SEC Clears the Path: Pelican Acquisition Corp Receives Regulatory Approval for Greenland Energy Merger

February 19, 2026 – Pelican Acquisition Corp (NASDAQ: PELI) has received SEC clearance for its proposed transaction involving Greenland oil assets through Greenland Exploration Limited and March GL, according to disclosures from 80 Mile PLC. The combined entity is expected to trade on NASDAQ as Greenland Energy Company under ticker GLND, subject to completion of remaining approval steps and most notably a shareholder vote.

What the SEC Clearance Actually Means

SEC clearance of a merger proxy/registration statement is not a rubber stamp. It means regulators have reviewed the deal materials, including the structure, disclosures, financials, and risk factors, and cleared the transaction to move forward to the next phase.

In practical terms: the regulatory gatekeeping phase is largely complete. Now the market’s attention shifts to the shareholder vote timing, closing mechanics, and the first days of GLND trading, where real time price discovery begins.

Trading under ticker GLND (Greenland Energy Company) is expected to begin in early March 2026, assuming the remaining steps are completed on schedule.

The Asset: The Jameson Land Basin

The core of this transaction is the Jameson Land Basin in East Greenland and one of the most discussed frontier oil exploration areas in the Arctic.

A 2025 assessment by Sproule ERCE estimated the basin contains 13.03 billion barrels of recoverable oil potential (prospective resources). On the current framework, 80 Mile PLC retains a 30% interest, implying an attributable share of roughly 3.9 billion barrels of that upside.

The operating group has said it has reprocessed legacy seismic with modern techniques and identified dozens of targets across the basin. And critically, the unglamorous part that makes drilling real, the project narrative is now full of contracts, logistics, and execution planning rather than just maps and presentations.

The 80 Mile company and related communications also point to agreements being lined up for drilling services, project oversight, and logistics mobilization for a 3,500m-capable rig, with drilling targeted for 2H 2026.

80 Mile PLC: Reading the Development

80 Mile PLC, which retains the 30% stake, framed the SEC clearance as a positive step and has previously referenced a notional valuation for its Jameson stake of approximately US$92 million based on the implied framework of the transaction.

The Company has also previously confirmed receipt of a US$500,000 payment from March GL tied to the Jameson project, small in size, but meaningful as a concrete signal that the commercial machinery behind this deal has been turning.

This Is Where It Gets Real

The GLND listing arrives during heightened geopolitical focus on Greenland, not just oil, but the full basket: rare earths, critical minerals, hydropower, infrastructure, and strategic access.

For investors (and for Greenland watchers), a NASDAQ listed vehicle tied directly to Greenland upstream exploration is a new kind of exposure essentially a public-market proxy for one of the most watched frontier basins in the Arctic.

Whether the story becomes historic or just another de-SPAC narrative will come down to one thing: execution and then, ultimately, what the drill bit finds.

Disclaimer: GreenlandEnergy.com is an independent news and analysis site and is not affiliated with Greenland Energy Company, Pelican Acquisition Corp, 80 Mile PLC, Greenland Exploration Limited, or March GL. This content is for informational purposes only and does not constitute financial or investment advice.

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