Pelican Acquisition Signs Merger Deal With Greenland Exploration Limited And March GL Company

(RTTNews) - Pelican Acquisition Corp. (PELIR), a special purpose acquisition company, Tuesday announced a definitive Agreement and Plan of Merger with Greenland Exploration Limited and March GL Company.

The transaction includes a series of mergers where all three companies will each merge with subsidiaries of Pelican Holdco, Inc., a newly formed Texas corporation to be renamed Greenland Energy Company.

Meanwhile, Pelican shareholders will receive one share of Greenland Energy Company common stock for each share of Pelican common stock they currently hold.

Upon closing of the deal, the combined company, to be led by Robert Price as Chief Executive Officer, is expected to be listed on the NASDAQ Stock Market under the ticker symbol "GLND."

Currently, PELIR is moving up 22.29 percent to $0.22 on the Nasdaq.