Company: PELI
Filing Date: 2025-09-15
Form Type: 10-Q
Source: 0001829126-25-007404
Chunk: 29

Company: Pelican Acquisition Corp
Filing Date: 2025-09-15
Form: 10-Q
Item: Part I, Item 1
Chunk 29
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 as a Texas corporation, without any action required by the holders.

    19

Following the Domestication, the transaction will
include a series of mergers whereby Pelican, Greenland, and March GL will each merge with subsidiaries of Holdco, which will be renamed
Greenland Energy Company and become publicly traded company on the Nasdaq.

The Merger consideration being a number of shares
of Holdco common stock with an aggregate value equal to US$215,000,000, based upon a per share value of US$10.00. Existing Greenland shareholders
will receive an aggregate of 1,500,000 shares of Holdco common stock and existing March GL shareholders will receive an aggregate of 20,000,000
shares of Holdco common stock. Pelican shareholders will receive one share of Holdco common stock for each share of Pelican common stock
they currently hold (subject to redemptions).

Transfer
of Founder Shares 

Prior to the Closing, Purchaser shall cause the
Sponsor and any other party that holds Founder Shares (except for EarlyBirdCapital, Inc.), to (i) forfeit and cancel, in aggregate, 718,750
Founder Shares, and (ii) following such forfeiture, transfer to FG Merchant Partners LP (a shareholder of March GL), pursuant to a purchase
and sale agreement, 20% of the total remaining Founder Shares (which, for the avoidance of doubt, shall be 431,250 Founder Shares representing
20% of 2,156,250 Founder Shares post-forfeiture), at the same purchase price per share as originally paid by the Sponsor for such Founder
Shares. Following such transfer, the Sponsor and any other party that holds Founder Shares (excluding EarlyBirdCapital, Inc.) shall retain
1,725,000 Founder Shares, in addition to any private units acquired in connection with Pelican’s
IPO.

Termination

The Merger Agreement may be terminated by Pelican
or Greenland or March GL under certain circumstances, including, among others: (a) by mutual written consent of Holdco, Greenland and
March GL; (b) by either Holdco or Greenland or March GL if the Closing of the Business Combination has not occurred on or before June
30, 2026, (c) by Holdco if any of the Companies shall have failed to obtain the necessary shareholder approvals; (d) by either Greenland
or March GL or Pelican if the Pelican Special Meeting is held (including any adjournment