Company: PELI
Filing Date: 2025-10-30
Form Type: S-4
Source: 0001829126-25-008609
Chunk: 221

Company: Pelican Acquisition Corp
Filing Date: 2025-10-30
Form: S-4
Chunk 221
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, the no redemption, 50% redemption and maximum redemption scenarios. |

| ● | The PubCo. board will be composed as follows: Companies will have the right to designate four (4) directors and Sponsor will have the right to designate one (1) director (a majority of the board who will qualify as independent directors under the Securities Act and the Nasdaq rules); |

| ● | March GL senior management will be the senior management of the PubCo. post-merger; |

| ● | The business of PubCo. will comprise the ongoing operations of March GL |

Basis of Pro Forma Presentation

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.

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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      |            |     |            |        |   |
|                                                         |     | Common stock  |            |     | Percentage |        |   |
| Common stock of PubCo held by SPAC stockholders(1)      |     |               |  9,487,500 |     |            |  28.18 | % |
| Common stock of PubCo held by Sponsor and affiliates(2) |     |               |  2,390,000 |     |