Company: PELI
Filing Date: 2025-10-30
Form Type: S-4
Source: 0001829126-25-008609
Chunk: 58

Company: Pelican Acquisition Corp
Filing Date: 2025-10-30
Form: S-4
Chunk 58
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 statement/prospectus under the heading “The Incentive Plan Proposal” and a copy of the form of the PubCo Incentive Plan is attached to the accompanying proxy statement/prospectus as Annex D. Adjournment Proposal SPAC shareholders will be asked to consider and vote upon a proposal to adjourn the Extraordinary General Meeting to a later date or dates if, based upon the tabulated vote at the time of the Extraordinary General Meeting, there are not sufficient votes to approve the Business Combination Proposal. Please see the section titled “The Adjournment Proposal” for additional information.

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The SPAC Board’s Reasons for the Transaction SPAC was formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. The SPAC Board sought to utilize the networks and industry experience of both the Sponsor and the SPAC Board and management to identify, acquire and operate one or more businesses. In making its determination with respect to the transactions contemplated thereby, the SPAC Board considered and evaluated several factors, including, but not limited to, the factors discussed below. In light of the complexity and variety of such factors, the SPAC Board did not consider it practicable to, nor did it attempt to, quantify or otherwise assign relative weights to the specific factors that the Board considered in reaching its determination and supporting its decision. The SPAC Board viewed its decision as being based on all of the information available and the factors presented to and considered by the SPAC Board. All SPAC’s directors approved the Business Combination. No member of the SPAC Board voted against, or abstained from voting on, the Business Combination. There are no agreements, arrangements or understandings of any nature among our Sponsor and SPAC, or SPAC’s officers, directors, or affiliates with respect to determining whether to proceed with a De SPAC transaction. Such determination is solely within the discretion of SPAC Board. Before reaching its decision, the SPAC Board discussed the results of the due diligence conducted by Quetta’s management and their advisors, which included:

| ● | review of the draft fairness opinion provided by EntrepreneurShares LLC (for more details, please refer to “Proposal No. 1 - The Business Combination Proposal — Summary of the Opinion of ERShares”); |
| ● | review of Greenland’s financial projections;                                                                                                                                                           |
| ● | meetings and calls with the management team and advisors of Greenland and March GL regarding