Company: PELI
Filing Date: 2025-10-30
Form Type: S-4
Source: 0001829126-25-008609
Chunk: 108

Company: Pelican Acquisition Corp
Filing Date: 2025-10-30
Form: S-4
Chunk 108
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 to this proxy statement/prospectus as Annex D; and |

| ● | The Adjournment Proposal. |

<div align='center'>69</div>

Each of the Proposals is
conditioned on the approval and adoption of each of the other Proposals. The Adjournment Proposal is not conditioned upon the
approval of any other proposal, and the Governing Documents Advisory Proposals are being submitted for approval on a non-binding
advisory basis. For the avoidance of doubt, if put forth at the Extraordinary General Meeting, the Adjournment Proposal will be the
first and only proposal voted on and the Proposals will not be submitted to the shareholders for a vote.

Recommendation of the SPAC Board

The SPAC Board believes
that the Business Combination Proposal and the other proposals to be presented at the Extraordinary General Meeting are in the best
interest of SPAC. Accordingly, the SPAC Board unanimously recommends that SPAC’s shareholders vote “FOR” the
approval of the Business Combination Proposal, “FOR” the Conversion Proposal, “FOR” the Governing Documents
Proposal, “FOR” the approval of the Governing Documents Advisory Proposals, “FOR” the Stock Issuance
Proposal, “FOR” the approval of the Incentive Plan Proposal, and “FOR” the approval of the Adjournment
Proposal, in each case, if presented to the Extraordinary General Meeting.

The existence of financial and personal interests of one or more of SPAC’s directors may result in a conflict of interest on the part of such director(s) between what such director may believe is in the best interests of SPAC and its shareholders and what such director may believe is best for themselves in determining to recommend that shareholders vote for the proposals. SPAC’s officers have interests in the Business Combination that may be different from, or in addition to, your interests as a SPAC shareholder. The SPAC Board was aware of and considered these interests, among other matters, in approving the Business Combination and in determining to recommend to the SPAC shareholders to vote in favor of the Business Combination Proposal and the other proposals to be presented at the Extraordinary General Meeting. See the section of this proxy statement/prospectus entitled “The Business Combination Proposal — Interests of Certain Persons in the Business Combination.”

Record Date; Who is Entitled to Vote

SPAC has fixed , 2025 as the Record Date for the Extraordinary General Meeting. If you were a holder of SPAC Ordinary Shares at the close of