Pelican Acquisition Corp 8-K

What Happened Pelican Acquisition Corp (PELI) filed an 8-K on March 11, 2026 clarifying that it does not expect the 1% excise tax under Section 4501 of the Internal Revenue Code (enacted in the Inflation Reduction Act of 2022) to apply to redemptions of its ordinary shares by public shareholders in connection with the extraordinary general meeting to approve its proposed business combination with Greenland Exploration Limited, March GL Company and related parties. The company says it is organized as a Cayman Islands exempted company and therefore is not a “covered corporation” under Section 4501, so based on current law and guidance it does not expect the excise tax to reduce redemption cash paid to public shareholders.

Key Details

• Filing date: March 11, 2026 (Form 8-K, Item 8.01).
• Tax at issue: 1% excise tax under Section 4501 of the Internal Revenue Code (Inflation Reduction Act of 2022).
• Corporate status: Pelican is a Cayman Islands exempted company and, in its view, not a “covered corporation.”
• Effect: Company does not expect the excise tax to apply to redemptions or to reduce cash paid to public shareholders, but notes future Treasury/IRS guidance could change that, possibly retroactively.

Why It Matters This clarification affects retail shareholders considering redeeming shares in connection with the pending business combination: Pelican’s current position is that redemption proceeds should not be reduced by the 1% excise tax. However, the company’s conclusion is based on its present interpretation of law and guidance; new or retroactive Treasury/IRS regulations could alter the tax treatment. Investors should treat this as a company statement of expectation, not a definitive tax ruling.