Company: PELI
Filing Date: 2025-10-30
Form Type: S-4
Source: 0001829126-25-008609
Chunk: 62

Company: Pelican Acquisition Corp
Filing Date: 2025-10-30
Form: S-4
Chunk 62
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 the parties to the
Business Combination Agreement intend to obtain the PIPE Investment, but there is no assurance that they will be able to do so and there
are currently no commitments for such investment. If the parties are unable to obtain the PIPE Investment, it would result in PubCo having
less capital and funds available than originally anticipated for working capital purposes after the closing of the Business Combination
and could make it more difficult to obtain, or maintain, listing of PubCo’s securities on a national securities exchange.

The foregoing description is qualified in its entirety by reference to the form of Subscription Agreement, which is attached hereto as Annex [ ].

Fairness Opinion

The SPAC Board received a fairness opinion from ERShares, as to the fairness, from a financial point of view, to SPAC and the SPAC’s shareholders, of the consideration to be paid by SPAC pursuant to the Business Combination Agreement. For additional information, please see the section titled “Proposal No. 1 — The Business Combination Proposal — Summary of Fairness Opinion.”

Ownership of PubCo

Equity Stake Upon Closing

As of [ ], 2025, there are 8,625,000 SPAC Public Shares issued and outstanding which may be redeemed in connection with the Extraordinary General Meeting. In addition, there are: (i) 8,625,000 SPAC Public Rights, (ii) [ ] SPAC private placement rights, and (iii) [ ] SPAC private placements shares. Each SPAC right entitles the holder to receive one-tenth of one SPAC Ordinary Shares of SPAC (or, following the Business Combination, one share of PubCo Common Stock).

SPAC cannot predict how many SPAC Public Shares will be redeemed. As a result, SPAC is presenting three different redemption scenarios with respect to the SPAC Public Shares, each of which presents a different allocation of total PubCo equity following the Closing. To illustrate potential dilution in each such scenario, the tables below present the post-Closing share ownership of PubCo under each of: (1) the No Redemption Scenario; (2) the 50% Redemption Scenario; and (3) the Maximum Redemption Scenario.

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The first table excludes the dilutive effect of: (i) the PubCo Warrants and (ii) [ ]. The second table includes the dilutive effect of such items.

|                                                           |     | No Redemption 
 Scenario      |            |     |             |       |   |     |