Pelican Acquisition 10-K: $0 Revenue, Net Income $1.249M (FY) — Interest Income $2.349M

Pelican Acquisition reported no operating revenues for the period and recorded net income of $1.249047 million for the year ended January 31, 2026, driven primarily by interest income of $2.349253 million offset by general and administrative expenses. For the prior period (Jul 23, 2024–Jan 31, 2025) net loss was $0.042564 million. The company remains a SPAC pending completion of a business combination and has interest income reported as non-operating revenue. Financial Highlights Revenue: $0 (no operating revenues until post-business combination)Interest Income: $2.349253 million (reported as non-operating income) for year ended Jan 31, 2026Net Income: $1.249047 million for year ended Jan 31, 2026Net Income: -$0.042564 million for period Jul 23, 2024–Jan 31, 2025Operating Income / Gross Profit / Net Income Per Share: Not stated in Part II Items 7/8 and therefore omitted Business Highlights Business combination progress: Entered a merger agreement with Holdco, Greenland and March GL; shareholder approval was approximately 92.53% with closing targeted on or about March 24, 2026.Corporate reorganization: Planned domestication from the Cayman Islands to Texas and a series of mergers to form Greenland Energy Company as the Nasdaq-listed public operating entity.Operational readiness: Ongoing due diligence, legal and compliance preparations with retained advisors and support agreements; IPO proceeds remain escrowed in the trust account pending transaction close.Revenue/operations status: No operating revenues to date; primary activity is executing the SPAC transaction and planning post-combination operations.Liquidity & timeline risk: Continued reliance on trust account proceeds and on completing the business combination by the August 27, 2026 deadline; substantial operational uncertainty if the transaction does not close.Original SEC Filing: Pelican Acquisition Corp [ PELI ] - 10-K - Mar. 19, 2026DisclaimerThis is an AI-powered summary. It may contain inaccuracies. Consider verifying important information with the source. Please note this summary is solely based on documents filed with the SEC.