Company: PELI
Filing Date: 2025-10-30
Form Type: S-4
Source: 0001829126-25-008609
Chunk: 41

Company: Pelican Acquisition Corp
Filing Date: 2025-10-30
Form: S-4
Chunk 41
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 | 43,442,836 |     | $                     | - |
| Estimated Transaction                                                  
 Expenses(4)                                                            |     | $                |  8,297,250 |     | $                 |  7,866,000 |     | $                     | - |
| Net Cash to be Received by PubCo                                       |     | $                | 78,588,422 |     | $                 | 35,576,836 |     | $                     | - |

| (1) | This scenario assumes no SPAC Public Shares are redeemed by SPAC public shareholders.        |
| (2) | This scenario assumes 4,312,500 SPAC Public Shares are redeemed by SPAC public shareholders. |
| (3) | This scenario assumes 8,625,000 SPAC Public Shares are redeemed by SPAC public shareholders. |
| (4) | Represent the estimated transaction expenses that will be paid in cash at closing.           |

| Q: | What are the possible sources and extent of dilution that holders of SPAC Public Shares who elect not to redeem their SPAC Public Shares will experience in connection with the Business Combination? |

| A: | The following table presents the net tangible book value per share at various redemption levels assuming various sources of material probable dilution (but excluding the effects of the Business Combination transaction itself): |

The foregoing table assumes no PIPE Financing. As of the date of this proxy statement/prospectus, the parties to the Business Combination Agreement intend to obtain PIPE Financing,
but there is no assurance that they will be able to do so and there are currently no commitments for such investment.

|                                                                                               |     | No Redemption 
 Scenario      |            |     | 50% Redemption 
 Scenario       |            |     | Maximum Redemption 
 Scenario           |            |   |
|:----------------------------------------------------------------------------------------------|:----|:--------------|-----------:|:----|:---------------|-----------:|:----|:-------------------|-----------:|:--|
| Offering price of the SPAC Ordinary Shares in the Initial Registered offering price per share |     | $             |         10 |     | $              |         10 |     | $                  |         10 |   |
| Net tangible book value(deficit), as adjusted(1)                                              |     |               | 81,318,838 |     |                | 38,307,252 |     |                    | (4,704,334 | ) |
| As adjusted Shares(