Pelican Acquisition Corporation issued a clarification about the potential application of the 1% U.S. stock repurchase excise tax to share redemptions tied to its proposed business combination with Greenland Exploration Limited and March GL Company. The company said it does not expect the tax to apply because it is incorporated in the Cayman Islands and is not a “covered corporation” under the relevant IRS code section, and therefore it does not expect any excise tax to reduce cash paid to redeeming public shareholders. Pelican added that future Treasury or IRS guidance could still affect the tax’s application, potentially with retroactive effect.

Disclaimer: This news brief was created by Public Technologies (PUBT) using generative artificial intelligence. While PUBT strives to provide accurate and timely information, this AI-generated content is for informational purposes only and should not be interpreted as financial, investment, or legal advice. Pelican Acquisition Corp. published the original content used to generate this news brief via GlobeNewswire (Ref. ID: 202603110615PRIMZONEFULLFEED9669872) on March 11, 2026, and is solely responsible for the information contained therein.