The business combination was approved by Pelican's shareholders during an extraordinary general meeting held on March 19, 2026. The transaction involved the issuance of 21,500,000 shares of common stock to the former stockholders of March GL and Greenland, representing a total merger consideration valued at approximately $215 million based on a per-share price of $10.00. This strategic move is expected to enhance Greenland's operational capabilities and market presence.
As part of the merger, Pelican Acquisition Corporation transitioned from a Cayman Islands exempted company to a Texas corporation, a process known as 'Conversion'. This transition was executed in compliance with the Texas Business Organizations Code and the Companies Act of the Cayman Islands. Following the conversion, Pelican's existing securities were restructured to align with the new corporate framework.
The newly formed Greenland Energy Company will focus on leveraging its combined resources to drive growth and innovation in the energy sector. The leadership team has undergone changes, with Robert Price appointed as the Chief Executive Officer and Larry G. Swets, Jr. taking on the role of Chairman of the Board. This leadership shift is anticipated to bring fresh perspectives and strategic direction to the company.
In conjunction with the merger, Greenland Energy Company has adopted a new 2026 Omnibus Incentive Plan, reserving 3,367,237 shares for issuance to incentivize and retain key talent. This plan is designed to align the interests of the management team with those of the shareholders, fostering a culture of performance and accountability.
The completion of this business combination is seen as a pivotal step in Greenland's strategy to expand its operational footprint and enhance shareholder value. The company is poised to capitalize on new opportunities in the energy market, supported by a robust financial structure and a committed leadership team.
