Company: PELI
Filing Date: 2025-10-30
Form Type: S-4
Source: 0001829126-25-008609
Chunk: 198

Company: Pelican Acquisition Corp
Filing Date: 2025-10-30
Form: S-4
Chunk 198
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 10 Percent of SPAC but own SPAC Ordinary Shares with a Fair Market Value of $50,000 or More |

A U.S. Holder that, on the date of the Conversion, beneficially owns (actually and constructively through complex attribution rules discussed above) SPAC Ordinary Shares with a fair market value of $50,000 or more, but is not a U.S. Shareholder, will recognize gain (but not loss) with respect to the Conversion or, in the alternative, may elect to recognize the “all earnings and profits amount” attributable to such U.S. Holder as described below.

Unless a U.S. Holder makes the election described below, such U.S. Holder generally must recognize gain (but not loss) with respect to common stock of SPAC received in the Conversion in an amount equal to the excess of the fair market value of such new common stock over the U.S. Holder’s adjusted tax basis in the SPAC Ordinary Shares deemed surrendered in exchange therefor.

In lieu of recognizing any gain as described in the preceding paragraph, a U.S. Holder may elect to include in income the “all earnings and profits amount” attributable to its SPAC Ordinary Shares under Section 367(b) of the Code and such U.S. Holder that is a corporation may be subject to the participation exemption as described above under “- Effects of Section 367(b) of the Code to U.S. Holders - U.S. Holders That Hold 10 Percent or More of SPAC”.

There are, however, strict conditions for making this election. This election must comply with applicable Treasury Regulations and generally must include, among other things:

| (i) | a statement that the Conversion is a Section 367(b) exchange (within the meaning of the applicable Treasury Regulations); |

| (ii) | a complete description of the Conversion; |

| (iii) | a description of any stock, securities or other consideration transferred or received in the Conversion; |

| (iv) | a statement describing the amounts required to be taken into account for U.S. federal income tax purposes; |

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| (v) | a statement that the U.S. Holder is making the election including (A) a copy of the information that the U.S. Holder received from SPAC establishing and substantiating the U.S. Holder’s “all earnings and profits amount” with respect to the U.S. Holder’s SPAC Ordinary Shares and (B) a representation that the U.S. Holder