Pelican Acquisition Corporation (NASDAQ: PELI) has officially completed its business combination, resulting in the formation of Greenland Energy Company. The newly minted company is set to commence trading on the NASDAQ Global Market today, March 25, 2026, under the ticker symbol GLND. This move positions Greenland Energy as the first U. S. public company dedicated to oil and gas development in Greenland's Jameson Land Basin.
The Jameson Land Basin, located in East Greenland, has long been considered a promising hydrocarbon region. Greenland Energy maintains rights to own up to 70% of three onshore licenses in the basin, an area subject to extensive exploration and research for decades. The merger values Greenland Energy at an implied $215 million. The company aims to responsibly unlock Greenland's energy potential while supporting U. S. energy security, economic diversification, and strategic independence.
The completion follows approval by Pelican Acquisition Corporation shareholders at an Extraordinary General Meeting held on March 19, 2026. However, not all shareholders were on board, with holders of 7,562,343 ordinary shares exercising redemption rights, amounting to $77,740,886.04. This reduced the public float ahead of the business combination.
Executives have emphasized the significance of the merger for both Greenland and international energy security. Robert Price, CEO of Greenland Energy Company, has described Jameson as "among the largest undrilled onshore basins of its kind". With existing infrastructure and renewed investment, Greenland Energy aims to accelerate drilling and evaluate the basin's resource base responsibly.
