Greenland Energy Co (GLND) company history: the story so far

History

Greenland Energy went public in March 2026 by merging with a blank-check company, then raised about $70 million in April to fund exploration in Greenland's Jameson Land Basin.

2025-2026: The road to a merger

The record begins in October 2025, when Pelican Holdco, Inc., a Texas company based in Denver with Robert Price as chief executive, filed a registration statement for a business combination. The filing pointed to a blank-check company (a listed shell that raises money to buy a business) called Pelican Acquisition Corporation, which had held its IPO in May 2025, and to Greenland Exploration Limited, which received promissory notes from mid-2025 to 9 September 2025. The visible text gave no deal terms.

2026: Listing and a $70 million raising

The deal closed on 25 March 2026. Pelican Acquisition Corporation, Greenland Exploration Limited and March GL Company became subsidiaries of Pelican Holdco, which was renamed Greenland Energy Company. Former Greenland and March GL holders received 21,500,000 shares, valued at $215,000,000 at $10.00 a share. Blank-check shareholders approved the deal on 19 March, and 7,562,123 of their shares were redeemed for $77,979,252. After closing there were 26,110,252 shares and 1,500,000 warrants (rights to buy shares at $15.00) outstanding. The stock began trading as GLND on Nasdaq on 26 March, and lock-up, registration rights and indemnification agreements were signed. The exchange certified the securities for listing again on 27 April.

On 29 April 2026 the company closed a public offering of 16,250,000 shares, 1,250,000 pre-funded warrants and 17,500,000 warrants with a $5.00 strike and five-year life. It raised about $70 million gross at $4.00 per package, with ThinkEquity as placement agent. The shares sold were roughly 62% of those outstanding after closing, with up to 17.5 million more possible if the warrants are exercised.

The company says the money is for general corporate purposes, and its chief executive said it funds exploration toward planned drilling in October 2026 in the Jameson Land Basin. As of 30 April 2026, the company had no stated production and no debt facilities shown, and the use of the proceeds remained an open question.

Written from the 5 story beats below (2025 to 30 Apr 2026), which come from the company's own announcements and filings.

Beat by beat

The events that changed the company's story, in plain English, each written against everything known about the company at the time. The dot shows whether it was good, bad or neutral for shareholders.

shares on issue market cap (log scale)

202626.1m shares · US$79.9m market cap

30 Apr
Greenland Energy closed a public offering on 29 April 2026 of 16,250,000 shares, 1,250,000 pre-funded warrants and 17,500,000 warrants (strike $5.00, five years), raising about $70 million gross at $4.00 per share-plus-warrant package, with ThinkEquity as placement agent (3.0% cash fee). The company says proceeds are for general corporate purposes, and the CEO's press release says it funds exploration toward planned October 2026 drilling in the Jameson Land Basin. For shareholders this is new dilution: the shares sold are roughly 62% of the 26.1 million outstanding after closing (inference from the figures), with up to 17.5 million more shares possible on warrant exercise.
material agreement
26.1m shUS$79.9m
27 Apr
the exchange certified Greenland Energy Co's securities for listing, clearing them to begin trading.
listing compliance notice
26.1m shUS$228m
27 Mar
The long-pending combination closed on 25 March 2026: the Pelican Acquisition Corporation blank-check company, Greenland Exploration Limited and March GL Company all became subsidiaries of Pelican Holdco, which was renamed Greenland Energy Company. Former Greenland and March GL holders received 21,500,000 shares (valued at $215,000,000 at $10.00 a share), SPAC shareholders approved on 19 March, and 7,562,123 SPAC shares were redeemed for $77,979,252. After closing there were 26,110,252 shares and 1,500,000 warrants (strike $15.00) outstanding, with the stock trading as GLND on Nasdaq from 26 March 2026. This resolves the S-4 thread; lock-up, registration rights and indemnification agreements were also signed.
business combination
19.1m sh
25 Mar
the exchange certified Greenland Energy Co's securities for listing, clearing them to begin trading.
listing compliance notice
19.1m sh

2025

30 Oct
Pelican Holdco, Inc., a Texas company based in Denver with Robert Price as CEO, filed a registration statement (Form S-4) for a business combination. The visible text is only the cover page and data tags. These tags point to a blank-check company (IPO, over-allotment and private placement in May 2025, Early Bird Capital) and to Greenland Exploration Limited, which received promissory notes from mid-2025 to 9 Sept 2025. This suggests, as an inference, that the blank-check company is combining with Greenland Exploration through the new holding company. The visible text gives no deal terms, exchange ratio or price.
business combination