Company: PELI
Filing Date: 2025-10-30
Form Type: S-4
Source: 0001829126-25-008609
Chunk: 379

Company: Pelican Acquisition Corp
Filing Date: 2025-10-30
Form: S-4
Chunk 379
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Topic 280): Improvements to Reportable Segment Disclosures. ASU 2023-07, which is applicable to entities with a single reportable segment, will primarily require enhanced disclosures about significant segment expenses and enhanced disclosures in interim periods. The guidance in ASU 2023-07 will be applied retrospectively and is effective for annual reporting periods in fiscal years beginning after December 15, 2023 and interim reporting periods in fiscal years beginning after December 31, 2024, with early adoption permitted. The Company adopted this guidance as of June 9, 2025 (inception). The adoption resulted in disclosure changes only.

NOTE 3. RELATED PARTY TRANSACTIONS

Common Stock

On June 17, 2025, the Company issued an aggregate of 1,500,000shares of common stock (the “Common Share”) to the Company’s management, board of directors and affiliates for an aggregate purchase price of $ 10,000in cash.

Warrants

On June 17, 2025, the Company issued an aggregate of 1,500,000warrants (the $15 Exercise Price Warrant) to the Company’s management, board of directors and affiliates for an aggregate purchase price of $ 10,000in cash.

F-56

NOTE 4. STOCKHOLDERS’ EQUITY

Common Stock– The Company is authorized to issue 10,000,000shares of common stock, nopar value. There were 1,500,000common shares issued and outstanding as of June 30, 2025. The Company common shares will be exchanged into shares of Holdco common stock at the completion of the Business Combination.

Warrants– The $ 15Exercise Price Warrants will entitle the holder to purchase one common share at an exercise price of $ 15.00 per each share, will be exercisable for a period of 10 years from the date of Business Combination, will be non-redeemable, and may be exercised on a cashless basis. Additionally, $15 Exercise Price Warrants and the shares issuable upon the exercise of the $ 15Exercise Price Warrants will not be transferable, assignable or salable until after the completion of a Business Combination, subject to certain limited exceptions. The Company had 1,500,000$ 15Exercise Price Warrants outstanding as of June 30, 2025, which will be exchanged into warrants of Holdco at the closing of the Business Combination.

NOTE