Pelican SPAC Secures Vote for Greenland Energy Merger

Shareholders Approve Merger on March 19

Pelican Acquisition Corporation (NASDAQ: PELI) secured shareholder approval on March 19, 2026, for its proposed business combination with Pelican Holdco, Inc., Greenland Exploration Limited, and March GL Company. The vote, held at an extraordinary general meeting, represents the final major hurdle before the special purpose acquisition company transitions into an operating energy firm. The transaction is expected to be formally completed on or about March 24, 2026.

This approval concludes a process that gained significant momentum when the U.S. Securities and Exchange Commission (SEC) declared the company's Form S-4 registration statement effective on February 17, 2026. The new, combined company will be named Greenland Energy Company and is expected to trade on the Nasdaq under the ticker symbol "GLND."

New Firm Targets 70% Interest in Greenland Basin

The newly formed Greenland Energy Company will focus on developing the natural resources of Greenland's Jameson Land Basin. The company's strategy is centered on an agreement where partner March GL Company will fund 100% of the costs for up to two exploration wells. In return, the partnership can earn up to a 70% interest in the entire basin, positioning the new public entity with a substantial stake in a frontier energy asset.

This strategic initiative aims to enhance global energy security by developing long-cycle conventional resources. Incoming CEO Robert Price has emphasized that such frontier exploration is critical for addressing future structural deficits in global oil supply, distinguishing the company's long-term strategy from short-term market fluctuations.

Ex-BP Executive Joins to Steer 2026 Drilling Program

To execute its ambitious strategy, the company appointed Ashiq Merchant, a former BP executive with over 25 years of experience, as its Chief Financial Officer on March 13. Merchant will lead the financial operations and capital strategy for the company's planned 2026 exploratory drilling program.

Ashiq brings exactly the kind of rigorous financial leadership we need as we transition into a publicly traded company. His experience will be invaluable as we optimize our capital structure to fund our 2026 exploratory drilling program and deliver long-term value to our shareholders.

— Robert Price, Incoming CEO of Greenland Energy.