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

Company: Pelican Acquisition Corp
Filing Date: 2025-10-30
Form: S-4
Chunk 4
---
 GL Merger Sub will merge with and into March GL, with March GL surviving as a wholly-owned subsidiary of PubCo (the “March GL Merger”, and together with the SPAC Merger and Greenland Merger, the “Mergers”). Immediately after the March GL Merger, PubCo will contribute all of the issued and outstanding capital stock of March GL to Greenland, resulting in March GL becoming a wholly-owned subsidiary of Greenland. The Mergers and the other transactions contemplated by the Business Combination Agreement are collectively the “Business Combination”, and as a result of the Business Combination, PubCo will be renamed Greenland Energy Company and will become publicly traded company on the Nasdaq Stock Market LLC (“Nasdaq”).

Following the time of the Mergers (the “Closing”) of the Business Combination, the combined company will be organized in a structure so that substantially all of the assets and the business of the combined company will be held by March GL.

As consideration for the Mergers, the holders of March GL Common Stock immediately prior to the March 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 $215,000,000, based upon a per share value of $10.00.

One of the conditions to the
obligations of PubCo to consummate the Business Combination and Closing is that the initial listing application of PubCo with Nasdaq in
connection to the contemplated transactions shall have been conditionally approved and, immediately following the Effective Time (as defined
below), PubCo shall satisfy any applicable initial listing requirements of Nasdaq. SPAC Shareholders may not have certainty at the time
they vote regarding whether PubCo’s securities will be listed on a national securities exchange following the Business Combination.

Pursuant to the Business Combination
Agreement, immediately prior to the SPAC Merger Effective Time, assuming the shareholders of SPAC approve the Business Combination Proposal
and the Conversion Proposal, then, all outstanding Units of SPAC (