Pelican Acquisition Corporation (PELI) completed its business combination with Greenland Exploration Limited and March GL Company on March 25 2026, creating Greenland Energy Company (GLND). The transaction values the new entity at $215 million, based on a $10.00 per share price, and gives PELI shareholders a one‑for‑one exchange of their shares for shares of the new company. Greenland Energy began trading on the Nasdaq Stock Market under the ticker GLND on March 26 2026.
The merger marks Pelican’s transition from a blank‑check SPAC to an operating oil explorer. Prior to the announcement, PELI’s financial health was weak, with a low current ratio and a weak credit rating. Shareholders responded by redeeming 7,562,343 ordinary shares for approximately $77.7 million, reducing the public float and the cash held in trust. PELI shares had declined nearly 10% over the week before the announcement, reflecting investor uncertainty about the SPAC’s future prospects.
Greenland Energy will focus on the Jameson Land Basin in East Greenland, a basin that has been identified as one of the most promising undrilled hydrocarbon fields in the Arctic. The basin is estimated to contain up to 13 billion barrels of recoverable oil. The new company will leverage existing infrastructure, including a D9 bulldozer and heavy equipment already mobilized by the Greenland government, and will partner with Desgagnés for Arctic logistics. Additional partners include Halliburton for drilling services and IPT Well Solutions for project management.
"The closing of this transaction represents a major milestone in advancing Greenland's emergence as a strategic energy frontier. Greenland Energy is now positioned to pursue meaningful growth through the responsible development of high‑potential resources that can strengthen global energy security and unlock long‑term value for our shareholders. We aim to deliver steady, responsible growth that empowers Greenland's economic diversification, while reinforcing the energy security goals of the United States and its allies," said Larry G. Swets, Jr., Executive Chairman. "Responsible energy development remains a cornerstone of sustainable economic growth," added CEO Robert Price. "This combination represents a landmark opportunity to responsibly connect American capital with one of the world's most resource‑rich and geopolitically strategic regions," said former Pelican CEO Robert Labbe. Ashiq Merchant, incoming CFO, noted that "Unlocking a world‑class frontier requires world‑class financial discipline. 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."
The market reaction to the merger was tempered by the large shareholder redemption, which reduced the company’s available cash and public float. The redemption of $77.7 million in shares reflected investor skepticism about the SPAC’s value proposition and the challenges of transitioning to an operating company. Despite the positive strategic outlook, the reduction in liquidity underscores the need for Greenland Energy to secure additional financing to fund its 2026 exploratory drilling program and to meet the capital requirements of Arctic operations.
Greenland Energy’s entry into the Arctic oil sector positions it to tap a basin that could add up to 13 billion barrels of recoverable oil, a resource that could reshape the region’s energy landscape. The company’s focus on responsible development, coupled with its strategic partnerships for logistics and drilling, aims to balance commercial ambition with environmental stewardship. The merger also signals a broader U.S. interest in securing energy resources in geopolitically strategic regions, potentially influencing future investment flows and regulatory attention in the Arctic.
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