Pelican Acquisition Corporation Reports $1.25 Million Net Income, Announces Merger with Greenland Exploration Limited

Pelican Acquisition Corporation, a blank check company incorporated in July 2024, has reported its financial performance for the fiscal year ending January 31, 2026, in its recent 10-K filing. The company generated a net income of $1.25 million, primarily from interest income of $2.35 million earned on investments held in a trust account, offset by general and administrative expenses totaling $1.1 million. This marks a significant improvement compared to the previous fiscal period, where the company reported a net loss of $42,564, indicating a shift towards profitability as it continues to pursue its business combination strategy.

The company has made notable strides in its strategic developments, particularly with the announcement of a definitive Agreement and Plan of Merger on September 9, 2025, with Greenland Exploration Limited and March GL Company. This merger is expected to be completed by March 24, 2026, subject to customary closing conditions. Following the merger, Pelican will domesticate from a Cayman Islands entity to a Texas corporation and will be renamed Greenland Energy Company, with plans to list its securities on Nasdaq. The merger consideration is valued at approximately $215 million, based on a per-share price of $10.00.

Operationally, Pelican has not yet commenced any revenue-generating activities, as its focus has been on identifying and evaluating potential acquisition targets. As of January 31, 2026, the company had approximately $88.6 million in assets held in a trust account, which is intended to fund the business combination. The company has also reported a working capital deficit of $418,045, with cash reserves of only $77. The total number of ordinary shares outstanding as of the reporting date was 11,998,750, with 8,625,000 shares subject to possible redemption.

Looking ahead, Pelican's management has expressed confidence in its ability to complete the business combination and leverage its network to identify attractive acquisition opportunities. However, the company has acknowledged the risks associated with its operations, including the potential inability to complete the business combination within the required timeframe, which could lead to liquidation. The company has until August 27, 2026, to finalize the merger, and it may seek additional financing to support its operations and acquisition efforts.