Company: PELI
Filing Date: 2025-10-30
Form Type: S-4
Source: 0001829126-25-008609
Chunk: 142

Company: Pelican Acquisition Corp
Filing Date: 2025-10-30
Form: S-4
Chunk 142
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 valuer; |

| ● | Other Alternatives. The Board believes, after a thorough review of other business combination opportunities reasonably available to SPAC, that the proposed Business Combination represent the best available business combination opportunity for SPAC based upon the process utilized to evaluate and assess other potential combination targets, and the Board’s belief that such process has not presented a better available alternative; |

| ● | Negotiated Transaction. The financial and other terms of the Business Combination Agreement and the fact that such terms and conditions are reasonable and were the product of arm’s length negotiations between SPAC and Greenland. |

Specifically, the Board also considered certain of Greenland’s business related factors discussed below as supporting its decision to enter into the Business Combination Agreement and the related agreements and the transactions contemplated thereby:

| ● | Rapidly Growing Market Opportunity: The Board noted Greenland’s efforts to expand its range to capture a larger share of the oil and gas markets. The Board believed that Greenland is well-positioned to gain significant market share as the sector continues to grow. |

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| ● | R&D Capability and Consistent Product Development: The Board noted Greenland’s strong R&D capabilities and consistent growth innovation. By closely integrating R&D with production teams, Greenland can quickly transform pioneering ideas into commercially viable projects. The Board believed these efforts demonstrate Greenland’s commitment to innovation as a long-term growth driver. |

In the course of its deliberations, the Board also considered a variety of uncertainties, risks and other potentially negative reasons relevant to the Business Combination, including the below:

| ● | The risk that the future financial performance of Greenland may not meet the SPAC Board’s expectations due to factors in Greenland’s control or out of Greenland’s control, such as Greenland’s failure to continuously innovate, to attract and retain customers, to adapt to new businesses, to obtain sufficient capital, to maintain its competitive edge in the energy and oil and gas industry, among others. |

| ● | The potential benefits of the Business Combination may not be fully achieved or may not be achieved within the expected time frame and the significant fees, expenses and time and effort of management associated with completing the Business Combination. |

| ● | The Business Combination might not be consummated or completed in a timely manner or that the Closing might not occur despite our best efforts, including by reason of a failure to obtain the approval of their stockholders, litigation challenging the Business Combination or that an adverse judgment granting permanent injunctive relief could indefinitely enjoin the consummation of the Business