Company: PELI
Filing Date: 2025-10-30
Form Type: S-4
Source: 0001829126-25-008609
Chunk: 310

Company: Pelican Acquisition Corp
Filing Date: 2025-10-30
Form: S-4
Chunk 310
---
OLDERS’ EQUITY
FOR THE PERIOD FROM JULY 23, 2024 (INCEPTION) THROUGH JANUARY 31, 2025</div>

|                                          |     | Ordinary Shares 
 Shares          |           |     | Amount |     |     | Additional 
 Paid-in    
 Capital    |        |     | Accumulated 
 Deficit     |         |   |     | Total         
 Shareholders’ 
 Deficit       |         |   |
|:-----------------------------------------|:----|:----------------|----------:|:----|:-------|----:|:----|:-----------|-------:|:----|:------------|:--------|:--|:----|:--------------|--------:|:--|
| Balance – July 23, 2024 (inception)      |     |                 |         - |     | $      |   - |     | $          |      - |     | $           | -       |   |     | $             |       - |   |
| Ordinary shares issued to the Sponsor(1) |     |                 | 2,875,000 |     |        | 287 |     |            | 24,713 |     |             | -       |   |     |               |  25,000 |   |
| Ordinary shares issued to underwriter    |     |                 |   200,000 |     |        |  20 |     |            |  4,328 |     |             | -       |   |     |               |   4,348 |   |
| Net loss                                 |     |                 |         - |     |        |   - |     |            |      - |     |             | (42,564 | ) |     |               | (42,564 | ) |
| Balance – January 31, 2025               |     |                 | 3,075,000 |     | $      | 307 |     | $          | 29,041 |     | $           | (42,564 | ) |     | $             | (13,216 | ) |

| (1) | Includes an aggregate of up to 375,000 ordinary shares subject to forfeiture if the over-allotment is not exercised in full or in part by the underwriters (see Note 5). |

<div align='center'>The accompanying notes are an integral part of these financial statements.

F-5</div>

<div align