Company: PELI
Filing Date: 2025-10-30
Form Type: S-4
Source: 0001829126-25-008609
Chunk: 276

Company: Pelican Acquisition Corp
Filing Date: 2025-10-30
Form: S-4
Chunk 276
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 Agreement and Plan of Merger. At the closing of the transaction pursuant to the Business Combination Agreement (the “Business Combination”), the combined company will operate under the name Greenland Energy Company (“PubCo”). As consideration for the Business Combination, the holders of March GL common stock immediately prior to the Business Combination will be entitled to receive from PubCo, in the aggregate, 20,000,000 shares of PubCo common stock (the “March GL Merger Consideration”), the holders of Greenland common stock immediately prior to the Business Combination will be entitled to receive from PubCo, in the aggregate, 1,500,000 shares of PubCo common stock (the “Greenland Merger Consideration, and together with the March GL Merger Consideration, the “Merger Consideration”), with the Merger Consideration being a number of shares of PubCo common stock with an aggregate value equal to US$215,000,000, based upon a per share value of US$10.00. SPAC shareholders will receive one share of PubCo common stock for each share of SPAC common stock they currently hold (subject to redemptions).

March GL has obtained the drilling rights from 80 Mile PLC and its subsidiary company, White Flame Energy A/S, pursuant to which March GL will own up to 70% of three onshore licenses, which include over 2,000,000 acres covering the entire petroleum basin in the Jameson Land Basin in Greenland.

As of June 30, 2025, the Company had not yet commenced any operations. All activity through June 30, 2025, related to Company’ formation and transaction described above.

Results of Operations

We have neither engaged in any operations nor generated any revenues to date. Our only activities through June 30, 2025 were organizational activities and transaction described.

For the period June 9, 2025 (inception) to June 30, 2025, the Company reported net loss of $8,335, which consists of formation and audit related expenses.

Liquidity and Capital Resources

As of June 30, 2025, we held a cash balance of $20,000. Our initial liquidity needs were satisfied through $20,000 proceeds received from Company’s management, board of directors and affiliate from the purchase of common shares and warrants (the “$15 Exercise Price Warrants”).

In order to finance transaction costs in connection with the transaction described above, certain of our officers and directors or affiliate may, but