Pelican Acquisition Corp SEC 10-Q Report

Pelican Acquisition Corp, a blank check company focused on the technology sector, has released its Form 10-Q report for the quarter ended July 31, 2025. The report provides a comprehensive overview of the company's financial performance and business activities, highlighting its strategic focus and recent developments.

Financial Highlights

Net Income: Pelican Acquisition Corp reported a net income of $307,410 for the three months ended July 31, 2025. This figure reflects interest income of $638,657, offset by general and administrative expenses of $331,247.

Net Income: For the six months ended July 31, 2025, the company reported a net income of $287,857, with interest income of $639,041 and general and administrative expenses of $351,184.

Basic and Diluted Net Income Per Share, Ordinary Shares Subject to Possible Redemption: $0.03 for the three months ended July 31, 2025.

Basic and Diluted Net Income Per Share, Ordinary Shares Subject to Possible Redemption: $0.05 for the six months ended July 31, 2025.

Basic and Diluted Net Income Per Share, Non-redeemable Ordinary Shares: $0.03 for the three months ended July 31, 2025.

Basic and Diluted Net Income Per Share, Non-redeemable Ordinary Shares: $0.05 for the six months ended July 31, 2025.

Business Highlights

Business Overview: Pelican Acquisition Corporation is a blank check company incorporated in the Cayman Islands, focused on effecting a merger, share exchange, asset acquisition, stock purchase, reorganization, or similar business combination with one or more businesses, primarily targeting the technology industry globally.

Recent Developments: On September 9, 2025, Pelican entered into a Merger Agreement with Greenland Exploration Limited and March GL Company. This agreement involves a series of mergers and a domestication process to become a Texas corporation, with the resulting entity to be publicly traded on Nasdaq as Greenland Energy Company.

Operational Focus: As of July 31, 2025, the company has not commenced any operations, with efforts primarily directed towards organizational activities and completing the initial public offering (IPO).

Future Outlook: Pelican plans to complete a business combination by August 27, 2026, and is focused on identifying a suitable target within the technology sector. The company is also preparing for increased expenses related to being a public company and due diligence for potential acquisitions.

Segment Information: The company operates as a single segment, with the Chief Operating Decision Maker (CODM) reviewing the company's performance as a whole, focusing on interest earned on investments held in the Trust Account and formation and operational costs.

Liquidity and Capital Resources: As of July 31, 2025, Pelican had $252,240 in cash and a working capital of $284,602, with plans to use the net proceeds from the IPO and private placement primarily for the initial business combination.

Management's Discussion: The management highlights the company's strategy to use cash from the IPO and private placements to effectuate the initial business combination, with an emphasis on completing the transaction within the specified timeline to avoid liquidation.

SEC Filing: Pelican Acquisition Corp [ PELI ] - 10-Q - Sep. 15, 2025