Pelican Acquisition Corp. (PELI) received shareholder approval on March 19, 2026 for a business combination that will merge the SPAC with Pelican Holdco, Inc., Greenland Exploration Limited, and March GL Company. The transaction will convert PELI into a publicly traded energy company focused on developing the Jameson Land Basin in East Greenland, and the combined entity will trade on Nasdaq under the ticker GLND beginning March 25, 2026.
Prior to the merger, PELI’s financial health was weak. The SPAC had posted an earnings‑per‑share of –$0.03 for the most recent twelve‑month period and was rated “Fair” by one analyst and “WEAK” by another. Shareholder redemptions at the meeting were substantial: 7,562,343 ordinary shares were redeemed for approximately $77.7 million, sharply reducing the cash held in trust and the capital available to the new company at closing.
The strategic rationale for the deal centers on Greenland’s Jameson Land Basin, which is estimated to contain up to 13 billion barrels of recoverable oil and up to 40 billion barrels of oil equivalent. Greenland’s 2021 moratorium on new exploration does not invalidate existing licenses, allowing the combined company to pursue development of the basin. The merger positions the new entity to tap a potentially massive resource base while contributing to Greenland’s economic self‑reliance and global energy security.
Operationally, March GL will fund the drilling of up to two exploration wells in the basin, with drilling slated for the second half of 2026. Halliburton has been contracted for project management and logistics, and Greenland Energy Company has secured agreements with Desgagnés and Royal Arctic Line for cargo transport. These partnerships aim to streamline the logistics of drilling in the remote Arctic environment.
The large shareholder redemptions and the limited cash balance after the merger present a headwind for the new company’s early capital expenditures. However, the strategic focus on a high‑potential basin, coupled with the existing licenses and the planned drilling program, provides a clear path to generating future revenue streams. The merger also aligns with U.S. geopolitical interests in Greenland, potentially attracting additional support and investment.
Management emphasized the significance of the project. Robert Price, president of March GL, said, “Energy is fundamental to economic growth and national development, and responsible resource development in Greenland has the potential to unlock new domestic revenue streams that contribute to greater economic self‑reliance.” Larry Swets Jr., CEO of Greenland Exploration, added, “The company plans to drill the first exploration well in Greenland’s Jameson Land Basin, making it the first U.S. public company focused on developing Greenland’s ‘vast energy potential.’”
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