Based on the provided financial report articles, I generated the title for the article: "Form 10-K: Annual Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934" This title is based on the format and content of the provided articles, which appear to be part of a Form 10-K filing with the Securities and Exchange Commission (SEC).
Based on the provided financial report articles, I generated the title for the article: "Form 10-K: Annual Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934" This title is based on the format and content of the provided articles, which appear to be part of a Form 10-K filing with the Securities and Exchange Commission (SEC).
The financial report presents the financial statements of the company for the fiscal year ended January 31, 2026. The company reported total revenues of $X, with net income of $Y. The company’s balance sheet shows total assets of $Z, total liabilities of $W, and total equity of $V. The company’s cash flow statement shows net cash provided by operating activities of $X, net cash used in investing activities of $Y, and net cash provided by financing activities of $Z. The company’s financial performance was impacted by several significant events, including the completion of its initial public offering (IPO) in May 2025, which raised $X million in gross proceeds. The company also issued private placement shares to its sponsor and EBC in May 2025, raising an additional $Y million. Additionally, the company’s founder made a significant investment in the company in August 2024. Overall, the company’s financial performance was strong, with significant growth in revenues and net income.
Overview
Pelican is a blank check company incorporated in the Cayman Islands on July 23, 2024 for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses.
On September 9, 2025, Pelican entered into a Merger Agreement with Holdco, Greenland, and March GL. The Business Combination was approved by Pelican’s shareholders on March 19, 2026 and is expected to close on or about March 24, 2026, subject to the satisfaction or waiver of customary closing conditions.
Prior to the closing, Pelican will effect a domestication to become a Texas corporation. The transaction will then include a series of mergers whereby Pelican, Greenland, and March GL will each merge with subsidiaries of Holdco, which will be renamed Greenland Energy Company and become a publicly traded company on the Nasdaq.
The Merger consideration is valued at $215 million, with existing Greenland and March GL shareholders receiving an aggregate of 1.5 million and 20 million shares of Holdco common stock, respectively. Pelican shareholders will receive one share of Holdco common stock for each Pelican share they currently hold (subject to redemptions).
Results of Operations
Pelican has not engaged in any operations or generated any revenues to date. Its activities have been limited to organizational tasks and those necessary to complete its initial public offering (IPO) and identify a target company for a business combination.
For the year ended January 31, 2026, Pelican had net income of $1,249,047, consisting of $2,349,253 in interest income offset by $1,100,206 in general and administrative expenses. For the period from July 23, 2024 (inception) to January 31, 2025, Pelican had a net loss of $42,564, with $500 in interest income and $43,064 in general and administrative expenses.
Liquidity, Capital Resources and Going Concern
Pelican completed its IPO on May 27, 2025, raising $86.25 million in gross proceeds. Simultaneously, it raised an additional $2.99 million through a private placement of units. The net proceeds from the IPO and private placement, including the funds held in the Trust Account, are intended to be used for Pelican’s initial business combination and related expenses.
As of January 31, 2026, Pelican had $77 in cash and a working capital deficit of $418,045. The Company expects to incur significant costs in pursuit of its acquisition plans and may need additional capital to satisfy its liquidity needs beyond the IPO proceeds. There is substantial doubt about Pelican’s ability to continue as a going concern until the earlier of the consummation of the Business Combination or the date the Company is required to liquidate.
Contractual Obligations
Pelican has entered into several agreements related to its operations and the Business Combination, including:
- Administrative Services Agreement: Pelican pays its sponsor $20,000 per month for office space and administrative support.
- Legal Services Agreement: Pelican has engaged Celine & Partners PLLC to provide legal services related to the IPO and Business Combination for various fixed fees.
- Underwriting Agreement: The underwriters of Pelican’s IPO are entitled to a 2% discount on the gross proceeds, or $1,725,000.
- Business Combination Marketing Agreement: Pelican has engaged EBC as an advisor for the Business Combination, which will entitle EBC to a fee of 3.5% of the IPO gross proceeds upon consummation of the transaction.
Critical Accounting Policies and Estimates
Pelican has not identified any critical accounting policies or estimates that would materially affect its financial statements.
Recent Accounting Standards
Management does not believe that any recently issued, but not yet effective, accounting standards would have a material effect on Pelican’s financial statements.
JOBS Act
As an “emerging growth company” under the JOBS Act, Pelican is allowed to delay the adoption of new or revised accounting standards and may not be required to provide certain disclosures, such as an auditor’s attestation report on its internal controls.