Company: PELI
Filing Date: 2025-10-30
Form Type: S-4
Source: 0001829126-25-008609
Chunk: 210

Company: Pelican Acquisition Corp
Filing Date: 2025-10-30
Form: S-4
Chunk 210
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 Holder the amount of any distribution of cash or other property (other than certain distributions of our shares or rights to acquire our shares) paid on PubCo Common Stock to the extent the distribution is paid out of our current or accumulated earnings and profits (as determined under U.S. federal income tax principles). Dividends paid to a U.S. Holder that is treated as a corporation for U.S. federal income tax purposes generally will qualify for a full or partial dividends received deduction if the requisite holding period is satisfied. With certain exceptions (including dividends treated as investment income for purposes of investment interest deduction limitations), and provided certain holding period requirements are met, dividends paid to a non-corporate U.S. Holder generally will constitute “qualified dividend income” subject to tax at reduced rates applicable to long-term capital gains. Distributions in excess of such earnings and profits generally will be applied against and reduce the U.S. Holder’s basis in its PubCo Common Stock (but not below zero) and, to the extent in excess of such basis, will be treated as gain from the sale or exchange of such PubCo Common Stock (see “- Gain or Loss on Sale, Taxable Exchange or Other Taxable Disposition of PubCo Common Stock” below).

U.S. Holders should consult their own tax advisors regarding the availability of such lower rate for any dividends paid with respect to PubCo Common Stock.

| 2. | Gain or Loss on Sale, Taxable Exchange or Other Taxable Disposition of PubCo Common Stock |

A U.S. Holder generally will recognize capital gain or loss on the sale or other taxable disposition of PubCo Common Stock. Any such capital gain or loss generally will be long-term capital gain or loss if the U.S. Holder’s holding period for such PubCo Common Stock exceeds one year. The deductibility of capital losses is subject to certain limitations.

The amount of gain or loss recognized by a U.S. Holder on a sale or other taxable disposition generally will be equal to the difference between (i) the sum of the amount of cash and the fair market value of any property received in such disposition and (ii) the U.S. Holder’s adjusted tax basis in its PubCo Common Stock so disposed of.

Non-U.S. Holders

This section applies to you if you are a “Non-U.S. Holder.” A Non-U.S. Holder is a beneficial owner of SPAC Ordinary Shares or PubCo Common Stock (other than a partnership or other entity or arrangement treated as a partnership for U.S