Company: PELI
Filing Date: 2025-10-30
Form Type: S-4
Source: 0001829126-25-008609
Chunk: 178

Company: Pelican Acquisition Corp
Filing Date: 2025-10-30
Form: S-4
Chunk 178
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 Shares or shares of PubCo Common Stock and securities convertible into or exercisable for SPAC Ordinary Shares or shares of PubCo Common Stock pursuant to subscription, purchase or other similar agreements that SPAC or PubCo may enter into prior to the Closing.

Vote Required for Approval

Approval of the Stock Issuance Proposal, if presented, requires an ordinary resolution under Cayman Islands Law, being the affirmative vote of the holders of at least a majority of the issued and outstanding SPAC Ordinary Shares who, being present in person (including by virtual attendance) or by proxy and entitled to vote thereon, vote at the Extraordinary General Meeting. Failure to vote in person (including by virtual attendance) or by proxy at the Extraordinary General Meeting, if a valid quorum is otherwise established, will have no effect on the outcome of the vote on the Stock Issuance Proposal. Abstentions and broker non-votes, while considered present for the purposes of establishing a quorum, will not count as votes cast for the Stock Issuance Proposal and will have no effect on the outcome of the vote on the Stock Issuance Proposal.

The Closing is conditioned on the approval of the Condition Precedent Proposals. Each of the Condition Precedent Proposals is cross conditioned on the approval of each such other Proposal. Each of the Advisory Amendment Proposals and the Adjournment Proposal are not conditioned on the approval of any other Proposal set forth in this proxy statement/prospectus.

The SPAC Initial
Shareholders and SPAC’s directors and officers are expected to vote any SPAC Ordinary Shares over which they have voting
control in favor of each of the Proposals set forth in this proxy statement/prospectus. On the Record Date, the SPAC Initial
Shareholders and SPAC’s directors and officers and their affiliates collectively beneficially owned an aggregate of 3,087,500
SPAC Founder Shares and private shares, representing approximately 25.73% of the issued and outstanding SPAC Ordinary Shares. As a
result, as of the date of this proxy statement/prospectus, no votes of holders of SPAC Public Shares will be required to approve any
of the Proposals, even if all the SPAC Public Shares are voted against such Proposals.

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When you consider the recommendation of the SPAC Board to vote in favor of approval of the Proposals described in this proxy statement/prospectus, you should keep in mind that the SPAC Initial Shareholders and