Pelican Acquisition Corporation (NASDAQ: PELI) Secures Shareholder Approval for Transformative Business Combination with Greenland Exploration Limited, March GL Company, and Pelican Holdco, Inc.

Key Highlights for Investors

• Shareholder Approval Secured: Pelican Acquisition Corporation (“Pelican”), a NASDAQ-listed special purpose acquisition company (SPAC), has received shareholder approval at its extraordinary general meeting for its proposed business combination with Pelican Holdco, Inc. (“PubCo”), Greenland Exploration Limited (“Greenland”), and March GL Company (“March GL”).
• Timeline for Completion: The companies expect to consummate the business combination on or about March 24, 2026, subject to the satisfaction of remaining closing conditions.
• Formation of a New Public Energy Company: Upon completion, the combined entity aims to be a publicly traded energy company focusing on the responsible development of Greenland’s natural resources, with a stated objective of enhancing global energy security.
• Strategic Drilling in Greenland: March GL Company, through an agreement with 80 Mile, will fund 100% of the costs for up to two exploration wells at the Jameson oil and gas basin in Greenland. In exchange, March GL could earn up to a 70% interest in the entire basin and be appointed as Field Operations Manager.
• Regulatory Filings and Shareholder Materials: Investors are urged to read the definitive proxy statement/prospectus and related filings, which contain crucial details about the transaction and are freely available via the SEC’s website.

Detailed Transaction Overview

Pelican Acquisition Corporation’s shareholders have given a strong mandate for the company’s strategic merger with Greenland Exploration Limited, March GL Company, and PubCo. This business combination, approved at the extraordinary general meeting on March 19, 2026, represents a significant step toward creating a new player in the global energy sector.

The transaction is structured to position the combined entity as a leader in developing energy resources in Greenland—a region with untapped potential and growing strategic importance for global energy security. Greenland Exploration Limited, based in Texas, has established a track record in acquiring and developing North American energy assets, while March GL Company brings operational expertise and is set to become the Field Operations Manager for the Jameson basin project in Greenland.

March GL’s agreement to fund the initial exploration wells—expected to delineate the energy potential of the Jameson Land Basin—could result in a substantial ownership stake (up to 70%) in any future basin development. These arrangements are likely to be closely scrutinized by investors, as successful exploration and development could materially impact the value of the new public company.

Important Shareholder and Price-Sensitive Information

• Potential Share Price Drivers:
  • Completion of the business combination and transition to a new publicly traded energy entity is a material corporate event and could be a catalyst for significant share price movement, depending on market reception and future operational results.
  • Progress at the Jameson oil and gas basin, including exploration outcomes, partnership structure, and earned interests, could have a direct impact on the company’s valuation and investor sentiment.
  • Shareholders should closely monitor SEC filings and company communications for updates on transaction closing, exploration outcomes, and any changes to the deal structure or strategic direction.
• Risks and Considerations:
  • The transaction is subject to various risks, including potential delays, regulatory reviews, changes in management, and the possibility of significant redemptions by Pelican’s public shareholders.
  • The ability to secure a stock exchange listing for the new company, completion of the business combination by the stated deadline, and successful retention of key personnel post-merger remain critical to the deal’s success.
  • Operational risks in Greenland, changes to applicable licenses, and macroeconomic or geopolitical developments could impact future performance.
  • Litigation, regulatory enforcement, or unforeseen costs related to the merger may also affect the combined company’s financial position and share value.

Where to Find More Information

Investors are strongly encouraged to review the registration statement on Form S-4, which includes the definitive proxy statement/prospectus and all related amendments. These documents are available free of charge through the SEC’s website at www.sec.gov. The companies may also issue additional updates and filings in connection with the transaction.

For direct inquiries, shareholders may contact Robert Labbe, Chief Executive Officer of Pelican Acquisition Corporation, at [email protected] or by telephone at (212) 612-1400.

Forward-Looking Statements and Disclaimer

This article contains forward-looking statements regarding the proposed business combination involving Pelican Acquisition Corporation, Greenland Exploration Limited, March GL Company, and Pelican Holdco, Inc. Actual results may differ materially due to various known and unknown risks, uncertainties, and other factors, including those described in Pelican’s filings with the SEC. This article is for informational purposes only and does not constitute an offer to buy or sell securities, nor should it be relied upon as investment advice. Investors should consult the official filings and their financial advisors before making any investment decisions.

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