Pelican Acquisition Corp. Shareholders Approve Business Combination to Form Public Energy Company Focused on Greenland Resources

Pelican Acquisition Corp. (NASDAQ: PELI) announced that its shareholders have approved the proposed business combination with Pelican Holdco Inc., Greenland Exploration Limited, and March GL Company. The approval came during an extraordinary general meeting held on March 19, 2026, with the transaction expected to close on or about March 24, 2026. This combination is designed to establish a publicly traded energy company with a strategic focus on advancing global energy security through the responsible development of Greenland's natural resources.

The transaction brings together entities with complementary expertise in energy development. Greenland Exploration Limited is a Texas-based company focused on developing strategic positions in North American energy assets. Through its partnerships, Greenland aims to deliver long-term shareholder value in a dynamic and evolving energy market. More information about Greenland Exploration Limited is available through its professional network presence at https://www.linkedin.com/company/greenland-energy-company.

March GL Company, a privately-owned Texas corporation, has entered into a significant agreement with 80 Mile for drilling operations at the Jameson oil and gas basin in Greenland. Under this arrangement, March GL will fund 100% of the costs associated with up to two exploration wells designed to delineate the sedimentary structure and energy potential of the Jameson Land Basin. In return, March GL will earn through 80 Mile's subsidiary company up to 70% interest in the entire basin and will be appointed as the Field Operations Manager. Additional details about March GL Company's operations can be found on its official website at https://www.MarchGL.com.

Pelican Acquisition Corporation, as a blank check company, was specifically formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization, or similar business combination with one or more businesses. The company maintains flexibility in identifying prospective targets without limitation to any particular industry or geographic region. This approval represents the culmination of Pelican's stated purpose as a special purpose acquisition company.

The business combination occurs at a time when global energy markets are undergoing significant transformation, with increasing emphasis on energy security and responsible resource development. Greenland's natural resources have attracted growing attention from energy companies seeking to diversify supply sources and contribute to stable energy markets. The Jameson Land Basin represents a potentially significant energy resource that could contribute to meeting global energy demands while adhering to responsible development practices.

Investors seeking additional information about Pelican Acquisition Corp. can access the latest news and updates relating to PELI through the company's dedicated newsroom at http://nnw.fm/PELI. The transaction's completion on March 24, 2026, will mark the beginning of the newly formed company's operations as a publicly traded entity focused on Greenland's energy potential. This development represents a significant step in the commercialization of Greenland's natural resources and contributes to the broader conversation about global energy security and resource development strategies.