Pelican Acquisition Corp
PELI · Nasdaq
NO ACTION REQUIRED
Nothing left to do
The purchase completed and the shares became shares in the company it bought. There is no deadline left to miss.
Cash at settlement
No cash-per-share figure was filed for this vehicle before it finished.
Last close
Daily close
No price history on file yet — daily closes accumulate from the market data feed.
Trust settled · There is no line to draw here. This vehicle has finished: the cash was paid back or spent closing the deal, so the last filed figure describes an account that no longer exists and would be a floor under nothing.
SpacBrain’s read
Trust settled
The deal closed — SPAC shares became the target's shares, so there is no trust left to redeem (nobody missed a window; holders who wanted cash elected it at the vote).
In plain terms
- What it is
- A SPAC from Pelican Acquisition Corp / Pelican Acquisition II / Quetta Acquisition Corp (Labbe Robert L.), listed on Nasdaq in May 2025.
- What it's doing now
- It agreed in January 2026 to buy March GL Company, an Oil & gas drilling company. The deal valued that business at about $215M. That purchase completed, and it stopped being a SPAC — the shares became shares in the business it bought.
- What you should know
- This SPAC has finished. The purchase completed, and the shares became shares in the company it bought — anyone who wanted the cash instead asked for it at the vote, so there is no cash left here to claim and no deadline left to miss.
At a glance
- Where it stands
- Closed (deSPAC)
- The business it bought
- March GL Company
- Industry
- Oil & gas drilling/exploration
- Deal value
- $215M
- announced 16 January 2026
- Price vs cash at settlement
- no live price on file
- Cash in trust when it settled
- not yet extracted into a snapshot — the filings below may state it
- the last trust total filed while this was still a SPAC — the account has since been paid out or used to close the deal
- IPO
- 23 May 2025
- size not on file
- Headquarters
- 1185 AVENUE OF THE AMERICAS, SUITE 301, NEW YORK, NY, 10036
- registered in the Cayman Islands
- Lead underwriter
- not extracted from the prospectus yet
- Key officers
- Labbe Robert L. (Chairman, CEO, and CFO) · McCabe Daniel M. (Director) · Gong Qi (Director)
- Listed securities
- PELI common
This vehicle has finished, so there is no window to file a cash-per-share figure for and none will follow. No estimate is shown in its place.
Nothing dated is on file. That is an absence in the record, not a statement that nothing is coming.
Yield to redemption
Nothing left to redeem — no yield to compute.
This SPAC has finished — its trust was paid back or used to close the deal, so there is nothing left to redeem and no yield to compute. A yield to redemption is a claim that you can hand these shares back for the trust cash. That account is closed, so this page will not print a number here.
What happened to the cash
The reasoning behind the verdict above, in the order the filings establish it.
- The deal closed — SPAC shares became the target's shares, so there is no trust left to redeem (nobody missed a window; holders who wanted cash elected it at the vote).
What has happened, and what is coming
2 dated milestonesEvery dated step from the day it listed to the next date you may have to act on. Where you have to do something, the day your broker needs the instruction is marked too.
- 23 May 2025IPOpassed
IPO size not on file
- 16 January 2026Deal announcedpassed
Combination with March GL Company
The deal
terms as filedWhat it is buying, on what terms, and how much of the combined company new shares take from you.
- March GL Company$215M · announced 16 January 2026closedOil & gas drilling/explorationSEC primary
The score
deterministic, from filed fieldsPELI is not in the scored universe, so no score is shown. A withheld score is a fact about the record, not a verdict about the company.
The score is only published for names that carry both a price and a filed cash-per-share figure — 292 of the tracked fleet today. The rest keep an empty dial rather than a modelled one, and fill in by themselves as the fields land.
The company
from SEC filingsRead the full profile
Pelican Acquisition Corp (Nasdaq: PELI) was a blank-check company classified under SEC SIC code 6770 with CIK 0002037431. The company priced its IPO on May 23, 2025, as evidenced by a 424B filing. Pelican Acquisition Corp completed a business combination, after which its common shares came to evidence other securities in substitution therefor, as reflected in a Form 25 filed on March 25, 2026. The successor registrant, Greenland Energy Co (GLND) (CIK 0002093507), filed an 8-K under item 2.01 (Completion of Acquisition) naming Pelican Acquisition Corp, and the SPAC filed no closing report of its own.
Material findings
from the full read of every filingEvery document this company files gets read whole — body and exhibits. These are the ones the read flagged as material, newest first, each citing its filing.
This is a THREE-target structure, not a single de-SPAC: the SPAC and two separate operating companies, Greenland Exploration and March GL, each merge into their own subsidiary of a new Texas holding company. Every leg is a condition of the whole, so the combination cannot close piecewise. The registered ceiling is 35,172,375 shares and 1,500,000 warrants. The Conversion is explicitly stated to preserve securityholders' rights unchanged and not to constitute a dissolution or liquidation.
This is a three-way combination — the SPAC plus two separate Texas operating companies, Greenland Exploration and March GL — under one new Texas holding company, so the registered ceiling of 35,172,375 shares and 1,500,000 warrants covers all legs together. The Conversion is stated to leave every security's rights unchanged and not to be a dissolution or liquidation, which matters because a liquidation would change how the trust is treated. No vote date and no redemption deadline are set by this version.
The registered ceiling of 35,172,375 shares and 1,500,000 warrants covers a combination with two separate operating targets, Greenland Exploration and March GL, alongside the SPAC itself. The Conversion is explicitly stated not to alter any security's rights and not to be a dissolution or liquidation. No vote date and no redemption deadline are established by this version.
This is the baseline of the Pelican / Greenland Energy registration and it already fixes the ceiling at 35,172,375 shares and 1,500,000 warrants for a combination involving the SPAC plus two separate Texas operating companies, Greenland Exploration and March GL. The Conversion is the jurisdictional step: after it the surviving public company is governed by Texas law rather than Cayman law. No vote date and no redemption deadline are established.
Filings
live EDGAR feedEverything this company has filed with the SEC recently, newest first, each with a plain summary of what changed and why it matters.
Show the other 10 filings
The sponsor
The people who set this company up, what they have done before, and the advisers around the deal.
Deal completion: 1/1 resolved vehicles closed a deal (100%); 0 liquidated, 0 terminated. No measured post-close outcome yet, so completion credit is NOT gated — missing data is never a penalty. Small sample — the shrink below keeps this near neutral.
Mixed record · low confidence
The record
The reference detail — how the shares were structured at listing, how thinly they trade, and where the company is registered.
Show the reference detail
Unit structure
from 424B3 0001829126-26-001891
Trading & liquidity
Company profile
Directors & officers
- Labbe Robert L.Chairman, CEO, and CFO
- McCabe Daniel M.Director
- Gong QiDirector
- Zhang PingDirector
Sources on file
harvested pages, kept in fullEvery public page we have read about this company, stored in full so a source can never go missing.
Show the sources
38 full SEC filing texts archived — searchable, never lost.
- Vault note — PELI (Pelican Acquisition Corp)
vault-note · /vault/tickers/PELI
- Vault deal note — March GL Company (PELI)
vault-note · /vault/deals/march-gl-company
In plain English
tap a term to open itEvery piece of jargon this page could have used, and what it actually means.
Open the plain-English guide
No floor / floorlessthe cash guarantee is gone — the price is unprotected
A SPAC's downside protection is not the cash in trust; it is your right to demand that cash. Once the redemption window closes, the cash stays with the company and the share can trade anywhere.
Redemption deadlinethe last day to hand shares back for cash
Set by the filing that calls the meeting. Tender after it and the company is under no obligation to pay you the trust value.
Broker action datethe day your broker needs the instruction — earlier than the official date
Brokers batch redemption instructions to the transfer agent, so the practical cutoff is roughly two business days before the published deadline. This is the date that actually costs people the floor.
Cash in trust / trust per sharethe cash the company is holding for each public share
Filed quarterly in the 10-Q's XBRL. It earns interest between filings, so the figure on a given day is slightly higher than the last filed one — where we show that we label it an estimate.
Trust discountbuying below the cash held for you
Only meaningful while a redemption right exists. On a floorless name the same arithmetic is not a discount, it is the market pricing distress, and this product will not call it a yield.
Dilutionhow much of the company new shares take from you
Sponsor promote, PIPE shares, warrants and rights all issue stock that did not pay $10 for it. The headline deal value is before that; the effective value is after.
Pro-forma equitywhat the company is valued at once the deal closes
The combined company's equity value assuming the announced terms and the redemptions that have actually happened.
ARShow much upside you get per unit of downside
SpacBrain's asymmetric-return score. It is deterministic — the same inputs always produce the same number — and it is capped, not zeroed, when the floor is gone.
De-SPACthe day the SPAC becomes the real company
The shares stop being a claim on a pot of cash and start being equity in an operating business. Roughly 80% of recent de-SPACs traded below $10 within a year.
Outside datethe contractual long-stop for closing the deal
A deadline between the SPAC and its target, not between the SPAC and you. It confers no right to cash, which is exactly why it must never be counted as a redemption window.
Accession numberthe SEC's unique id for one filing
Every figure on this page carries the accession of the filing that states it, so you can open the primary document rather than trust us.
Accreted NAV (estimate)the last filed cash figure, plus the interest it should have earned since
A model, not a filing: last filed value compounded at the 3-month T-bill for the days elapsed. Always shown in italic with the word estimate, and never printed beside a filed number without it.
Ask the brain
from its filingsData provenance & audit trail6 internal entries
Written by SpacBrain’s data agents whenever a figure is captured, corrected or flagged, and kept verbatim so every number on this page can be traced back to the filing that states it. This is a running log, not the current record: an early entry may be superseded by a later correction — the panels above always hold the current values.
admitted from the HISTORICAL census (EDGAR's SIC 6770 registrant list, walked in full: 3,325 registrants, 1,167 of which ever priced an IPO). The live discovery job cannot reach this registrant — it reads the filing tape, and this one stopped filing. Admission rule: src/lib/universe-admit.ts. SIC 6770 (Blank Checks); 424B 0001829126-25-003907 priced 2025-05-23; common ticker PELI off 10-K 0001829126-26-002526 (2026-03-20); lifecycle EXITED. Ending PROVEN, not inferred: CLOSED per Form 25 0001354457-26-000298 (2026-03-25) — Form 25 filed under 17 CFR 240.12d2-2(a)(3) — the rule for securities that "have come to evidence other securities in substitution therefor", i.e. the shares became the successor's (class: ordinary share; right; unit); the successor registrant Greenland Energy Co (GLND) (CIK 0002093507) filed an 8-K carrying item 2.01 (Completion of Acquisition) naming "Pelican Acquisition Corp" — the SPAC merged into a new registrant and so filed no closing report of its own. ipoSizeM and deadline left NULL: gross-proceeds prose conflates the over-allotment with the offering, and a charter deadline belonging to a vehicle that has ended is a date nobody can act on. ipoDate is the 424B pricing date.
rightShareRatio=0.1 from the definitive prospectus (0001829126-25-003907). NOT FILLED: warrantStrike — no stated candidate; warrantCallPrice — no stated candidate; unitSeparationDays — no stated candidate
sponsor "Pelican Sponsor LLC" (SEC CIK 0002064019) sourced from Form 3 reportingOwner (10% owner) acc 0001829126-25-004182.
AI-extracted target (z-ai/glm-5.2, conf 0.9)
target recovered for a completed de-SPAC
entity created from the filed target name; no About paragraph on file, so every other field awaits a sourced read