Company: PELI
Filing Date: 2025-09-15
Form Type: 10-Q
Source: 0001829126-25-007404
Chunk: 25

Company: Pelican Acquisition Corp
Filing Date: 2025-09-15
Form: 10-Q
Item: Part I, Item 1
Chunk 25
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 following the Business Combination in relation to
the amount following the closing of the over-allotment option. The remaining fee shall be payable as follows: (i) 1.5% of the gross
proceeds of the offering shall be payable in cash and (ii) 1.0% of the gross proceeds of the offering shall be payable in
convertible notes, containing customary terms, convertible into Ordinary Shares six months after the completion of initial Business
Combination.

In addition, the Company will pay EBC a service fee in an amount equal to 1.0% of the total consideration payable in the initial Business Combination if it introduces the Company to the target business with whom it completes an initial Business Combination; provided that the foregoing fee will not be paid prior to the date that is 60 days from the effective date of the IPO, unless FINRA determines that such payment would not be deemed underwriters’ compensation in connection with the IPO pursuant to FINRA Rule 5110.

Note 7 — Shareholders’ (Deficit) Equity 

Ordinary shares — The Company is authorized to issue up to 500,000,000 ordinary shares, par value $0.0001 per share. Holders of ordinary shares are entitled to one vote for each share held on all matters to be voted on by the shareholders, except as required by law.

On September 30, 2024, EBC entered into a securities subscription agreement with the Company to purchase an aggregate of 500,000 shares (“EBC founder shares”) for an aggregate purchase price of approximately $4,348, or approximately $0.0087 per share. On January 10, 2025, EBC agreed to reduce the subscription amount by 300,000 EBC founder shares for no consideration, resulting in EBC holding 200,000 EBC founder shares.

EBC (and/or its designees) has agreed (i) to waive its redemption rights with respect to such shares in connection with the completion of the initial Business Combination and (ii) to waive its rights to liquidating distributions from the Trust Account with respect to such shares if the Company fails to complete an initial Business Combination within the Combination Period. None of the EBC founder shares may be transferred, assigned or sold (except to the same permitted transferees as the Founder Shares and provided the transferees agree to the same terms and restrictions as the permitted transferees of the Founder Shares must agree to, each as described herein) until the consum