Company: PELI
Filing Date: 2025-10-30
Form Type: S-4
Source: 0001829126-25-008609
Chunk: 141

Company: Pelican Acquisition Corp
Filing Date: 2025-10-30
Form: S-4
Chunk 141
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 In addition, individual directors may have given different weight to different factors. SPAC Board realized that there can be no assurance about future results, including results considered or expected as disclosed in the following reasons.

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In approving the Business Combination, SPAC Board discussed the valuation of Greenland. The Board considered Greenland’s financial results, the Greenland management projections (as discussed below), industry and market trends, and the valuation of comparable companies. Additionally, the Board reviewed the valuation analysis and comparison presented in the fairness opinion provided by ERShares. The Board also took into account the potential dilution of non-redeeming shareholders, including the dilution resulting from Greenland’s shareholders and other dilution detailed in this proxy statement/prospectus.

The officers and directors of SPAC also have substantial experience in evaluating the operating and financial merits of companies from a wide range of industries and concluded that their experience and background, enabled them to make the necessary analyses and determinations regarding the Business Combination. In particular, in addition to its review of Greenland’s equity value and the consideration to be paid in connection with the proposed Business Combination, SPAC Board considered the following reasons or made the following determinations, as applicable:

| ● | Greenland satisfies a number of acquisition criteria that SPAC had established to evaluate prospective business combination targets. The SPAC Board considered the business, history, prospects, credibility, and valuation of Greenland and its affiliates, and determined that Greenland satisfies a number of criteria and guidelines set forth during the IPO, including (i) large underpenetrated markets with favorable industry dynamics, and (ii) a strong management team that can drive growth, strategic decision making and long-term capitalization. |

| ● | Favorable prospects for future growth. Information from SPAC and Greenland’s management regarding (i) Greenland s business, prospects, financial condition, operations, technology, services, management, competitive position, and strategic business goals and objectives; (ii) general economic, industry, regulatory, and financial market conditions; and (iii) opportunities and competitive factors within Greenland’s industry. |

| ● | Visionary management team with a proven track record of innovation and execution. Greenland is led by a strong management team with a successful track record in the energy, oil and gas industry, which is expected to remain with the PubCo to seek to execute Greenland’s strategic and growth goals; |

| ● | Financial Condition. The Board also considered factors such as Greenland’s outlook, financial plan and capital structure, as well as valuation model from the