Pelican Acquisition Corporation Issues Clarification Regarding Potential Application of Stock Repurchase Excise Tax
Pelican Acquisition Corporation - Unit (PELIU)
Company Research
Source: GlobeNewswire
HOUSTON, March 11, 2026 (GLOBE NEWSWIRE) -- Pelican Acquisition Corporation (the “Company”), a Cayman Islands exempted company, today issued a clarification regarding the potential application of the 1% excise tax on certain stock repurchases under Section 4501 of the Internal Revenue Code of 1986, as amended. The excise tax was enacted as part of the Inflation Reduction Act of 2022. As previously disclosed in the Company’s proxy statement relating to its proposed business combination with Greenland Exploration Limited, March GL Company and the other parties thereto (the “Business Combination”), the Company does not expect that the 1% excise tax will apply to redemptions of the Company’s ordinary shares in connection with the shareholder vote to approve the Business Combination. The Company is incorporated as a Cayman Islands exempted company and, accordingly, is not a “covered corporation” within the meaning of Section 4501 of the Internal Revenue Code. Based on currently availab
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- Pelican Acquisition Corporation (NASDAQ: PELI) Announces Successful Approval of its Business Combination with Pelican Holdco, Inc., Greenland Exploration Limited, and March GL Company at the Extraordinary General Meeting of Shareholders held on March 19, Acquire Media Monitor
- Pelican Acquisition Corporation (NASDAQ: PELI) Announces Successful Approval of its Business Combination with Pelican Holdco, Inc., Greenland Exploration Limited, and March GL Company at the Extraordinary General Meeting of Shareholders held on March 19, GlobeNewswire
- Greenland Energy and Pelican Acquisition Corporation (NASDAQ: PELI) Appoints Ashiq Merchant, former BP executive, as Chief Financial Officer to Drive Transition to Public Markets and Advance World-Class Arctic Operations [Yahoo! Finance]Yahoo! Finance
- Greenland Energy and Pelican Acquisition Corporation (NASDAQ: PELI) Appoints Ashiq Merchant, former BP executive, as Chief Financial Officer to Drive Transition to Public Markets and Advance World-Class Arctic OperationsGlobeNewswire
- Greenland's Untested Oil Basin Could Be the Next Big Discovery [Yahoo! Finance]Yahoo! Finance