PELI
Pelican Acquisition Corporation10.16
+0.02+0.2%
Dec 16, 4:00:00 PM EST
Earnings Call Transcripts
This Quarter (Q4 '25)
No earnings call transcript available yet
Last Quarter (Q3 '25)
No earnings call transcript available
Key Stats
Market Cap
121.91MP/E (TTM)
-Basic EPS (TTM)
-Dividend Yield
0%Recent Filings
8-K
Pelican unveils Greenland oil merger
Pelican Acquisition Corporation disclosed an investor presentation on October 17, 2025, outlining a business combination with Greenland Exploration Limited and March GL Company to form Greenland Energy Company, targeting the Jameson Land Basin's supergiant oil prospects in Greenland. The deal values the merged entity at $336.7 million equity, with March GL funding initial drilling—$40 million for the first well and $20 million for the second—to earn up to 70% interest in over 2 million acres holding 13+ billion barrels of gross oil potential. Mobilization starts October 2025, with the first well in summer 2026. Shareholder approval remains key amid regulatory risks.
10-Q
Q1 FY2026 results
Pelican Acquisition Corporation posted a net income of $307,410 for Q1 FY2026 ended July 31, 2025, swinging from a prior loss while general and administrative expenses rose to $331,247 from organizational setup; interest from the $86.9M Trust Account drove the gain, with no revenue yet as a blank-check firm. Cash outside the Trust sits at $252,240, supporting working capital amid IPO proceeds of $86.3M fully deployed. Post-quarter, on September 9, 2025, it inked a merger with Greenland Exploration Limited and March GL Company for $215M in stock consideration, involving domestication to Texas and Nasdaq listing as Greenland Energy Company, backed by sponsor support agreements. No non-GAAP metrics disclosed in the 10-Q. Merger timelines hinge on approvals by June 30, 2026.
8-K
Pelican SPAC merges into Greenland energy
Pelican Acquisition Corporation signed a merger agreement on September 9, 2025, to combine with Greenland Exploration Limited and March GL Company, forming Greenland Energy Company valued at $215 million. Shareholders of March GL and Greenland will receive 20 million and 1.5 million shares, respectively, while Pelican shareholders get one-for-one conversion, subject to redemptions; the deal targets Greenland's Jameson Land Basin for hydrocarbon exploration. Closing is targeted for Q4 2025, pending approvals and Nasdaq listing. Yet redemptions could shrink post-merger assets.
10-Q
Q1 FY2026 results
Pelican Acquisition Corporation posted a $19,553 net loss for Q1 FY2026 ended April 30, 2025, driven by $19,937 in formation and operating costs offset by $384 in interest income, while holding $499,606 in cash against a $700,000 related-party promissory note. No revenue yet, as this blank-check firm hunts for a tech target. Post-quarter, it nailed its May 2025 IPO, raising $86.25M in gross proceeds (including over-allotment) and parking $86.25M in a trust for the deal. Liquidity looks solid now. Yet global conflicts could snag the merger hunt.
8-K
Units separation begins June 12
Pelican Acquisition Corporation announced on June 10, 2025, that holders of its 8,625,000 units can elect to separate and trade ordinary shares and rights starting June 12, 2025. Unseparated units will trade as PELIU, while shares and rights trade under PELI and PELIR on Nasdaq. This step boosts liquidity for investors in the blank check company. Forward-looking statements note inherent risks.
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