Pelican Acquisition Corporation Reports Net Income of $514,636 for Quarter Ending October 31, 2025

Pelican Acquisition Corporation reported its financial results for the quarter ending October 31, 2025, revealing a net income of $514,636, a significant increase from a net loss of $43,064 during the same period in 2024. The company’s revenue primarily stemmed from interest income, which totaled $889,901 for the quarter, compared to no interest income reported in the prior year. For the nine months ending October 31, 2025, Pelican recorded a net income of $802,493, up from a loss of $43,064 for the period from inception to October 31, 2024. General and administrative expenses rose sharply to $375,265 for the quarter, up from $43,064 a year earlier, reflecting the costs associated with being a public company.

The company’s balance sheet as of October 31, 2025, showed total assets of $88,054,474, a decrease from $208,386 as of January 31, 2025. This decline was primarily due to the reclassification of $87,774,470 in ordinary shares subject to possible redemption, reflecting the completion of its initial public offering (IPO) and the subsequent over-allotment option. Pelican's cash reserves were reported at $220, down from $59,073 at the beginning of the year, indicating a working capital deficit of $145,981.

In terms of strategic developments, Pelican entered into a definitive Agreement and Plan of Merger on September 9, 2025, with Greenland Exploration Limited and March GL Company, which will result in the domestication of Pelican as a Texas corporation. The merger consideration is valued at $215 million, with existing shareholders of Greenland and March GL set to receive shares of the new entity, which will be publicly traded on Nasdaq. This merger is contingent upon customary closing conditions, including shareholder approvals.

Operationally, Pelican has not yet commenced any business operations, as its activities have been limited to organizational efforts and the IPO process. The company has 11,998,750 ordinary shares outstanding, including those underlying the units sold in the IPO. The management has indicated that it expects to continue incurring significant costs in pursuit of its business combination plans, with a deadline to complete the merger by August 27, 2026. If the merger is not completed by this date, Pelican will face automatic liquidation.

Looking ahead, Pelican's management has expressed uncertainty regarding its ability to raise sufficient capital or successfully complete a business combination within the required timeframe. The company’s financial statements raise substantial doubt about its ability to continue as a going concern, emphasizing the need for successful execution of its merger plans to ensure operational viability.