Company: PELI
Filing Date: 2025-10-30
Form Type: S-4
Source: 0001829126-25-008609
Chunk: 6

Company: Pelican Acquisition Corp
Filing Date: 2025-10-30
Form: S-4
Chunk 6
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) | Under (i) a no redemption scenario,                                                                                                             
 (ii) an interim redemption scenario, assuming 50% redemptions, and (iii) a maximum redemption scenario, immediately upon consummation           
 of the Business Combination, the Sponsor will own, on a fully diluted basis, 2,390,000 shares of PubCo Common Stock, representing approximately 
 7%, 8%, and 9% of the issued PubCo Common Stock respectively.                                                                                   |

PIPE Investment

Pursuant to the Business
Combination Agreement, during the Interim Period, SPAC and the Companies shall use their good faith efforts to obtain commitments
from certain investors (the “PIPE Investors”) for a private placement of PubCo Common Stock (the “PIPE Investment”) pursuant to one or more subscription agreements pursuant to which, among other things, the PIPE Investors
will agree to subscribe for and purchase shares of PubCo Common Stock, upon the terms and subject to the conditions set forth
therein, on the Closing Date and immediately following the Effective Time. For the avoidance of doubt, PIPE Investment is not a
condition to the Closing. As of the date of this proxy statement/prospectus, the parties to the Business Combination Agreement
intend to obtain the PIPE Investment, but there is no assurance that they will be able to do so and there are currently no
commitments for such investment. If the parties are unable to obtain the PIPE Investment, it would result in PubCo having less capital and funds available than originally
anticipated for working capital purposes after the closing of the Business Combination and could make it more difficult to obtain, or
maintain, listing of PubCo’s securities on a national securities exchange.

Compensation Received by the Sponsor

The following table sets forth
the payments to be received by our Sponsor and its affiliates from us prior to or in connection with the completion of the Business Combination
and the securities issued and to be issued by us to our Sponsor or its affiliates:

| Amount of Compensation to be Received or                                                                                                    
 Securities Issued or to be Issued                                                                                                           |     |                                                                                                                                                        Consideration Paid or to be Paid |
| 2,875,000 SPAC Ordinary Shares                                                                                                              |     |                                                                                                                                                                                 $25,000 |
| 201,250 private units                                                                                                                       |     |                                                                                                                                                                              $2,012,500 |
| Up to $700,000                                                                                                                              |     |                                                                                                                           Loans of the same amount to pay for expenses of this offering |
| $