Company: PELI
Filing Date: 2025-10-30
Form Type: S-4
Source: 0001829126-25-008609
Chunk: 277

Company: Pelican Acquisition Corp
Filing Date: 2025-10-30
Form: S-4
Chunk 277
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 are not obligated to, loan us funds as may be required (“Working Capital Loans”). As of June 30, 2025, there were no Working Capital Loans under this arrangement.

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We do not believe we will need to raise additional funds in order to meet the expenditures required for operating our business. However, if our estimate of the costs of identifying a target business, undertaking in-depth due diligence and negotiating a Business Combination are less than the actual amount necessary to do so, we may have insufficient funds available to operate our business prior to our initial Business Combination.

Off-Balance Sheet Arrangement

We have no obligations, assets, or liabilities, which would be considered off-balance sheet arrangements as of June 30, 2025.

Contractual Obligations

Advisory Agreement

On June 17, 2025 Company entered into an agreement (the “Advisory Agreement”) with ThinkEquity LLC (“ThinkEquity”) whereby ThinkEquity will serve as non-exclusive advisor to the Company for 12-month term (‘Term”). If the Business Combination is consummated during the Term or the 18-month period following the Term, Company will pay ThinkEquity a cash fee equal to $2,000,000.

Related Party Transactions

Common Stock

On June 17, 2025, we issued an aggregate of 1,500,000 shares of common stock to our management, board of directors and affiliates. for an aggregate purchase price of $10,000 in cash.

Warrants

On June 17, 2025, we issued an aggregate of 1,500,000 warrants (the $15 Exercise Price Warrant) to our management, board of directors and affiliates. for an aggregate purchase price of $10,000 in cash.

Critical Accounting Policies

The preparation of financial statements and related disclosures in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and income and expenses during the periods reported. Actual results could materially differ from those estimates. We had identified the following as its critical accounting policies:

Basis of presentation

The accompanying financial statements are presented in U.S. Dollars and conformity with accounting principles generally accepted in the United States of America (“GAAP”) and pursuant to the rules and regulations of the SEC.

Use of estimates

The preparation of financial statements in conformity with GAAP requires