Company: PELI
Filing Date: 2025-10-30
Form Type: S-4
Source: 0001829126-25-008609
Chunk: 196

Company: Pelican Acquisition Corp
Filing Date: 2025-10-30
Form: S-4
Chunk 196
---
 by any amount included in the income of such U.S. Holder under Section 367(b) of the Code (as discussed below) and (ii) the holding period for the common stock of SPAC should include such U.S. Holder’s holding period for the SPAC Ordinary Shares surrendered in exchange therefor.

If the Conversion fails to qualify as an F Reorganization, subject to the PFIC rules discussed below, a U.S. Holder may recognize gain or loss with respect to an SPAC Ordinary Security in an amount equal to the difference, if any, between the fair market value of the corresponding common stock of SPAC received in the Conversion and the U.S. Holder’s adjusted tax basis in its SPAC Ordinary Shares surrendered in exchange therefor. In such event, such U.S. Holder’s basis in the common stock of SPAC would be equal to the fair market value of that new common stock, on the date of the Conversion, and such U.S. Holder’s holding period for the common stock of SPAC would begin on the day following the date of the Conversion.

| 2. | Effects of Section 367(b) of the Code to U.S. Holders |

Section 367(b) of the Code applies to certain transactions involving foreign corporations, including an inbound Conversion of a foreign corporation in an F Reorganization. Section 367(b) of the Code imposes U.S. federal income tax on certain U.S. persons in connection with transactions that would otherwise qualify as a “reorganization” within the meaning of Section 368 of the Code. Section 367(b) of the Code will generally apply to U.S. Holders on the date of the Conversion. Because the Conversion will occur after the redemption, U.S. Holders exercising redemption rights will not be subject to the tax consequences of Section 367(b) of the Code as a result of the Conversion with respect to any SPAC Ordinary Shares redeemed in the redemption.

| (a) | U.S. Holders That Hold 10 Percent or More of SPAC |

A U.S. Holder that on the date of the Conversion beneficially owns (actually or constructively) 10% or more of the total combined voting power of all classes of SPAC stock entitled to vote or 10% or more of the total value of all classes of SPAC stock (a “U.S. Shareholder”) must include in income as a dividend the “all earnings and profits amount” attributable to the SPAC Ordinary Shares it directly owns, within the meaning