Company: PELI
Filing Date: 2025-10-30
Form Type: S-4
Source: 0001829126-25-008609
Chunk: 347

Company: Pelican Acquisition Corp
Filing Date: 2025-10-30
Form: S-4
Chunk 347
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 of the IPO, the Company recognized the accretion from initial book value to redemption value. The change in the carrying value of redeemable shares will result in charges against additional paid-in capital (to the extent available) and accumulated deficit.

Accordingly, as of July 31, 2025, ordinary shares subject to possible redemption are presented at redemption value as temporary equity, outside of the shareholders’ equity section of the Company’s balance sheet. As of July 31, 2025, the ordinary shares subject to redemption reflected in the balance sheet are reconciled in the following table:

| Schedule of ordinary shares subject to redemption              |     | Shares |           |     | Amount |            |   |
|:---------------------------------------------------------------|:----|:-------|----------:|:----|:-------|-----------:|:--|
| Gross proceeds from IPO                                        |     |        | 8,625,000 |     | $      | 86,250,000 |   |
| Less:                                                          |     |        |           |     |        |            |   |
| Proceeds allocated to Public Rights                            |     |        |           |     |        | (1,380,000 | ) |
| Reversal of proceeds allocated to over-allotment option        |     |        |           |     |        |    104,039 |   |
| Ordinary shares issuance costs                                 |     |        |           |     |        | (2,592,985 | ) |
| Plus:                                                          |     |        |           |     |        |            |   |
| Remeasurement of carrying value to redemption value            |     |        |           |     |        |  4,504,618 |   |
| Ordinary shares subject to possible redemption – July 31, 2025 |     |        | 8,625,000 |     | $      | 86,885,672 |   |

F-29

Net Income Per Ordinary Share

The Company complies with accounting and disclosure requirements of FASB ASC 260, Earnings Per Share. The unaudited condensed statements of operations include a presentation of net income per redeemable share and net income per non-redeemable share following the two-class method of net income per ordinary share because redemption of the redeemable shares is not at fair value pursuant to the guidance in ASC 480-10-S99. Net income per ordinary share is computed by dividing net income by the weighted-average number of