Company: PELI
Filing Date: 2025-12-19
Form Type: 10-Q
Source: 0001829126-25-010193
Chunk: 69

Company: Pelican Acquisition Corp
Filing Date: 2025-12-19
Form: 10-Q
Item: Part I, Item 8
Chunk 69
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 assets and liabilities, the Company seeks to maximize the use of observable inputs (market data obtained from independent sources) and to minimize the use of unobservable inputs (internal assumptions about how market participants would price assets and liabilities). The following fair value hierarchy is used to classify assets and liabilities based on the observable inputs and unobservable inputs used in order to value the assets and liabilities:

    Level 1:
    Quoted prices in active markets for identical assets or liabilities. An active market for an asset or liability is a market in which transactions for the asset or liability occur with sufficient frequency and volume to provide pricing information on an ongoing 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