Company: PELI
Filing Date: 2025-10-30
Form Type: S-4
Source: 0001829126-25-008609
Chunk: 143

Company: Pelican Acquisition Corp
Filing Date: 2025-10-30
Form: S-4
Chunk 143
---
 Combination. |

| ● | Competition in the industry is intense and, as a result, Greenland may fail to develop viable projects and identify and develop new collaboration partners, which may negatively impact Greenland’s operations, its ability to generate revenue, achieve profitability, and its growth prospects. |

| ● | Economic downturns and political and market conditions beyond Greenland’s control, including inflation, changes in regulations, and potential economic effects of COVID-19, could adversely affect its business, financial condition, results of operations and prospects. |

| ● | Greenland may be subject to litigation in the operation of its business and Greenland’s insurance may not provide adequate levels of coverage against any claims. An adverse outcome in one or more legal proceedings or inadequate insurance coverage could adversely affect Greenland s business. |

| ● | The risk that some of SPAC’s current public stockholders would decide to exercise their redemption rights, thereby depleting the amount of cash available in the Trust Account. |

| ● | SPAC’s public stockholders may be less protected as investors from any material issues with respect to Greenland ’s business than an investor in an initial public offering because the scope of due diligence may be different than would typically be conducted in the event Greenland pursued an underwritten initial public offering. |

| ● | The risk factors associated with Greenland’s business, as described in the section entitled “Risk Factors” appearing elsewhere in this proxy statement/prospectus. |

While the Board considered potentially positive and potentially negative factors, the Board concluded that, overall, the potentially positive factors outweighed the potentially negative factors. The foregoing discussion is not intended to be an exhaustive list of the information and factors considered by the Board in its consideration of the Business Combination, but includes the material positive factors and material negative factors considered by the Board in that regard. Based on the totality of the information presented, the Board collectively reached the unanimous decision to reach the determinations described above in light of the foregoing factors and other factors that the members of the Board felt were appropriate.

<div align='center'>94</div>

This explanation of SPAC’s reasons for the Business Combination and all other information presented in this section is forward-looking in nature and, therefore, should be read in light of the factors discussed under the section titled “Cautionary Note Regarding Forward-Looking Statements.”

SPAC Board’s Consideration of ERShares Fairness Opinion

SPAC management has substantial experience in evaluating the operating and financial merits of companies from a wide range of industries and concluded that their experience and backgrounds, enabled them to