Company: PELI
Filing Date: 2025-10-30
Form Type: S-4
Source: 0001829126-25-008609
Chunk: 160

Company: Pelican Acquisition Corp
Filing Date: 2025-10-30
Form: S-4
Chunk 160
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 other insiders will not receive reimbursement for any out-of-pocket expenses incurred by them to the extent that such expenses exceed the amount of available proceeds not deposited in the Trust Account. |

| ● | The Sponsor will benefit from the completion of a business combination and may be incentivized to complete an acquisition of a less favorable target company or on terms less favorable to shareholders rather than liquidate. |

| ● | SPAC’s Sponsor, officers and directors have entered into a letter agreement with SPAC, pursuant to which they have agreed to waive their redemption rights with respect to their founder shares and any SPAC Public Shares they may hold in connection with the completion of our initial business combination. |

| ● | SPAC consummated the sale of 276,250 private placement units at a price of $10.00 per private placement unit in a private placement to the Sponsor and EarlyBirdCapital, Inc., generating total gross proceeds of $2,762,500. |

| ● | Up to an aggregate amount of $1,500,000 of any amounts outstanding under any working capital loans made by our Sponsor or any of its affiliates to SPAC may be converted into private units at a price of $10.00 per private unit at the option of the lender. |

Board of Directors of PubCo Following the Business Combination

Pursuant to the Business Combination Agreement, effective at the Closing, the initial board of directors of PubCo will consist of (A) 4 directors designated by the Companies, one of which shall be Robert Price and another of which shall be Larry G. Swets, Jr., and (B) 1 independent director designated by Sponsor.

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Sources and Uses of Funds for the Business Combination

The following tables summarize the sources and uses for funding the Business Combination. The first table assumes that none of the public shareholders exercise their redemption rights. The second table assumes that public shareholders exercise their redemption rights with respect to 8,625,000 SPAC Ordinary Shares, representing the maximum amount of SPAC Public Shares that can be redeemed in the Maximum Redemption Scenario. Where actual amounts are not known or knowable, the figures below represent SPAC’s good faith estimates based on the assumptions set forth in the notes to the tables. If the actual facts are different from these assumptions, actual amounts will be different from those below.

Estimated Sources and Uses (No Redemption Scenario)

| Sources                     |     | ($ in millions) |       |     | Uses                      |     | ($ in millions) |