Company: PELI
Filing Date: 2025-10-30
Form Type: S-4
Source: 0001829126-25-008609
Chunk: 228

Company: Pelican Acquisition Corp
Filing Date: 2025-10-30
Form: S-4
Chunk 228
---
AC will be stated at historical cost, with no goodwill or other intangible assets recorded. Any excess of the fair value of shares issued to SPAC over the fair value of SPAC’s identifiable net assets acquired represents compensation for the service of a stock exchange listing for its shares and is expensed as incurred.

Note 4 — Adjustments to Unaudited Pro Forma Condensed Combined Balance Sheet as of June 30, 2025

| A. | Reflects the liquidation and reclassification of $86,885,672 funds held in the Trust Account to cash that becomes available to PubCo following the Business Combination. |

| B. | Represents the reclassification of SPAC’s common stock subject to possible redemptions to permanent equity under Scenario 1 - No Redemption. In Scenario 2, it reflects the 50% Redemption of 4,312,500 SPAC shares for aggregate redemption payment of $43,442,836 at redemption price of approximately $10.07 per share. In Scenario 3- Maximum Redemption of 8,625.000 SPAC shares for aggregate redemption payments of $86,885,672, at a Redemption price of approximately $10.07 per share. This scenario presents additional adjustments to reflect the effect of the maximum redemptions. |

| C. | Represents preliminary estimated transaction costs expected to be incurred by SPAC, Greenland and March GL which represents underwriter fee, legal, accounting, printing, director and officer’s insurance and other transaction related fees incurred as part of the Business Combination. Also includes fee to be paid in equity. |

| D. | Represents 1,500,000 common shares of PubCo of par value $0.0001 issued to Greenland shareholders as merger consideration pursuant to the Business Combination Agreement. |

| E. | Represents 20,000,000 common shares of PubCo of par value $0.0001 issued to March GL shareholders as merger consideration pursuant to the Business Combination Agreement. |

| F. | Represents the conversion of rights underlying the IPO units held by SPAC stockholder and rights underlying the Private Units held by SPAC stockholders, into common stock upon Business Combination. |

| G. | Represents the elimination of SPAC’s historical accumulated earnings. |

<div align='center'>157</div>

Note 5 — Adjustments and Reclassifications to Unaudited Pro Forma Condensed Combined Statement of Operations for the six months ended June 30, 2025

The Pro Forma adjustments included in