Company: PELI
Filing Date: 2025-10-30
Form Type: S-4
Source: 0001829126-25-008609
Chunk: 8

Company: Pelican Acquisition Corp
Filing Date: 2025-10-30
Form: S-4
Chunk 8
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 ], 2025, the last sale price of SPAC Ordinary Shares was $[ ].

Financings

On May 21, 2023, SPAC
issued an unsecured promissory note to the Sponsor, pursuant to which the Sponsor may borrow up to an aggregate principal amount of $200,000
(the “Promissory Note”). The Promissory Note is unsecured, interest-free and due after the date on which SPAC closes
an initial business combination. The Sponsor loaned SPAC $200,000 to be used, in part, for transaction costs incurred in connection with
the IPO. As of the date of this prospectus/proxy statement, none was outstanding under the Promissory Note.

Conflicts of Interest

Directors and officers of
SPAC may have interests in the Business Combination that are different from your interests as a shareholder. In August 2024, an
aggregate of 2,875,000 insider shares were issued to our Sponsor for an aggregate contribution of $25,000. Simultaneously with the closing
of the IPO, SPAC consummated the private placement (the “Private Placement”) with the Sponsor of 212,500 Units (the
“Private Units”), generating total proceeds of $2,125,000. The following table sets forth information regarding directors
and officers of SPAC and the Sponsor’s beneficial interests in founder shares of SPAC as at [ ], 2025:

| Stockholder(1)                                                         |     | Number of 
 Ordinary  
 Shares of 
 SPAC      |           |
| Pelican Sponsor LLC (our Sponsor)(2)                                   |     |           | 2,875,000 |
| EarlyBirdCapital, Inc.(3)                                              |     |           |   200,000 |
| Robert L. Labbe                                                        |     |           |         0 |
| Daniel M. McCabe                                                       |     |           |         0 |
| Qi Gong                                                                |     |           |         0 |
| Ping Zhang                                                             |     |           |         0 |
| All directors and executive officers (four (4) individuals) as a group |     |           |         0 |

Notes:

| (1) | Unless otherwise indicated, the business address of each of the individuals or entities is c/o Pelican Acquisition Corporation, 1185 Avenue of the Americas, Suite 304, New York, NY 10036.                         |
| (2) | The Sponsor is the record holder