Pelican Acquisition Corporation Reports Net Income of $307,410 for Quarter Ending July 31, 2025

Pelican Acquisition Corporation reported its financial results for the quarter ending July 31, 2025, revealing a net income of $307,410 for the three-month period and $287,857 for the six months ended July 31, 2025. The company generated total interest income of $638,657 during the quarter, which was partially offset by general and administrative expenses of $331,247. This marks a significant improvement compared to the previous fiscal period, where the company reported a net loss of $351,184 for the six months ended July 31, 2024, as it had not yet completed its initial public offering (IPO).

As of July 31, 2025, Pelican Acquisition had total assets of $87.3 million, primarily consisting of $86.9 million held in a trust account, which was established following the IPO. The company completed its IPO on May 27, 2025, raising gross proceeds of $75 million from the sale of 7.5 million units, with an additional $11.25 million raised through the full exercise of an over-allotment option. The total cash balance at the end of the reporting period was $252,240, reflecting a significant increase from $59,073 at the beginning of the year.

In terms of strategic developments, Pelican Acquisition entered into a merger agreement on September 9, 2025, with Pelican Holdco, Inc., Greenland Exploration Limited, and March GL Company. This agreement includes a domestication process to transition from a Cayman Islands company to a Texas corporation, followed by a series of mergers that will result in Greenland Energy Company becoming publicly traded on Nasdaq. The merger consideration is valued at $215 million, with Pelican shareholders receiving one share of Holdco common stock for each share they hold, subject to redemptions.

Operationally, Pelican Acquisition has not yet commenced any business operations, as it is primarily focused on identifying a target for its initial business combination. The company has until August 27, 2026, to complete this transaction, or it will face automatic liquidation. As of the reporting date, Pelican had 11,998,750 ordinary shares issued and outstanding, including those underlying the units sold in the IPO. The company has incurred significant costs related to its acquisition plans and anticipates continued expenses as it seeks to finalize a business combination.

Looking ahead, Pelican Acquisition's management has expressed uncertainty regarding its ability to complete a business combination within the specified timeline, raising concerns about its ability to continue as a going concern. The company has indicated that it may need to seek additional financing to support its operations and fulfill its strategic objectives.