Pelican Acquisition Corporation said the U.S. Securities and Exchange Commission declared its Form S-4 registration statement effective for the proposed business combination with Greenland Exploration Limited and March GL Company.

Pelican Acquisition Corporation (NASDAQ: PELI) ("Pelican"), a publicly traded special purpose acquisition company, today announced that the U.S. Securities and Exchange Commission ("SEC") has declared effective its registration statement on Form S-4 (the "Registration Statement") in connection with its proposed business combination with Greenland Exploration Limited ("Greenland Exploration") and March GL Company ("March GL"). The combined company will operate as Greenland Energy Company ("Greenland") and is expected to list on Nasdaq under the ticker symbol "GLND" upon closing.

The Registration Statement includes a proxy statement/prospectus for Pelican's shareholders in connection with the business combination. The definitive proxy statement/prospectus will be mailed to Pelican shareholders of record as of February 19, 2026, the record date for voting on the business combination and related matters.

The business combination will create Greenland Energy Company, a publicly traded entity focused on the responsible development of Greenland's vast energy resources in the Jameson Land Basin. This milestone advances the company's mission to enhance global energy security by leveraging proven Arctic expertise and sustainable partnerships with Greenlandic authorities and communities.

"We are pleased with the SEC's declaration of effectiveness, marking a significant step toward completing this transformative transaction," said Robert Price, CEO of March GL and incoming CEO of Greenland. "This combination positions us to unlock the Jameson Land Basin's potential responsibly, delivering value for shareholders and contributing to energy diversification worldwide."

Larry Swets, CEO of Greenland Exploration Limited and future Executive Chairman of Greenland, added: "The effectiveness of the Registration Statement brings us closer to realizing our vision of a leading energy company in one of the world's most promising untapped basins. We look forward to shareholder approval and a successful closing in the first quarter of 2026."

Extraordinary General Meeting of Shareholders

Pelican will hold a virtual extraordinary general meeting of shareholders (the "Special Meeting") on March 17, 2026, at 10:00 a.m. Eastern Time, to approve the business combination and related proposals.

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