Company: PELI
Filing Date: 2025-10-30
Form Type: S-4
Source: 0001829126-25-008609
Chunk: 289

Company: Pelican Acquisition Corp
Filing Date: 2025-10-30
Form: S-4
Chunk 289
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 person or “group” (as such term is used in Section 13(d)(3) of the Exchange Act) who is known to be the beneficial owner of more than five percent of SPAC Ordinary Shares pre-Business Combination; and |

| ● | each person or “group” (as such term is used in Section 13(d)(3) of the Exchange Act) who is expected to be the beneficial owner of more than five percent of PubCo Common Stock post-Business Combination. |

Beneficial ownership is determined according to the rules of the SEC, which generally provide that a person has beneficial ownership of a security if they possess sole or shared voting or investment power over that security, including options and warrants that are currently exercisable or exercisable within 60 days. Unless otherwise indicated, SPAC believes that all persons named in the table below have sole voting and investment power with respect to the voting securities beneficially owned by them. The beneficial ownership of SPAC Ordinary Shares pre-Business Combination is based on [●] SPAC Ordinary Shares issued and outstanding as of June 30, 2025. The expected beneficial ownership of PubCo Common Stock post-Business Combination assumes three scenarios: (i) no SPAC Public Shares are redeemed, (ii) 50% of SPAC Public Shares, and (iii) the maximum number of [●] SPAC Public Shares are redeemed. For purposes of calculating the shares of PubCo Common Stock issued and outstanding in both such scenarios, it has been assumed that the PubCo Warrants will be unexercised and outstanding. Based on the foregoing assumptions, we estimate that there would be [●] shares of PubCo Common Stock issued and outstanding in the No Redemption Scenario, [●] shares of PubCo Common Stock issued and outstanding in the 50% Redemption Scenario and [●] shares of PubCo Common Stock issued and outstanding in the Maximum Redemption Scenario. If the actual facts are different from the foregoing assumptions, ownership figures in PubCo and the columns under Post-Business Combination in the table that follows will be different.

Pre-Business Combination Beneficial Ownership Table

| SPAC Ordinary Shares                                               |     |                    |           |     |               |    |   |
| Name of Beneficial Owners(1)                                       |     | Number of Shares   
 Beneficially Owned |           |     | Approximate   
 Percentage of 
 Ownership     |    |   |
| Robert Labbe                                                       |     |                    |         - |     |               |  - |