Company: PELI
Filing Date: 2025-10-30
Form Type: S-4
Source: 0001829126-25-008609
Chunk: 52

Company: Pelican Acquisition Corp
Filing Date: 2025-10-30
Form: S-4
Chunk 52
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, Itsaca, Illinois 60143. Sponsor Pelican Sponsor LLC, a Delaware limited liability company, is the Sponsor of SPAC and currently, together with our officers and directors, owns approximately 25.73% of the issued and outstanding shares of SPAC Ordinary Shares. Ms. Chen Chen has sole voting and dispositive power over the shares owned by Pelican Sponsor LLC. The Sponsor has no direct material and active role in managing the day-to-day activities of SPAC. SPAC is managed by its Chief Executive Officer, Robert Labbe. Since the consummation of SPAC’s initial public offering, the Sponsor has provided financial assistance in the form of promissory notes to SPAC for working capital purposes. The Sponsor will not receive any compensation in connection with the Business Combination. However, the Sponsor previously purchased (i) an aggregate of 2,875,000 founder shares in exchange for a capital contribution of $25,000 ($0.0087 per share) of which 718,750 shall be forfeited by the Sponsor prior to the Closing, and (ii) 212,500 private placement units in exchange for a capital contribution of $2,125,000. Since the Sponsor initially only paid $25,000 for the founders shares, the majority of which it will retain at the closing of the Business Combination, as compared to the $10.00 per share price paid by the public shareholders in the initial public offering of SPAC, the Sponsor will still be able to make a positive rate of return even if the market price of the SPAC Ordinary Shares decreases after the Closing. Public shareholders who purchased shares in the initial public offering will only make a positive rate of return if the trading price exceeds $10.00 per share. Because the founder shares have already been issued, there will not be a material dilution to the equity interests of non-redeeming shareholders upon consummation of the Business Combination. The mailing address of the Sponsor’s principal executive offices is 1185 Avenue of the Americas, Suite 301, New York, NY 10036 and its phone number is (212) 612-1400. Proposals to be Put to the Shareholders of SPAC at the Extraordinary General Meeting The following is a summary of the proposals to be put to the Extraordinary General Meeting of SPAC and certain transactions contemplated by the Business Combination Agreement. Each of the proposals below, except the Governing Documents Advisory Proposals and the Adjournment Proposal, is cross-conditioned on the approval