Pelican Acquisition Shareholders Approve Business Combination with Greenland Energy; Merger Expected March 24

summarizeSummary

Pelican Acquisition Corporation shareholders approved all proposals for its business combination with Greenland Energy Company, with the merger expected to close around March 24, 2026, despite significant share redemptions.

check_boxKey Events

• Shareholders Approve Business Combination

  At an Extraordinary General Meeting on March 19, 2026, Pelican Acquisition Corporation shareholders approved all proposals related to the business combination with Pelican Holdco, Inc., Greenland Exploration Limited, and March GL Company.

• Merger Expected to Close Next Week

  The transactions contemplated by the Merger Agreement are expected to be consummated on or around March 24, 2026. The common stock of the combined entity, Greenland Energy Company, is anticipated to begin trading on the Nasdaq Global Market under the symbol "GLND" on March 25, 2026.

• Significant Share Redemptions

  Holders of 7,562,343 ordinary shares, representing approximately 63% of the outstanding shares, exercised their right to redeem for an aggregate amount of $77,740,886.04, at a per-share redemption price of approximately $10.28.

auto_awesomeAnalysis

This 8-K filing confirms a critical milestone for Pelican Acquisition Corporation's merger with Greenland Energy Company. The overwhelming shareholder approval of the business combination and related proposals, including the stock issuance and incentive plan, clears the path for the transaction to close. While the high redemption rate of approximately 63% of outstanding shares will reduce the cash available to the combined entity, it is a common occurrence in SPAC mergers. The successful vote allows the combined company, Greenland Energy Company, to begin trading under the symbol "GLND" on Nasdaq Global Market on March 25, 2026, marking the completion of the SPAC process and the formation of a new publicly traded energy company.