Pelican acquisition corp signs LOI with Greenland Exploration

June 23, 2025 01:48 PM PDT | By EODHD

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Pelican acquisition corp signs LOI with Greenland Exploration — Image source: Kalkine Media

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NEW YORK - Pelican Acquisition Corporation (NASDAQ:PELI), currently trading at $9.96 and near its 52-week high of $10, announced Monday it has entered into a non-binding letter of intent with Texas-based Greenland Exploration Limited (GEL) to pursue a potential business combination. According to InvestingPro data, Pelican maintains a market capitalization of approximately $116 million. The preliminary terms outline a share-for-share exchange where Pelican would acquire 100% of GEL’s equity, issuing approximately 21.5 million Pelican shares. The LOI provides for a 30-day exclusive negotiation period. InvestingPro analysis reveals that Pelican currently faces financial challenges, with a current ratio of 0.27 indicating that short-term obligations exceed liquid assets.

Subscribers can access 4 additional key financial insights about PELI. GEL has an agreement to invest up to $70 million in the Jameson Land Basin in Greenland, where its partner March GL Company has rights to over 2 million acres through a drill-in program. According to the press release, major oil companies have previously invested over $200 million to develop oil reserves in the region. "This letter of intent represents an exciting first step in our strategy to bring valuable energy assets to the public markets," said Robert Labbe, Chief Executive Officer of Pelican. Larry G.

Swets, Jr., Chief Executive Officer of Greenland Exploration, stated, "We are very pleased to enter into this LOI with Pelican as we pursue a public market strategy to develop one of the world’s most significant untapped hydrocarbon basins." The proposed transaction structure does not include a minimum cash condition from Pelican’s trust account. Additionally, Pelican’s sponsor would forfeit founder shares such that post-transaction, its founder equity would equal 25% of the shares issued in its IPO. ThinkEquity is advising Greenland Exploration while EarlyBirdCapital is advising Pelican on the potential transaction. The companies emphasized that the LOI is non-binding and there is no assurance that a definitive agreement will be executed or that the proposed transaction will be completed on the described terms, or at all. With Pelican reporting negative earnings per share of -$0.03 and operating at a loss over the last twelve months, investors seeking deeper analysis can access comprehensive financial metrics and exclusive insights through InvestingPro’s advanced analytics platform.

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