Company: PELI
Filing Date: 2025-12-19
Form Type: 10-Q
Source: 0001829126-25-010193
Chunk: 28

Company: Pelican Acquisition Corp
Filing Date: 2025-12-19
Form: 10-Q
Item: Part I, Item 1
Chunk 28
---
 basis.

    Level 2:
    Observable inputs other than Level 1 inputs. Examples of Level 2 inputs include quoted prices in active markets for similar assets or liabilities and quoted prices for identical assets or liabilities in markets that are not active.

    Level 3:
    Unobservable inputs based on our assessment of the assumptions that market participants would use in pricing the asset or liability.

The following table presents information about the Company’s assets that are measured at fair value on a recurring basis as of October 31, 2025 and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value.

    Schedule of fair value hierarchy of valuation 

    October 31, 2025

    Quoted Prices in Active Markets (Level 1)

    Significant Other Observable Inputs (Level 2)

        Significant Other Unobservable Inputs
        (Level 3)

    Assets

    Investments held in Trust Account
     
    $
    87,774,470

    $
    87,774,470

    -

    -

Note 9 — Due to target company (Greenland)

On September 9, 2025, Pelican Merger Sub
issued a promissory note to Greenland in the amount of $100,000,
to be used, in part, for merger related transaction costs (the “Promissory Note”). The Promissory Note is unsecured, interest-free
and due on the date on which Greenland closes its initial business combination. On September 9, 2025, Greenland deposited $100,000
into Pelican’s operating account; Pelican recorded this as an amount as due to target company (Greenland) on the accompanying unaudited
condensed balance sheets as of October 31, 2025.

    19

Note 10 — Segment Information

ASC Topic 280, “Segment Reporting,” establishes standards for companies to report in their financial statement information about operating segments, products, services, geographic areas, and major customers. Operating segments are defined as components of an enterprise for which separate financial information is available that is regularly evaluated by the Company’s chief operating decision maker, or group, in deciding how to allocate resources and assess performance.

The Company’s chief operating decision maker has been identified as the Chairman, Chief Executive Officer, and Chief Financial Officer (“CODM”), who reviews the operating results for the Company as a whole to make decisions about allocating resources and assessing financial performance. Accordingly, management has determined that the Company only has one operating