Pelican Acquisition Corp. (NASDAQ: PELI) announced that its shareholders have approved the proposed business combination with Pelican Holdco Inc., Greenland Exploration Limited, and March GL Company. The approval came during an extraordinary general meeting held on March 19, 2026, with the transaction expected to close on or about March 24, 2026. This strategic move is designed to create a new publicly traded energy company with a specific focus on enhancing global energy security through the responsible development of natural resources in Greenland.
The combination brings together specialized entities with complementary strengths. Greenland Exploration Limited is a Texas-based company focused on developing strategic positions in North American energy assets. Through its partnerships, the company aims to deliver long-term shareholder value in a dynamic energy market. More information about Greenland Exploration Limited can be found on its LinkedIn profile.
A critical component of the newly formed company's operational strategy involves March GL Company, a privately-owned Texas corporation. March GL has entered into a significant agreement with 80 Mile for drilling operations to commence at the Jameson oil and gas basin in Greenland. Under this agreement, March GL will fund 100% of the costs for up to two exploration wells. These wells are designed to delineate the sedimentary structure and assess the energy potential of the Jameson Land Basin. In return for this funding, March GL will earn up to a 70% interest in the entire basin through 80 Mile's subsidiary company and will be appointed as the Field Operations Manager. Details about March GL Company's operations are available on its website at www.MarchGL.com.
Pelican Acquisition Corporation, the entity facilitating this combination, is a blank check company formed specifically for effecting a merger, share exchange, asset acquisition, or similar business combination with one or more businesses. It is not limited to any particular industry or geographic region in identifying prospective targets. Investors seeking the latest news and updates relating to PELI can find information in the company’s newsroom at http://nnw.fm/PELI.
The implications of this business combination are significant for the energy sector and investors. By consolidating these entities, the new public company aims to create a focused vehicle for capitalizing on Greenland's underexplored resource potential. The involvement of March GL Company, with its committed funding for exploration in the Jameson basin, provides a clear, near-term operational roadmap. For business and technology leaders monitoring energy markets, this deal represents a strategic consolidation aimed at securing resource access in a geopolitically stable region, which could contribute to diversifying global energy supply chains. The transaction's success will depend on the execution of the exploration program in Greenland and the market's reception of this new energy-focused public entity.
