Company: PELI
Filing Date: 2025-10-30
Form Type: S-4
Source: 0001829126-25-008609
Chunk: 213

Company: Pelican Acquisition Corp
Filing Date: 2025-10-30
Form: S-4
Chunk 213
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 excess amounts by timely filing an appropriate claim for refund with the IRS. Non-U.S. Holders should consult their own tax advisors regarding the application of the foregoing rules in light of their particular facts and circumstances and any applicable procedures or certification requirements.

Tax Consequences of the Business Combination

Subject to the limitations
set forth above under “Material U.S. Federal Income Tax Considerations,” the discussion in this section entitled “Material U.S. Federal Income Tax Considerations - Non-U.S. Holders - Tax Consequences of the Merger” constitutes the opinion of Celine
and Partners, PLLC as to the material U.S. federal income tax consequences of the Business Combination to Non-U.S. Holders of common stock
of SPAC that exchange common stock of SPAC for PubCo Common Stock pursuant to the SPAC Merger.

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As described above under the section entitled “Material U.S. Federal Income Tax Considerations - U.S. Holders - Tax Consequences of the Business Combination to Holders of SPAC Ordinary Shares,” the Business Combination should qualify as a tax-deferred transaction under Section 351 of the Code. However, there is no authority directly on point with respect to a transaction involving the same facts. In addition, neither the obligation of SPAC, Greenland, March GL or PubCo to complete the Business Combination is conditioned upon the receipt of an opinion from its counsel confirming whether the Business Combination will so qualify.

If the Business Combination transactions qualify as a tax-deferred transaction under Section 351 of the Code, no gain or loss would be recognized by Non-U.S. Holders that exchange common stock of SPAC solely for PubCo Common Stock pursuant to the SPAC Merger. Otherwise, gain recognition may be required generally as discussed below under the section entitled “Non-U.S. Holders - Tax Consequences of Ownership and Disposition of PubCo Common Stock - Gain on Sale, Taxable Exchange or Other Taxable Disposition of PubCo Common Stock.”

Tax Consequences of Ownership and Disposition of PubCo Common Stock

| 1. | Taxation of Distributions |

In general, any distributions made to a Non-U.S. Holder with respect to PubCo Common Stock, to the extent paid out of PubCo’s current or accumulated earnings and profits (as determined under U.S. federal income tax principles), will constitute dividends for U.S. federal income tax purposes and, provided such dividends are not effectively connected with such Non-U.S. Holder