Recent developments include the company entering a non-binding letter of intent for a potential business combination, announcing trading options for IPO units, and completing additional unit sales raising gross proceeds.

• Pelican Acquisition Corporation entered a non-binding letter of intent with Greenland Exploration Limited for a potential business combination [N1].
• The company announced trading options for IPO units starting June 12, 2025, allowing separate trading of ordinary shares and rights [N2].
• Pelican Acquisition Corporation completed the sale of an additional 1,125,000 units, raising total gross proceeds to $86.25 million [N3].

The company’s experienced management team and board bring diverse expertise in legal, real estate, and corporate management, which may facilitate identification and execution of value-creating acquisition opportunities. The pending business combination with Greenland Exploration Limited and March GL Company offers a pathway to transition from a blank check company to an operating public entity. The SPAC structure provides an alternative to traditional IPOs, potentially enabling faster access to public capital markets and enhanced visibility. The company’s substantial funds held in trust provide financial resources to support the business combination and initial operations post-transaction.

Pelican Acquisition Corp currently has no operating revenue and limited liquidity, with a current ratio of 0.28 as of January 31, 2026, indicating potential short-term financial constraints. The consummation of the pending business combination is subject to customary closing conditions, including shareholder and regulatory approvals, which may not be obtained. The company faces competition from other SPACs and investment firms in sourcing suitable acquisition targets, and the requirement to meet Nasdaq’s 80% fair market value test may limit available opportunities. Post-combination, the company may face operational risks including integration challenges, management retention, and competitive pressures in the target industry. Dilution risks exist for existing shareholders depending on transaction structure and financing.

Pelican Acquisition Corp’s competitive advantages stem primarily from its experienced management team and board, which have extensive backgrounds in legal, real estate, corporate, and international business sectors. The company’s status as a publicly listed SPAC provides an alternative route to public markets for target companies, potentially reducing execution risk and offering greater transaction certainty compared to traditional IPOs. The management’s established network of industry contacts and financial intermediaries supports deal sourcing and evaluation. However, as a blank check company with no operating history or revenue, its moat is contingent on successful consummation and integration of the pending business combination and the subsequent performance of the combined entity.

• Business Combination Completion Risk: The pending business combination is subject to customary closing conditions including shareholder and regulatory approvals. There is no assurance that the transaction will be consummated.
• Liquidity Constraints: As of January 31, 2026, the company has limited liquidity with a current ratio of 0.28 and no cash ratio, which may constrain operations prior to or following the business combination.
• Competition for Acquisition Targets: The company competes with other SPACs, private equity firms, and investment funds for suitable acquisition targets, which may limit deal opportunities.
• Post-Combination Operational Risks: The future performance of the combined company depends on the abilities and retention of management and key personnel, as well as successful integration and execution of strategic initiatives.
• Shareholder Dilution and Minority Interest: The business combination may involve issuance of shares resulting in dilution, and pre-combination shareholders may hold a minority interest post-transaction depending on relative valuations.

• Pelican Acquisition Corp is a Cayman Islands exempted company incorporated on July 23, 2024, formed as a special purpose acquisition company (SPAC) to effect a business combination such as a merger, share exchange, asset acquisition, or similar transaction [S1].
• On September 9, 2025, Pelican Acquisition Corp entered into a definitive Agreement and Plan of Merger with Pelican Holdco, Inc., Greenland Exploration Limited, and March GL Company to consummate a business combination subject to customary closing conditions including shareholder and regulatory approvals [S1].
• Following the business combination, the company will domesticate from the Cayman Islands to Texas and rename to Greenland Energy Company, with an expected listing on Nasdaq [S1].
• The company completed its IPO on May 27, 2025, issuing 8,625,000 units at $10.00 per unit, raising gross proceeds of $86.25 million, with additional private placement units sold to the sponsor [S1].
• Proceeds from the IPO and private placement, net of underwriting discounts and expenses, totaling approximately $88.7 million, were placed in a trust account for the benefit of public shareholders and intended for use in the business combination and working capital [S1].
• Since IPO, the company's sole business activity has been identifying and evaluating acquisition candidates; it has no revenue and has incurred losses from formation and operating costs [S1].
• The company’s management team includes Chairman, CEO, and CFO Robert L. Labbe, and directors Daniel M. McCabe, Ping Zhang, and Qi Gong, all U.S. citizens with experience in legal, real estate, corporate management, and international business [S1].
• The company’s units began separate trading of ordinary shares and rights on June 10, 2025, under Nasdaq symbols PELI and PELIR respectively, with units trading as PELIU if not separated [S1].
• The company’s current financial snapshot as of January 31, 2026, shows current assets of $165,125 and current liabilities of $583,170, resulting in a current ratio of 0.28 and a cash ratio of 0, indicating limited liquidity [S1].
• Net income reported for the fiscal year ending January 31, 2026, was $1,249,047, with basic and diluted EPS of -$0.01 for the quarter ended April 30, 2025 [S1].
• The company competes with other SPACs, private equity firms, and investment funds in identifying acquisition targets, with Nasdaq rules requiring the initial business combination to have a fair market value of at least 80% of the trust account assets [S1].
• The business combination may involve issuance of shares resulting in dilution, and shareholders prior to the combination may hold a minority interest post-transaction depending on relative valuations [S1].
• The company may seek additional equity or debt financing in connection with the business combination, but as of January 31, 2026, no definitive arrangements for additional financing were in place beyond disclosures in the proxy statement [S1].
• Following the business combination, the combined company is expected to operate primarily through U.S.-based subsidiaries and will not be subject to PRC regulatory restrictions as neither the company nor targets maintain operations in China [S1].
• The company may retain available funds and future earnings post-business combination to fund growth and development, with no expectation of paying cash dividends in the foreseeable future [S1].
• Recent news includes the company entering a non-binding letter of intent with Greenland Exploration Limited for a potential business combination, announcement of trading options for IPO units starting June 12, 2025, and completion of additional unit sales raising total gross proceeds to $86.25 million [N1][N2][N3].