Pelican Acquisition Corp is a SPAC — a blank check company with no operations, revenue, or employees. Pelican completed its IPO in May 2025, raising ~$86M at $10 per unit, with proceeds held in trust until a deal closes or shareholders are redeemed. Pelican has signed a definitive merger agreement with two private companies, Greenland Exploration Limited and March GL Company; upon closing, the combined entity will be renamed Greenland Energy Company and list on Nasdaq. The filing provides no detail on what Greenland Exploration or March GL actually do. The SPAC's sponsor, Pelican Sponsor LLC, paid ~$25,000 for founder shares representing roughly 25% of the company — the standard SPAC structure where the sponsor receives a large, cheap equity stake in exchange for funding operations and the deal search. The sponsor only profits if the combined company trades above $10 post-merger; public shareholders who redeem get back roughly $10.05 per share regardless. If no deal closes within 15 months of the IPO (extendable to 18-21 months), all funds are returned to shareholders. The cash available to the combined company at closing is uncertain, as it depends on how many Pelican shareholders elect to redeem before the deal closes.