Company: PELI
Filing Date: 2025-10-30
Form Type: S-4
Source: 0001829126-25-008609
Chunk: 223

Company: Pelican Acquisition Corp
Filing Date: 2025-10-30
Form: S-4
Chunk 223
---
     |                    | 33,672,375 |   |     |                                    |          |   |     |   |     |                    | 29,359,875 |   |     |                                    |          |   |     |   |     |                    | 25,047,375 |   |
| Basic and diluted net income per share, non-redeemable ordinary shares                                |     | $            |      0.05 |   |     | $            |      (0.04 | ) |     | $            |    (0.10 | ) |     |                                    |          |   |     |   |     | $                  |      (0.01 | ) |     |                                    |          |   |     |   |     | $                  |      (0.02 | ) |     |                                    |          |   |     |   |     | $                  |      (0.02 | ) |

<div align='center'>152</div>

<div align='center'>NOTES TO UNAUDITED PRO FORMA COMBINED FINANCIAL INFORMATION</div>

Note 1 — Description of the Proposed Transactions

On September 9,
2025, SPAC entered into an Agreement and Plan of Merger, by and among Pelican Holdco, Inc., a Texas corporation, SPAC Merger Sub,
Inc., a Texas corporation and wholly-owned subsidiary of PubCo, Greenland Exploration Limited, a Texas Corporation, Greenland Merger
Sub, Inc., a Texas corporation and a wholly-owned subsidiary of PubCo, and March GL Company, a Texas corporation. The transaction
includes a series of mergers whereby SPAC, Greenland, and March GL will each merge with subsidiaries of PubCo. At the closing of the
transaction pursuant to the Business Combination Agreement, the PubCo will operate under the name Greenland Energy Company. The
Boards of Directors of SPAC, March GL, Greenland, and Merger Subs have unanimously approved the Business Combination Agreement and
the transactions contemplated thereby.

Consideration

As consideration for the Business Combination, the holders of March GL common stock immediately prior to the closing of Business Combination will be entitled to receive from PubCo, in the aggregate, 20,000,000 shares of PubCo common stock. The holders of Greenland common stock immediately prior to the closing of Business Combination will be entitled to receive from PubCo, in the aggregate, 1,500,000 shares of PubCo common stock, with the Merger Consideration