Company: PELI
Filing Date: 2025-10-30
Form Type: S-4
Source: 0001829126-25-008609
Chunk: 393

Company: Pelican Acquisition Corp
Filing Date: 2025-10-30
Form: S-4
Chunk 393
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000 share(s) of Holdco Common Stock;

WHEREAS, immediately following
the consummation of the March GL Merger, Holdco will contribute 100% of the March GL Common Stock received pursuant to the March GL Merger
to Greenland, with March GL becoming a wholly owned subsidiary of Greenland;

WHEREAS, in furtherance
of the Pelican Merger and in accordance with the terms hereof, Purchaser shall provide an opportunity for Purchaser shareholders to have
their issued and outstanding Purchaser Ordinary Shares redeemed on the terms and subject to the conditions set forth in this Agreement
and Purchaser’s Organizational Documents in connection with obtaining the Required Purchaser Shareholder Approval;

WHEREAS, for U.S. federal
and applicable state and local income tax purposes, the Parties intend that, to the greatest extent permitted by Law, (i) the Domestication
will qualify as a reorganization within the meaning of Section 368(a)(1)(F) of the Code, and (ii) the Pelican Share Exchange, the
Greenland Share Exchange, the March GL Share Exchange, and the PIPE Investment, taken together as part of a unified plan, will qualify
as an exchange within the meaning of Section 351(a) of the Code and the Treasury Regulations thereunder (clauses (i) and (ii), the
“Intended Tax Treatment”);

WHEREAS, the board of directors
of Purchaser has unanimously (i) determined that it is in the best interests of Purchaser and its shareholders, and declared it advisable,
to enter into this Agreement and the Ancillary Documents to which it is a party, (ii) approved, among other things, this Agreement and
the Ancillary Documents to which it is a party and the transactions contemplated hereunder and thereby, on the terms and subject to the
conditions of this Agreement, and (iii) adopted a resolution recommending that this Agreement and the transactions contemplated hereunder,
including the Pelican Merger, be adopted by the holders of the Purchaser Ordinary Shares;

<div align='center'>A-3</div>

WHEREAS, the board of directors
of each Company has unanimously (i) determined that it is in the best interests of such Company, and declared it advisable, to enter into
this Agreement and the Ancillary Documents to which they are a party, (ii) approved this Agreement and the Ancillary Documents to which
they are a party and the transactions contemplated hereunder, on the terms and subject to the conditions of