Founded in mid-2024 as a Cayman Islands-based SPAC, Pelican Acquisition Corp raised approximately $88.7 million in gross proceeds through its May 2025 IPO and private placement, held in trust pending business combination. The company is pursuing a transformational merger with Greenland Exploration Limited and March GL Company, which will domesticate the entity to Texas and rename it Greenland Energy Company. While Pelican has no operating history or revenue, its management team’s extensive experience and network underpin deal sourcing and evaluation capabilities. Execution risks remain elevated given SPAC structure and untested integration plans. Cash resources are primarily held in trust awaiting transaction closing, with founder shares providing nominal dilution. Future growth depends on scaling operations post-merger and accessing public capital markets.