Company: PELI
Filing Date: 2025-10-30
Form Type: S-4
Source: 0001829126-25-008609
Chunk: 72

Company: Pelican Acquisition Corp
Filing Date: 2025-10-30
Form: S-4
Chunk 72
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 Public Shares or other factors may not allow SPAC to complete the Business Combination or optimize its capital structure. |

| ● | There are risks to SPAC shareholders who are not affiliates of the Sponsor of becoming stockholders of PubCo through the Business Combination rather than acquiring securities of the Companies directly in an underwritten public offering, including no independent due diligence review by a traditional underwriter. |

| ● | Because SPAC Insiders will lose their entire investment in SPAC if the Business Combination or an alternative business combination is not completed, and because SPAC’s Sponsor, executive officers and directors will not be eligible to be reimbursed for their out-of-pocket expenses if the Business Combination is not completed, a conflict of interest may have arisen in determining whether the Companies were appropriate for SPAC’s initial business combination. |

| ● | The value of the Founder Shares following completion of the Business Combination is likely to be substantially higher than the nominal price paid for them, even if the trading price of PubCo Common Stock at such time is substantially less than $10.00 per share. |

| ● | The Sponsor, directors, officers, advisors and their affiliates may elect to purchase SPAC Ordinary Shares from Public Shareholders, which may influence a vote on a proposed initial business combination and reduce the public “float” of the SPAC Ordinary Shares. |

Risks Relating to Redemptions

| ● | Since the Business Combination involves a company organized under the laws of a state of the United States, it is possible a 1% U.S. federal excise tax will be imposed on us in connection with redemptions of SPAC Ordinary Shares after or in connection with such Business Combination. |

| ● | If SPAC Public Shareholders fail to comply with the redemption requirements specified in this proxy statement/prospectus, they will not be entitled to redeem their SPAC Public Shares for a pro rata portion of the funds held in the Trust Account. |

| ● | There is no guarantee that a SPAC Public Shareholder’s decision whether to redeem its SPAC Ordinary Shares for a pro rata portion of the Trust Account will put such shareholder in a better future economic position. |

Risks Relating to the Consummation of the Conversion

| ● | Upon consummation of                                                                                                                
 the Conversion, the rights of holders of PubCo Common Stock arising under the TBOC and the Proposed Governing Documents will differ 
 from and may be less favorable to the rights of holders of SPAC Ordinary Shares arising under Cayman Islands Law