Company: PELI
Filing Date: 2025-10-30
Form Type: S-4
Source: 0001829126-25-008609
Chunk: 149

Company: Pelican Acquisition Corp
Filing Date: 2025-10-30
Form: S-4
Chunk 149
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 is a market method examining comparable transactions based on ERShares’ review and analysis of publicly available data (sourced through the subscription database Pitchbook) about initial public offerings, Later Stage and Early Stage Investments, Angel Investments, PE Growth & Expansion, M&A, Joint Venture, Buyout/ LBO and Corporate Investments. Within these guidelines, the following factors were considered in determining the appropriateness of transactions for inclusion in the GTM Analysis carried out by ERShares: (i) sector, (ii) business status and (iii) deal status. Utilizing the criteria set forth above, ERShares identified 23 guideline transactions (the “GTM Guideline Transactions” and collectively, the “Guideline Transactions Group”) that ERShares considered relevant for comparative purposes, though, as described below, none of the selected transactions has characteristics identical to the proposed Business Combination or involves businesses that are identical to the Company. The categories of transactions used by ERShares as criteria for inclusion in the Guideline Transactions Group can be summarized as follows, based on information accessed by ERShares through Pitchbook on July 30, 2025:

The GTM Guideline Transactions are as follows:

| ● | TLP Energy            | ● | Tango Energy (CNQ: TEI)     |
| ● | Prize Energy          | ● | Delonex Energy UK           |
| ● | Lime Petroleum        | ● | West Valley Energy          |
| ● | Blue Eagle Energy     | ● | Elephant Oil                |
| ● | Ravninnoe Oil         | ● | North Sea Natural Resources |
| ● | Petroneft Resources   | ● | Innovative Energy           |
| ● | American Eagle Energy | ● | Orcadian Energy (LON: ORCA) |
| ● | Impact Oil & Gas      | ● | Magnus Energy               |
| ● | Keystone Petroleum    | ● | Mongoose Energy             |
| ● | Magna Energy          | ● | SilverWillow Energy         |
| ● | Gemini Resources      | ● | PetroNor E&P                |
| ● | Bow Energy            |   |                             |

| ● | Energy Sector: ERShares focused on transactions involving companies falling in the Pitchbook Industries and Verticals Energy Sector, specifically in the Exploration, Production and Refining group, which it considered most likely to encompass companies that have similarities to the Company in terms of operation characteristics and trajectories. |

| ● | No Revenues: Among transactions falling into the Energy category, ERShares selected transactions involving privately owned companies generating no revenues. ER