Company: PELI
Filing Date: 2025-10-30
Form Type: S-4
Source: 0001829126-25-008609
Chunk: 121

Company: Pelican Acquisition Corp
Filing Date: 2025-10-30
Form: S-4
Chunk 121
---
 GL Merger will be entitled to receive from PubCo, in the aggregate, 20,000,000 shares of PubCo Common Stock (the “March GL Merger Consideration”). The holders of Greenland Common Stock immediately prior to the Greenland Merger will be entitled to receive from PubCo, in the aggregate, 1,500,000 shares of PubCo Common Stock (the “Greenland Merger Consideration, and together with the March GL Merger Consideration, the “Merger Consideration”), with the Merger Consideration being a number of shares of PubCo Common Stock with an aggregate value equal to US$215,000,000, based upon a per share value of US$10.00.

Benefits and Detriments of the Business Combination

| Stakeholder            | Benefits                                                                                                                                                                      | Detriments                                                                                                                                                                                                                                           |
| SPAC                   | Failure to complete a business combination would result in SPAC being delisted and trust liquidated. The Business Combination may create value for SPAC and its shareholders. | SPAC could potentially have found a target that may have a more optimal risk/return profile than the Companies. In this case, SPAC, its shareholders and affiliates would stand to benefit more than in the Business Combination with the Companies. |
| Sponsor and Affiliates | Failure to complete a business combination would result in SPAC being delisted and trust liquidated. The Business Combination may create value for SPAC and its shareholders. | SPAC could potentially have found a target that may have a more optimal risk/return profile than the Companies. In this case, SPAC, its shareholders and affiliates would stand to benefit more than in the Business Combination with the Companies. |

<div align='center'>79</div>

| Stakeholder                   | Benefits                                                                                                                                                                                                                                                                                                    | Detriments                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| Unaffiliated Security Holders | If the market was to recognize the valuation and potential of PubCo, the stock price may be expected to increase from the trust level of approximately $[  ] per share which will benefit the shareholders.                                                                                                 | For non-redeeming shareholders the risk is that the market will not support the valuation of PubCo either as a result of the general market downturn or risks specific to PubCo. In this case, the stock price may be reasonably expected to trade below the trust value of approximately $[  ]. If this scenario were to materialize, the public shareholders would have been better off redeeming rather than holding the stock post Business Combination.