Pelican Acquisition Corporation (NASDAQ: PELI) Announces Completion of its Business Combination forming Greenland Energy Company Greenland Energy (NASDAQ: GLND) was formed through Pelican Acquisition's business combination, creating a publicly traded energy company focused on responsibly developing Greenland's Jameson Land Basin.Key facts: $215 million implied valuation, rights to up to 70% of three onshore licenses covering >2,000,000 acres, and an independent report indicating an upside of 13 billion barrels of recoverable oil.

#PELI #PELIR #PELIU Pelican Acquisition Corporation (NASDAQ: PELI) Announces Completion of its Business Combination forming Greenland Energy Company

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Pelican Acquisition Corporation Issues Clarification Regarding Potential Application of Stock Repurchase Excise Tax Pelican Acquisition Corporation (NASDAQ: PELI) clarified on March 11, 2026 that it does not expect the 1% stock repurchase excise tax under Section 4501 to apply to public-shareholder redemptions tied to its proposed business combination with Greenland Exploration Limited and related parties.The company says it is a Cayman Islands exempted company and therefore not a “covered corporation,” but warns future Treasury or IRS guidance could change the analysis, potentially with retroactive effect.

#PELI #PELIR #PELIU Pelican Acquisition Corporation Issues Clarification Regarding Potential Application of Stock Repurchase Excise Tax

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Pelican Acquisition Corporation Signs Letter of Intent to Acquire Greenland Exploration Limited Pelican Acquisition Corporation (NASDAQ: PELI) has signed a non-binding letter of intent to acquire Greenland Exploration Limited (GEL), a Texas-based company focused on North American energy assets. The proposed share-for-share exchange would involve issuing 21.5 million Pelican shares for 100% of GEL's equity.GEL has rights to invest up to $70 million in the Jameson Land Basin through a partnership with March GL Company, covering over 2 million acres in Greenland. The region is estimated to contain 31.4 billion barrels of oil equivalent. The deal includes potential equity exchange rights for March GL Company based on a $200 million valuation.The LOI provides a 30-day exclusive negotiation period for finalizing definitive agreements. Pelican's sponsor would reduce its founder equity to 25% of IPO shares post-transaction.

#PELI #PELIR #PELIU Pelican Acquisition Corporation Signs Letter of Intent to Acquire Greenland Exploration Limited

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