Pelican Acquisition Corp (PELI) sees 8.66% stake reported by Decagon

Rhea-AI Filing Summary

Decagon Asset Management LLP and Benjamin John Durham have reported a significant passive stake in Pelican Acquisition Corp. They beneficially own 1,038,901 ordinary shares, representing 8.66% of the company’s outstanding ordinary shares as of December 31, 2025.

The position is held through investment funds and accounts managed by Decagon, with Decagon and Durham sharing voting and dispositive power over these shares. They certify the holdings were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control of Pelican Acquisition Corp.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

Pelican Acquisition Corp

(Name of Issuer)

Ordinary Shares

(Title of Class of Securities)

G6993G103

(CUSIP Number)

12/31/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. G6993G103

1

Names of Reporting Persons

Decagon Asset Management LLP

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

UNITED KINGDOM

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 1,038,901.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 1,038,901.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,038,901.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

8.66 %

12

Type of Reporting Person (See Instructions)

IA, PN

SCHEDULE 13G

CUSIP No. G6993G103

1

Names of Reporting Persons

Benjamin John Durham

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

UNITED KINGDOM

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 1,038,901.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 1,038,901.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,038,901.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

8.66 %

12

Type of Reporting Person (See Instructions)

HC, IN

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Pelican Acquisition Corp
(b)	Address of issuer's principal executive offices: 1185 AVENUE OF THE AMERICAS, SUITE 301, NEW YORK, NEW YORK 10036
Item 2.
(a)	Name of person filing: This statement is filed by: (i) Decagon Asset Management LLP (the "Investment Manager") which serves as the investment manager or sub-adviser, with respect to certain funds and accounts (the "DAM Vehicles"), with respect to the ordinary shares, par value $0.0001 per share ("Ordinary Shares") of Pelican Acquisition Corporation. (the "Company") held by the DAM Vehicles; and (ii) Benjamin John Durham ("Mr. Durham") who indirectly controls the Investment Manager, with respect to the Ordinary Shares held by the DAM Vehicles. The foregoing persons are hereinafter sometimes collectively referred to as the "Reporting Persons." The filing of this statement should not be construed as an admission that any of the Reporting Persons is the beneficial owner of the Ordinary Shares reported herein.
(b)	Address or principal business office or, if none, residence: 5 SWALLOW PLACE LONDON, United Kingdom W1B 2AF
(c)	Citizenship: Decagon Asset Management LLP - UNITED KINGDOM Benjamin John Durham - UNITED KINGDOM
(d)	Title of class of securities: Ordinary Shares
(e)	CUSIP No.: G6993G103
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: The information required by Item 4(a) is set forth in Row 9 of the cover page for each of the Reporting Persons and is incorporated herein by reference. The percentage set forth in this Schedule 13G as of December 31, 2025 is calculated based upon an aggregate of 11,998,750 Ordinary Shares outstanding as of December 19, 2025, as reported in the Company's Quarterly Report on Form 10-Q for the quarterly period ended October 31, 2025, filed with the Securities and Exchange Commission on December 19, 2025.
(b)	Percent of class: 8.66 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: Decagon Asset Management LLP - 0 Benjamin John Durham - 0
	(ii) Shared power to vote or to direct the vote: Decagon Asset Management LLP - 1,038,901 Benjamin John Durham - 1,038,901
	(iii) Sole power to dispose or to direct the disposition of: Decagon Asset Management LLP - 0 Benjamin John Durham - 0
	(iv) Shared power to dispose or to direct the disposition of: Decagon Asset Management LLP - 1,038,901 Benjamin John Durham - 1,038,901
Item 5.	Ownership of 5 Percent or Less of a Class.
	Not Applicable
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Decagon Asset Management LLP

Signature:	Olivia Cooper
Name/Title:	Olivia Cooper /COO
Date:	02/03/2026

Benjamin John Durham

Signature:	Benjamin John Durham
Name/Title:	Benjamin John Durham
Date:	02/03/2026

Exhibit Information

EXHIBIT 99.1 JOINT ACQUISITION STATEMENT PURSUANT TO RULE 13d-1(k) The undersigned acknowledge and agree that the foregoing statement on Schedule 13G is filed on behalf of each of the undersigned and that all subsequent amendments to this statement on Schedule 13G shall be filed on behalf of each of the undersigned without the necessity of filing additional joint acquisition statements. The undersigned acknowledge that each shall be responsible for the timely filing of such amendments, and for the completeness and accuracy of the information concerning him or it contained therein, but shall not be responsible for the completeness and accuracy of the information concerning the others, except to the extent that he or it knows or has reason to believe that such information is inaccurate. DATED: February 3rd, 2026 DECAGON ASSET MANAGEMENT LLP By: /s/ Olivia Cooper Name: Olivia Cooper Title: COO /s/ Benjamin John Durham BENJAMIN JOHN DURHAM

FAQ

What ownership stake in PELI does Decagon Asset Management report?

Decagon Asset Management LLP reports beneficial ownership of 1,038,901 ordinary shares of Pelican Acquisition Corp, or 8.66% of the outstanding class. This stake is held through investment vehicles it manages and reported on a Schedule 13G.

Who are the reporting persons in the Pelican Acquisition Corp (PELI) Schedule 13G?

The Schedule 13G for Pelican Acquisition Corp lists Decagon Asset Management LLP and Benjamin John Durham as reporting persons. Decagon is the investment manager, and Durham indirectly controls Decagon with respect to the reported ordinary shares.

When was the ownership event for Decagon’s PELI stake dated?

The ownership event requiring the Schedule 13G filing is dated December 31, 2025. The 8.66% ownership percentage is based on 11,998,750 ordinary shares outstanding as of December 19, 2025, as disclosed in Pelican Acquisition Corp’s Form 10-Q.

Is Decagon’s 8.66% stake in PELI intended to influence control of the company?

The reporting persons certify the securities were acquired and are held in the ordinary course of business and not for the purpose, or with the effect, of changing or influencing the control of Pelican Acquisition Corp, consistent with a passive Schedule 13G filing.

How much voting power over PELI shares do Decagon and Benjamin Durham have?

Decagon Asset Management LLP and Benjamin John Durham report shared voting power over 1,038,901 ordinary shares of Pelican Acquisition Corp and no sole voting power. They also share dispositive power over the same number of shares.

Who signed the Pelican Acquisition Corp (PELI) Schedule 13G for Decagon?

The Schedule 13G is signed by Olivia Cooper as COO on behalf of Decagon Asset Management LLP and separately by Benjamin John Durham. They also executed a joint acquisition statement under Rule 13d-1(k) acknowledging joint filing responsibilities.