Company: PELI
Filing Date: 2025-10-30
Form Type: S-4
Source: 0001829126-25-008609
Chunk: 227

Company: Pelican Acquisition Corp
Filing Date: 2025-10-30
Form: S-4
Chunk 227
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 Sponsor will hold 1,725,000 founder shares. |
| 3. | Consist of 200,000 founder shares held by underwriter. Also includes 86,250 common stock underlying private unit and 8,625 common stocks underlying private unit rights held by the underwriter.                                                                                                                                                                                                                                                                                                                                         |

| 4. | Represents 20,000,000 common stocks of par value $0.0001 per share issued to March GL stockholders as merger consideration pursuant to the Business Combination Agreement. |
| 5. | Represents 1,500,000 common stocks of par value $0.0001 per share issued to Greenland stockholders as merger consideration pursuant to the Business Combination Agreement. |

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Note 3 — Accounting for the Business Combination

The Business Combination will be accounted for as a reverse recapitalization in accordance with GAAP. Under this method of accounting, PubCo, who is the legal acquirer, will be treated as the “acquired” company for accounting purposes and March GL and Greenland will be treated as the accounting acquirer. Accordingly, the Business Combination will be treated as the equivalent of Companies issuing shares at the closing of the Business Combination for the net assets of SPAC as of the closing date, accompanied by a recapitalization. The net assets of SPAC will be stated at historical cost, with no goodwill or other intangible assets recorded.

Companies have been determined to be the accounting acquirer based on evaluation of the following facts and circumstances:

| ● | Companies will have the majority voting interest in PubCo under all three scenarios, the no redemption, 50% redemption and maximum redemption scenarios. |

| ● | The PubCo. board will be composed as follows: Companies will have the right to designate four (4) directors and Sponsor will have the right to designate one (1) director (a majority of the board who will qualify as independent directors under the Securities Act and the Nasdaq rules). |

| ● | March GL senior management will be the senior management of PubCo post-merger. |

| ● | The business of PubCo will comprise the ongoing operations of March GL |

Another determining factor was that SPAC does not meet the definition of a “business” pursuant to ASC 805-10-55, Business Combinations (“ASC 805”), and thus, for accounting purposes, the Business Combination will be accounted for as a reverse recapitalization, within the scope of ASC 805. The net assets of SP