Company: PELI
Filing Date: 2025-12-19
Form Type: 10-Q
Source: 0001829126-25-010193
Chunk: 87

Company: Pelican Acquisition Corp
Filing Date: 2025-12-19
Form: 10-Q
Item: Part I, Item 2
Chunk 87
---
 one or more businesses. Prior to September 9, 2025, we had not selected any specific
business combination target and we have not, nor has anyone on our behalf, initiated any substantive discussions, directly or indirectly,
with any business combination target.

On September 9, 2025, we entered into a definitive
Agreement and Plan of Merger with certain target entities, pursuant to which we intend to consummate a business combination, subject
to the satisfaction of customary closing conditions, including regulatory and shareholder approvals. There can be no assurance that the
proposed business combination will be completed.

We intend to effectuate our initial business
combination using cash from the proceeds of the Initial Public Offering (“IPO” as defined below), and the private placement
of the private placement units, the proceeds of the sale of our securities in connection with our initial business combination, our shares,
debt or a combination of cash, stock and debt. We expect to continue to incur significant costs in the pursuit of our acquisition plans.
We cannot assure you that our plans to complete an initial business combination will be successful.

Recent Developments

Merger Agreement

On September 9, 2025, Pelican entered into an Agreement and Plan of Merger (the “Merger Agreement”), by and among Pelican Holdco, Inc., a Texas corporation (“Holdco”), Pelican Merger Sub, Inc., a Texas corporation and wholly-owned subsidiary of Holdco, Greenland Exploration Limited, a Texas Corporation (“Greenland”), Greenland Merger Sub, Inc., a Texas corporation and a wholly-owned subsidiary of Holdco, and March GL Company, a Texas corporation (“March GL”).

21

Prior to the closing, Pelican will effect a domestication pursuant to which Pelican will discontinue as a Cayman Islands exempted company and domesticate as a Texas corporation (the “Domestication”). Upon the Domestication, each issued and outstanding Pelican security will remain outstanding and automatically represent a corresponding security of Pelican as a Texas corporation, without any action required by the holders.

Following the Domestication, the transaction will include a series of mergers whereby Pelican, Greenland, and March GL will each merge with subsidiaries of Holdco, which will be renamed Greenland Energy Company and become publicly traded company on the Nasdaq.

The Merger consideration being a number of shares of Holdco common stock with an aggregate value equal to US$215,000,000, based upon a per share value of US$10.00. Existing