Company: PELI
Filing Date: 2025-10-30
Form Type: S-4
Source: 0001829126-25-008609
Chunk: 195

Company: Pelican Acquisition Corp
Filing Date: 2025-10-30
Form: S-4
Chunk 195
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 U.S. Holders exercising redemption rights generally should not be subject to the tax consequences of
the Conversion with respect to any SPAC Ordinary Shares redeemed in the redemption.

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The U.S. federal income tax consequences of the Conversion will depend primarily upon whether the Conversion qualifies as a “reorganization” within the meaning of Section 368 of the Code.

| 1. | F Reorganization Treatment |

A “reorganization” under Section 368(a)(1)(F) of the Code an (“F Reorganization”) is a “mere change in identity, form, or place of organization of one corporation, however effected.” Pursuant to the Conversion, we will change our jurisdiction of incorporation by deregistering as an exempted company in the Cayman Islands and continuing and domesticating as a corporation incorporated under the Laws of the State of Delaware.

The Conversion should qualify as an F Reorganization. However, due to the absence of direct guidance on the application of Section 368(a)(1)(F) of the Code to a corporation holding only investment-type assets such as SPAC, whether the Conversion qualifies as an F Reorganization is not entirely clear. Accordingly, due to the absence of such guidance, it is not possible to predict whether the IRS or a court considering the issue would take a contrary position.

In the case of a transaction, such as the Conversion, that should qualify as an F Reorganization, U.S. Holders of SPAC Ordinary Shares should not recognize gain or loss for U.S. federal income tax purposes on the Conversion, except as provided below under “- Effects of Section 367(b) of the Code to U.S. Holders” and “- PFIC Considerations,” and the Conversion should be treated for U.S. federal income tax purposes as if SPAC (i) transferred all of its assets and liabilities to SPAC in exchange for all of the outstanding common stock of SPAC; and then (ii) distributed the common stock of SPAC to the holders of SPAC Ordinary Shares in liquidation of SPAC. The taxable year of SPAC should be deemed to end on the date of the Conversion.

If the Conversion qualifies as an F Reorganization, subject to the passive foreign investment company (or “PFIC”) rules discussed below: (i) a U.S. Holder’s tax basis in a common stock of SPAC received in the Conversion should be the same as its tax basis in the SPAC Ordinary Shares surrendered in exchange therefor, increased