In a significant corporate move, Pelican Acquisition Corporation, a Cayman Islands exempted company, has entered into a definitive merger agreement with Greenland Exploration Limited, a Texas corporation. This agreement, dated September 9, 2025, will result in the formation of Pelican Holdco, Inc., which will be renamed Greenland Energy Company upon completion of the merger.
The merger is valued at around $35 million, with Pelican Acquisition Corporation planning to issue up to 35,172,375 shares of common stock and 1,500,000 warrants as part of the transaction. Each share will represent a corresponding security as the companies transition from their current structures to that of a Texas corporation, ensuring a seamless continuation of shareholder rights and privileges.
Strategically, this merger aims to combine the strengths of both entities, enhancing operational capabilities and expanding market reach in the energy sector. By merging, the companies expect to leverage synergies that will improve efficiencies and drive growth in a competitive landscape.
The timeline for the proposed merger anticipates completion by the second quarter of 2025, following necessary regulatory approvals and shareholder votes. Key to this process will be the Conversion of Pelican Acquisition Corporation from a Cayman Islands entity to a Texas corporation, which is designed to streamline operations and align its governance structures with Texas laws.
This merger is expected to positively impact shareholders by potentially increasing share value and creating a more robust organizational structure. Employees of both companies may also benefit from expanded opportunities and resources as the unified entity scales its operations.
However, the transaction is subject to regulatory scrutiny, including compliance with antitrust laws and potential approval from the Securities and Exchange Commission (SEC). Both companies are prepared to address any regulatory considerations to ensure a smooth transition and successful completion of the merger.