Company: PELI
Filing Date: 2025-10-30
Form Type: S-4
Source: 0001829126-25-008609
Chunk: 122

Company: Pelican Acquisition Corp
Filing Date: 2025-10-30
Form: S-4
Chunk 122
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| The Companies                 | The Business Combination is expected to create value for the Companies, including as a result of providing a listing for its securities on a national securities exchange. Access to the public markets could allow it to expand its business operations.                                                   | Failure to complete the Business Combination would result in the Companies incurring significant expenses for a transaction that would not be consummated.  It would also result in lost time that the Companies could have spent focusing on other opportunities.                                                                                                                                                                                                                                                                      |
| The Company Stakeholders      | Consummation of the Business Combination will allow the Company stakeholders to hold securities in PubCo which will be listed on a national securities exchange. Such listing would provide greater liquidity. Additionally, access to the public markets could allow it to expand its business operations. | Failure to complete the Business Combination would result in the Companies incurring significant expenses for a transaction that would not be consummated. It would also result in lost time that the Companies could have spent focusing on other opportunities. If this scenario were to materialize, the Company stakeholders would have been better off if the Companies had focused on other opportunities or exclusively attempting to expand its business operations rather than seeking to consummate the Business Combination. |

Closing and Effective Time of the Business Combination

The closing of the Business Combination is expected to take place on a date and at a time to be agreed upon by the Parties, which shall be no later than the second (2 nd) business day after the conditions described below under the subsection “Conditions to Obligations of Parties” have been satisfied, or, if permissible, waived by the party entitled to the benefit of the same (other than those conditions which by their terms are required to be satisfied at the closing, but subject to the satisfaction or waiver of such conditions at the closing), or at such other time, date and location as may be mutually agreed upon in writing by the parties to the Business Combination Agreement.

Conditions to the Closing of the Business Combination

Conditions to Each Party’s Obligations

The respective obligations of the parties to the Business Combination Agreement to consummate and effect the transactions contemplated by the Business Combination Agreement are subject to the satisfaction, at or prior to the closing of the Business Combination, of each of the following conditions:

| ● | SPAC shareholder approvals described in the Proxy Statement have been obtained at the Extraordinary General Meeting in accordance with applicable Law and organizational documents; |

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| ● | Required Company Shareholder Approval has been obtained and remains in full