Company: PELI
Filing Date: 2025-10-30
Form Type: S-4
Source: 0001829126-25-008609
Chunk: 275

Company: Pelican Acquisition Corp
Filing Date: 2025-10-30
Form: S-4
Chunk 275
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 as of June 30, 2025, Greenland does not hold any assets.

Greenland is authorized to issue 10,000,000 common shares with no par value. As of June 30, 2025 there were 1,500,000 common shares outstanding. Greenland also has 1,500,000 warrants outstanding as of June 30, 2025 held by Greenland’s management, board and affiliates.

The mailing address of Greenland is 104 S. Walnut Street, Itsaca, IL 60143. After the consummation of the Business Combination, its principal executive office and mailing address shall be that of PubCo located at 3400 East Bayaud Avenue, Suite 400, Denver, CO 80209 and its telephone number is (918)-361-7000. Greenland’s auditor is Fruci & Associates II, PLLC.

<div align='center'>192</div>

<div align='center'>MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF
OPERATIONS OF GREENLAND</div>

Unless the context otherwise requires, all references in this subsection to the “Company,” “Greenland,” “we,” “us,” or “our” refer to Greenland prior to the consummation of the Business Combination .

Overview

Greenland Exploration Limited (“Greenland” or the “Company”) is a corporation incorporated in the state of Texas on June 9, 2025. The Company is focused on developing strategic positions in North American energy assets. Through its partnerships and future acquisitions, Greenland Exploration Limited aims to deliver long-term shareholder value in a dynamic and evolving energy market.

Recent Development

On June 23, 2025, the Company entered into a non-binding letter of intent with Pelican Acquisition Corporation (“SPAC”), a Cayman Islands exempted company formed as a special purpose acquisition company, for SPAC to acquire all outstanding equity securities of the Company. Simultaneously on June 23, 2025, the Company entered into a non-binding memorandum of understanding (the “March MOU”) with March GL Company, a Texas corporation (“March GL”), regarding Company’s proposed acquisition of a non-operating, non-expense bearing equity participation interest (the “Interest”) in certain oil and gas rights secured by March GL (the “Acquisition”) and the grant of certain exchange rights to March GL. Subsequently, on September 9, 2025, SPAC, Greenland, March GL and certain Merger Subs entered into a definitive