Company: PELI
Filing Date: 2025-10-30
Form Type: S-4
Source: 0001829126-25-008609
Chunk: 76

Company: Pelican Acquisition Corp
Filing Date: 2025-10-30
Form: S-4
Chunk 76
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bination company. The actual financial position and results of operations may differ significantly from the pro forma amounts reflected herein due to a variety of factors. The unaudited pro forma adjustments represent management’s estimates based on information available as of the date of these unaudited pro forma combined financial statements and are subject to change as additional information becomes available and analyses are performed.

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The unaudited pro forma condensed combined financial information has been prepared, assuming three redemption scenarios as follows: Scenario 1 — Assuming No Redemptions:The “No Redemption Scenario” assumes that no holders of SPAC Public Shares exercise their right to have their SPAC Public Shares redeemed for their pro rata share of the Trust Account. Scenario 2 — Assuming 50% Redemptions:The “50% Redemption Scenario” assumes that 50% holders of SPAC Public Shares exercise their right to have their SPAC Public Shares redeemed for their pro rata share of the Trust Account Scenario 3 — Maximum Redemption Scenario:The “Maximum Redemption Scenario” assumes that all 8,625,000 SPAC Public Shares are redeemed, resulting in an aggregate cash payment of approximately $86.9 million out of the Trust Account based on an assumed redemption price of approximately $10.07 per share. The Maximum Redemption Scenario includes all adjustments contained in the No Redemption Scenario and presents additional adjustments to reflect the effect of the Maximum Redemption Scenario. The pro forma condensed financial statements have been prepared assuming no PIPE Financing since there is no minimum cash closing condition in the transaction and there are currently no commitments for such PIPE Financing. The following table sets out share ownership of PubCo common stock on a Pro Forma basis assuming the no redemption scenario, 50% redemption scenario and maximum redemption scenario:

|                                                           |     | No Redemption 
 Scenario      |            |     |             |       |   |     | 50% Redemption 
 Scenario       |            |     |             |       |   |     | Maximum Redemption 
 Scenario           |            |     |             |       |   |
|                                                           |     | PubCo         
 Common Stock  |            |     | Ownership % |       |   |     | PubCo          
 Common Stock   |            |     | Ownership % |       |   |     | PubCo              
 Common Stock       |            |     | Ownership % |       |   |
| SPAC public shareholder(1)                                |     |               |  9,487,500 |     |             | 28.18 | % |