Pelican Acquisition Corporation (PELI) has named Ashiq Merchant, a former senior finance executive at BP, as chief financial officer of the combined entity that will trade under the ticker GLND on Nasdaq after its merger with Greenland Energy.
Merchant brings more than 25 years of multinational financial experience, having served in senior finance roles at BP from September 2000 to September 2025. He is a Certified Public Accountant and a member of the Association of Chartered Certified Accountants, and will oversee financial operations, reporting, capital markets, governance, regulatory compliance, capital allocation and strategy for the new public company.
The merger, which also involves Greenland Exploration Limited (formerly March GL Company), is expected to close on March 17 2026 following the shareholders’ vote. The SEC’s Form S‑4 registration statement for the transaction became effective on February 17 2026, and the combined company will list on Nasdaq under the symbol GLND.
The appointment is a key step in preparing the new company for public‑market discipline and funding its 2026 exploratory drilling program in Greenland’s Jameson Land Basin, a play estimated to hold more than 13 billion barrels of recoverable oil. The first two wells are slated for 2026, with projected costs of $40 million and $20 million, respectively, and a logistics agreement with Desgagnés has secured the transport of drilling equipment to the site. “Ashiq brings exactly the kind of rigorous financial leadership we need as we transition into a publicly traded company,” said Robert Price, incoming CEO of Greenland Energy. “Unlocking a world‑class frontier requires world‑class financial discipline.” Price also noted that reliable Arctic logistics are the backbone of execution in this region, adding that the company is moving from planning to action.
PELI’s market capitalization was approximately $123.6 million as of March 13 2026, and the SPAC has a weak financial health score with short‑term obligations exceeding liquid assets. Merchant’s expertise is expected to address these challenges, strengthen the capital structure, and support the company’s strategic growth in the high‑potential Jameson Land Basin.
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