공시 • Mar 26
Greenland Exploration Limited completed the acquisition of Pelican Acquisition Corporation (NasdaqGM:PELI) from Pelican Sponsor LLC, EarlyBirdCapital, Inc., and others in a reverse merger transaction.
Greenland Exploration Limited signed a letter of intent to acquire Pelican Acquisition Corporation (NasdaqGM:PELI) from Pelican Sponsor LLC, EarlyBirdCapital, Inc., and others for approximately $220 million in a reverse merger transaction on June 23, 2025. Greenland Exploration Limited signed a definitive agreement to acquire Pelican Acquisition Corporation from Pelican Sponsor LLC, EarlyBirdCapital, Inc., and others in a reverse merger transaction on September 9, 2025. Under the preliminary, non-binding terms, the parties are exploring a potential share-for-share exchange in which Pelican would acquire 100% of the issued and outstanding equity of GEL. While the structure remains subject to further negotiation and due diligence, the LOI contemplates an exchange ratio of one Pelican share for each GEL common share which would result in the issuance of 21.5 million shares of Pelican. In addition, March GL Company may receive certain equity exchange rights based on a notional valuation of $200 million, assuming a $10.00 per share value for Pelican, subject to final structuring and definitive documentation. As part of the contemplated deal structure, Pelican’s sponsor would forfeit founder shares such that post-transaction, its founder equity would equal 25% of the shares issued in its IPO. The current structure under discussion does not include a minimum cash condition from Pelican’s trust account for the transaction to close. Existing Greenland Exploration shareholders will receive an aggregate of 1.5 million shares of Greenland Energy Company common stock. Existing March GL shareholders will receive an aggregate of 20 million shares of Greenland Energy Company common stock. Pelican shareholders will receive one share of Greenland Energy Company common stock for each share of Pelican common stock they currently hold. Upon consummation of the Business Combination, SPAC Initial Shareholders will own 27% shares, March GL shareholders will own 57% shares, Greenland shareholders will own 9% shares of the combined company (no redemption). Upon completion of the transaction the combined company to be named Greenland Energy Company. The combined company will trade on the Nasdaq under the ticker symbol “GLND”.
Ashiq Merchant will join as Chief Financial Officer of the post-merger company.
The transaction remains subject to, among other things, execution of definitive agreements, completion of due diligence, approval of the boards and shareholders of the respective parties, and regulatory and other customary conditions, including execution of ancillary agreements and minimum cash balance sheet. The transaction is expected to be completed in the fourth quarter of 2025. As of November 24, 2025, the transaction is expected to be completed in early January 2026. As on February 9, 2026, the transaction is expected to close in the first quarter of 2026. As of February 18, 2026, the board of directors of Pelican Acquisition Corporation has approved the transaction. As of February 19, 2026, U.S. Securities and Exchange Commission approved the transaction between Pelican Acquisition Corporation, Greenland Exploration Limited, and March GL. Extraordinary General Meeting of Shareholders to Approve Business Combination Scheduled for March 17, 2026. As of March 19, 2026, Pelican Acquisition Corporation’s shareholders approved the transaction. The business combination is expected to close on or about March 24, 2026.
ThinkEquity LLC is acting as financial advisor to Greenland Exploration and will receive a fee of $2 million, EarlyBirdCapital is acting as financial advisor to Pelican on the transaction. Cassi Olson and Hui Chen of Celine & Partners, PLLC acted as a legal advisor to Pelican and will receive and fee of $0.35 million. Haynes and Boone, LLP acted as a legal advisor to March GL. Continental Stock Transfer & Trust Company acted as a transfer agent to Greenland Exploration. Michael J. Blankenship of Winston & Strawn LLP acted as a legal advisor to Greenland Exploration. EntrepreneurShares LLC acted as fairness opinion provider to Pelican Acquisition Corporation and will receive a fee of $0.045 million for advisory services and $0.03 million for opinion rendered. Advantage Proxy, Inc. acted as proxy solicitor to Pelican Acquisition Corporation.
Greenland Exploration Limited completed the acquisition of Pelican Acquisition Corporation (NasdaqGM:PELI) from Pelican Sponsor LLC, EarlyBirdCapital, Inc., and others in a reverse merger transaction on March 25, 2026
The directors and executive management team of Greenland Energy will be led by Larry G. Swets, Jr. as Executive Chairman and Robert Price as Chief Executive Officer, and include representatives from Greenland, March GL, and Pelican.
ThinkEquity LLC acted as financial advisor for Pelican and March GL.