---
title: "Pelican Acquisition 10-K: $0 Revenue, Net Income $1.249M (FY) — Interest Income $2.349M"
type: "News"
locale: "zh-CN"
url: "https://longbridge.com/zh-CN/news/279923248.md"
description: "Pelican Acquisition reported no operating revenues for the year ending January 31, 2026, with a net income of $1.249 million, primarily from interest income of $2.349 million. The company, a SPAC, is pending a business combination with a merger agreement in place and shareholder approval of 92.53%. The planned domestication to Texas and operational readiness are ongoing, with a deadline for the business combination set for August 27, 2026. Previous net loss was $0.042 million for the prior period."
datetime: "2026-03-20T10:05:01.000Z"
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  - [zh-CN](https://longbridge.com/zh-CN/news/279923248.md)
  - [en](https://longbridge.com/en/news/279923248.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/279923248.md)
---

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# 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, 2026
-   **Net Income:** $1.249047 million for year ended Jan 31, 2026
-   **Net Income:** -$0.042564 million for period Jul 23, 2024–Jan 31, 2025
-   **Operating 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, 2026

**Disclaimer**

This 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.

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