Company: PELI
Filing Date: 2025-09-15
Form Type: 10-Q
Source: 0001829126-25-007404
Chunk: 69

Company: Pelican Acquisition Corp
Filing Date: 2025-09-15
Form: 10-Q
Item: Part I, Item 8
Chunk 69
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 operating and reportable segment. The CODM reviews the position of total assets available to assess if the Company has sufficient resources available to discharge its liabilities.

When evaluating the Company’s performance and making key decisions regarding resource allocation the CODM reviews several key metrics, which include the following: 

    Schedule of segment information

    For the Three Months EndedJuly 31, 2025

        For the Six Months Ended
        July 31, 2025

    General and administrative expenses
     
    $
    331,247

    $
    351,184

    Interest earned on investments held in Trust Account
     
    $
    635,672

    $
    635,672

The key measures of segment profit or loss reviewed by the CODM are interest earned on investments held in Trust Account and formation and operational costs. Formation and operational costs are reviewed and monitored by the CODM to manage and forecast cash to ensure enough capital is available to complete a business combination within the business combination period. The CODM also reviews formation and operational costs to manage, maintain and enforce all contractual agreements to ensure costs are aligned with all agreements and budget.

Note 10 — Subsequent Events

The Company evaluated subsequent events and transactions
that occurred after the balance sheet date through the date when these financial statements were issued. Based on this review, the Company
identified the following subsequent events, that would require adjustment or disclosure in the financial statements.

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”).

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.

    19

Following the Domestication, the transaction will
include a series of