a critical corridor used to monitor Russian naval activity entering the North Atlantic.
But security is only part of the equation.
Greenland is also believed to hold major deposits of rare earth elements and other critical minerals that Western governments increasingly view as essential to modern technology and defense supply chains.
Greenland has exploded into the center of global attention.
Governments see rare earth minerals and a strategic foothold over the Arctic — along the sea lanes and military corridors that link North America and Europe.
Oil explorers see one of the last large petroleum systems on the planet that has barely been tested. That’s why Jameson Land and its strategic frontier potential, is back on the oil radar.
By. Tom Kool
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