Company: PELI
Filing Date: 2025-10-30
Form Type: S-4
Source: 0001829126-25-008609
Chunk: 193

Company: Pelican Acquisition Corp
Filing Date: 2025-10-30
Form: S-4
Chunk 193
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 ● | governments or agencies or instrumentalities thereof; |

| ● | insurance companies; |

| ● | regulated investment companies; |

| ● | real estate investment trusts; |

| ● | expatriates or former long-term residents of the United States; |

| ● | persons that actually or constructively own five percent or more of PubCo Common Stock by vote or value; |

| ● | persons that acquired SPAC Ordinary Shares pursuant to an exercise of employee share options, in connection with employee share incentive plans or otherwise as compensation or in connection with services; |

| ● | persons that hold our securities as part of a straddle, constructive sale, hedging, conversion or other integrated or similar transaction; |

| ● | investors subject to anti-inversion, base erosion or anti-abuse rules; |

| ● | investors subject to the alternative minimum tax; |

| ● | persons that are subject to the “applicable financial statement” accounting rules under Section 451 of the Code; |

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| ● | passive foreign investment companies; |

| ● | controlled foreign corporations; or |

| ● | U.S. Holders (as defined below) whose functional currency is not the U.S. dollar. |

This discussion is based on current U.S. federal income tax Law as in effect on the date hereof, which is subject to change, possibly on a retroactive basis, which may affect the U.S. federal income tax consequences described herein. Furthermore, this discussion does not address any aspect of U.S. federal non-income tax Laws, such as gift, estate or Medicare contribution tax Laws, or state, local or non-U.S. tax Laws. With respect to the consequences of holding PubCo Common Stock, this discussion is limited to holders that acquire such PubCo Common Stock in the Business Combination.

Neither SPAC nor PubCo has sought, or will seek, a ruling from the IRS as to any U.S. federal income tax consideration described herein. The IRS may disagree with the discussion herein, and the determination by the IRS may be upheld by a court. Moreover, there can be no assurance that future legislation, regulations, administrative rulings or court decisions will not adversely affect the accuracy of the statements in this discussion.

This discussion does not consider the U.S. federal income tax treatment of partnerships or other pass-through entities or persons that hold SPAC Ordinary Shares or PubCo Common Stock through such entities. If a partnership (including for this purpose any other entity or arrangement classified as a partnership