Company: PELI
Filing Date: 2025-10-24
Form Type: 425
Source: 0001829126-25-008407
Chunk: 5

Company: Pelican Acquisition Corp
Filing Date: 2025-10-24
Form: 425
Chunk 5
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ix) the unexpected costs related to the Business Combination; (x) the amount of redemptions by
the Pelican public shareholders being greater than expected; (xi) the management and board composition of PubCo following the Business
Combination; (xii) limited liquidity and trading of PubCo’s securities following completion of the Business Combination; (xiii)
changes in domestic and foreign business, market, financial, political, and legal conditions, including March GL’s expectations
of receiving extensions on applicable licenses, (xiv) the possibility that Pelican, Greenland, or March GL may be adversely affected
by other economic, business, and/or competitive factors; (xv) operational risks; (xvi) litigation and regulatory enforcement risks, including
the diversion of management time and attention and the additional costs and demands on Pelican, Greenland, or March GL’s resources;
(xvii) the risk that the consummation of the Business Combination is substantially delayed or does not occur; and (xviii) other risks
and uncertainties indicated from time to time in the Registration Statement, including those under “Risk Factors” therein,
and in other filings of Pelican with the SEC.

No Offer or Solicitation

This Current Report on Form 8-K relates to a Business Combination between
Pelican, Greenland, and March GL. This document does not constitute a solicitation of a proxy, consent or authorization with respect to
any securities or in respect of the Business Combination. This document does not constitute an offer to sell or exchange, or the solicitation
of an offer to buy or exchange, any securities, nor shall there by any offer, sale or exchange of securities in any state or jurisdiction
in which such offer, solicitation, sale or exchange would be unlawful prior to registration or qualification under the securities laws
of any such jurisdiction. No offering of securities will be made except by means of a prospectus meeting the requirements of Section 10
of the Securities Act or an exemption therein.

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| Item 9.01 | Financial Statements and Exhibits |

| Exhibit No. 
 99.1        |     | Description                                                                                    
 Sproule ERCE’s Reserve Report of March GL Company’s Greenland license as of September 1, 2025. |
|:------------|:----|:-----------------------------------------------------------------------------------------------|
| 104         |     | Cover Page Interactive Data File (embedded within the Inline XBRL document).                   |

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