Company: PELI
Filing Date: 2025-10-30
Form Type: S-4
Source: 0001829126-25-008609
Chunk: 120

Company: Pelican Acquisition Corp
Filing Date: 2025-10-30
Form: S-4
Chunk 120
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 redemption scenario,                                                                                                             
 (ii) an interim redemption scenario, assuming 50% redemptions, and (iii) a maximum redemption scenario, immediately upon consummation           
 of the Business Combination, the Sponsor will own, on a fully diluted basis, 2,390,000 shares of PubCo Common Stock, representing approximately 
 7%, 8%, and 9% of the issued PubCo Common Stock respectively.                                                                                   |

<div align='center'>78</div>

Dilution

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):

|                                                                      |     | No Redemption 
 Scenario      |            |   |     | 50% Redemption 
 Scenario       |            |   |     | Maximum Redemption 
 Scenario           |            |   |
|:---------------------------------------------------------------------|:----|:--------------|-----------:|:--|:----|:---------------|-----------:|:--|:----|:-------------------|-----------:|:--|
| Net tangible book value per share, as adjusted, as of June 30, 2025  |     | $             |       6.31 |   |     | $              |       4.47 |   |     | $                  |      (1.64 | ) |
| Numerator adjustments                                                |     |               |            |   |     |                |            |   |     |                    |            |   |
| SPAC net tangible book value as of June 30, 2025                     |     | $             |    342,916 |   |     | $              |    342,916 |   |     | $                  |    342,916 |   |
| Transaction expenses to be incurred by SPAC                          |     | $             | (5,909,750 | ) |     | $              | (5,478,500 | ) |     | $                  | (5,047,250 | ) |
| Reclassification of shares subject to redemption to equity           |     | $             | 86,885,672 |   |     | $              | 43,422,836 |   |     | $                  |          - |   |
| As adjusted net tangible book value                                  |     | $             | 81,318,838 |   |     | $              | 38,307,252 |