Company: PELI
Filing Date: 2025-10-30
Form Type: S-4
Source: 0001829126-25-008609
Chunk: 229

Company: Pelican Acquisition Corp
Filing Date: 2025-10-30
Form: S-4
Chunk 229
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 the unaudited Pro Forma condensed combined statement of operations for the six months ended June 30, 2025, are as follows:

| H. | Reflects the elimination of non-recurring expense. |

Note 6 — Net Earnings per Share

Represents the earnings per share calculated using the historical weighted average shares outstanding, and the issuance of additional shares in connection with the Business Combination, assuming the shares were outstanding since January 1, 2025. As the Business Combination is being reflected as if it had occurred at the beginning of the period presented, the calculation of weighted average shares outstanding for basic and diluted earnings per share assumes that the shares issued in connection with the Business Combination have been outstanding for the entire period presented. If the number of SPAC Public Shares described under the “maximum Redemptions” scenario described above are redeemed, this calculation is retroactively adjusted to eliminate such shares for the entire period.

|                                                        |     | No Redemptions |            |     | 50% Redemptions |            |     | Maximum Redemption |            |
| Common stock of PubCo held by SPAC stockholders        |     |                |  9,487,500 |     |                 |  5,175,000 |     |                    |    862,500 |
| Common stock of PubCo held by Sponsor and affiliates   |     |                |  2,390,000 |     |                 |  2,390,000 |     |                    |  2,390,000 |
| Common stock of PubCo held by underwriter              |     |                |    294,875 |     |                 |    294,875 |     |                    |    294,875 |
| Common stock of PubCo held to March GL stockholders    |     |                | 20,000,000 |     |                 | 20,000,000 |     |                    | 20,000,000 |
| Common stock of PubCo issued to Greenland stockholders |     |                |   1,500,00 |     |                 |  1,500,000 |     |                    |  1,500,000 |
| Total pro-forma common stocks outstanding              |     |                | 33,672,375 |     |                 | 29,359,875 |     |                    | 25,047,375 |

|                                                                         |     | Six Months Ended June 30, 2025 |