Company: PELI
Filing Date: 2025-10-30
Form Type: S-4
Source: 0001829126-25-008609
Chunk: 39

Company: Pelican Acquisition Corp
Filing Date: 2025-10-30
Form: S-4
Chunk 39
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ers’ rights in connection with the Conversion or the Business Combination under Cayman Islands Law or the TBOC. |

| Q: | WHAT HAPPENS TO THE FUNDS DEPOSITED IN THE TRUST ACCOUNT AFTER CONSUMMATION OF THE BUSINESS COMBINATION? |

| A: | The net proceeds of the IPO, together with funds raised from the sale of private placement units simultaneously with the consummation of the IPO, was placed in the Trust Account immediately following the IPO. After consummation of the Business Combination, the funds remaining in the Trust Account will be used to pay public shareholders who exercise redemption rights, to pay fees and expenses incurred in connection with the Business Combination (including fees related to the IPO, assuming the No Redemption Scenario) and will be deposited with PubCo to be used for general corporate purposes. |

| Q: | WHAT EQUITY STAKE WILL CURRENT SPAC SHAREHOLDERS AND COMPANY SHAREHOLDERS HOLD IN PUBCO IMMEDIATELY AFTER THE CLOSING? |

| A: | As of June 30, 2025, there are 8,625,000 SPAC Public Shares issued and outstanding which may be redeemed in connection with the Extraordinary General Meeting. In addition, there are: (i) 862,500 SPAC Public Rights, (ii) 298,750 private placement rights, and (iii) 298,750 private placements shares. Each SPAC right entitles the holder to receive one-tenth of one SPAC Ordinary Share of SPAC (or, following the Business Combination, one share of PubCo Common Stock). |

SPAC cannot predict how many SPAC Public Shares will be redeemed. As a result, SPAC is presenting three different redemption scenarios with respect to the SPAC Public Shares, each of which presents a different allocation of total PubCo equity following the Closing. To illustrate potential dilution in each such scenario, the tables below present the post-Closing share ownership of PubCo under each of: (1) the No Redemption Scenario; (2) the 50% Redemption Scenario; and (3) the Maximum Redemption Scenario.

<div align='center'>16</div>

The first table excludes the dilutive
effect of: the PubCo Warrants. The second table includes the dilutive effect of PubCo Warrants.

|                                                           |     | No Redemption 
 Scenario      |            |     |             |       |   |     | 50% Redemption 
 Scenario       |            |     |             |