Pelican Acquisition Corp details merger progress and Greenland oil reserve report

Pelican Acquisition Corp (NASDAQ:PELIU) provided updates on its previously announced merger and disclosed information related to oil exploration in Greenland, according to a statement filed with the Securities and Exchange Commission. The company, with a current market capitalization of $121.25 million, is trading near its 52-week high of $11.12. According to InvestingPro data, the stock has shown relatively low price volatility, with a 3.2% total return over the past year.

The company, incorporated in the Cayman Islands and based in New York, reported that on September 9, 2025, it entered into a merger agreement with Pelican Holdco, Inc. (PubCo), Pelican Merger Sub, Inc., Greenland Exploration Limited, Greenland Merger Sub, Inc., March GL Company, and March GL Merger Sub, Inc. InvestingPro analysis reveals some financial challenges, with a current ratio of 0.27 and negative earnings per share of -$0.03, indicating potential liquidity concerns. Subscribers can access 4 additional key ProTips and comprehensive financial analysis tools. The combined entity, to be named Greenland Energy Company, is expected to be listed on the Nasdaq Stock Market under the ticker symbol GLND upon closing.

On Wednesday, Pelican noted that a Fortune article referenced figures from a reserve report by Sproule ERCE, which evaluated the prospective oil resources of March GL’s Greenland license as of September 1, 2025. The reserve report was filed as an exhibit to the SEC filing.

Pelican also stated its intention to file a registration statement on Form S-4 with the SEC in connection with the business combination. This registration statement will include a proxy statement/prospectus for shareholders to review and vote on the proposed merger. The company advised shareholders to read the registration statement and related documents when available, as they will contain important information about the transaction.

The filing included cautionary statements regarding forward-looking information and emphasized that the report does not constitute an offer to sell or solicit the purchase of any securities. With the company’s next earnings report expected on October 24, 2025, investors seeking detailed analysis and valuation metrics can access comprehensive research through InvestingPro’s advanced financial tools and real-time updates.

Pelican Acquisition Corp’s securities, including units (NASDAQ:PELIU), ordinary shares (NASDAQ:PELI), and rights (NASDAQ:PELIR), are registered on the Nasdaq Stock Market LLC.

This information is based on a press release statement contained in the company’s SEC Form 8-K filing.

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