Pelican Acquisition Corp. Names Ashiq Merchant as CFO for Post-Merger Greenland Energy

Pelican Acquisition Corp. (NASDAQ: PELI) announced the appointment of Ashiq Merchant as chief financial officer of Greenland Energy Company in preparation for the proposed business combination between the two entities. The transaction is expected to be completed following the March 17, 2026 Extraordinary General Meeting of shareholders, after which the combined company is anticipated to trade on Nasdaq under the ticker symbol "GLND." Merchant will oversee financial operations, capital markets strategy, governance and regulatory compliance as the company advances development plans for the Jameson Land Basin.

The appointment signals a critical step in Greenland Energy's strategy to develop strategic positions in North American energy assets. Greenland Exploration Limited, the Texas-based entity behind Greenland Energy, aims to deliver long-term shareholder value through partnerships in a dynamic energy market. The company's focus on the Jameson Land Basin represents a significant opportunity in energy exploration, with March GL Company having entered into an agreement to fund 100% of costs for up to two exploration wells designed to delineate the sedimentary structure and energy potential of the basin. More information about March GL Company's involvement is available on its website https://www.MarchGL.com.

As part of the agreement, March GL Company will earn through 80 Mile's subsidiary company up to 70% interest in the entire Jameson Land Basin and will be appointed as the Field Operations Manager. This partnership structure provides Greenland Energy with the capital and operational expertise needed to advance exploration activities while maintaining strategic control over the asset. The appointment of Merchant as CFO brings financial leadership to coordinate these complex partnership arrangements and capital allocation decisions.

Pelican Acquisition Corporation, as a blank check company formed for business combinations, provides Greenland Energy with access to public markets through this transaction. The merger represents a pathway for Greenland Energy to secure the capital necessary for large-scale energy development projects. Investors seeking additional information about Pelican Acquisition Corp. can find updates in the company's newsroom at http://ibn.fm/PELI. The business combination, when completed, will create a publicly-traded entity focused on energy development with Merchant's financial leadership playing a crucial role in navigating capital markets and regulatory requirements.

The Jameson Land Basin development represents a substantial energy opportunity that requires significant capital investment and strategic financial management. Merchant's appointment as CFO positions Greenland Energy to effectively manage the financial complexities of exploration and development activities while preparing for life as a public company. The transaction timeline, culminating with the expected March 2026 shareholder meeting, provides a clear pathway for the business combination and subsequent public trading of the merged entity under the GLND ticker symbol on Nasdaq.