Company: PELI
Filing Date: 2025-10-30
Form Type: S-4
Source: 0001829126-25-008609
Chunk: 69

Company: Pelican Acquisition Corp
Filing Date: 2025-10-30
Form: S-4
Chunk 69
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 our company as well as the other entities with which they are affiliated. Our directors and officers may continue to be involved in the formation of other special purpose acquisition companies in the future. Thus, our officers and directors may have conflicts of interest in determining to which entity a particular business opportunity should be presented. |

| ● | Our officers and directors may in the future become affiliated with entities, including other blank check companies, engaged in business activities similar to those intended to be conducted by our company. |

| ● | Unless we consummate our initial business combination, our officers, directors, and other Insiders will not receive reimbursement for any out-of-pocket expenses incurred by them to the extent that such expenses exceed the amount of available proceeds not deposited in the Trust Account. |

| ● | The Sponsor will benefit from the completion of a business combination and may be incentivized to complete an acquisition of a less favorable target company or on terms less favorable to shareholders rather than liquidate. |

| ● | The Sponsor, officers and directors have entered into a letter agreement with SPAC, pursuant to which they have agreed to waive their redemption rights with respect to their founder shares and any SPAC Public Shares they may hold in connection with the completion of our initial business combination. |

| ● | SPAC consummated the sale of 276,250 private placement units at a price of $10.00 per private placement unit in a private placement to the Sponsor and EarlyBirdCapital, Inc., generating total gross proceeds of $2,762,500. |

| ● | Up to an aggregate amount of $1,500,000 of any amounts outstanding under any working capital loans made by our Sponsor or any of its affiliates to SPAC may be converted into private units at a price of $10.00 per private unit at the option of the lender. |

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Compensation Received by the Sponsor The following table sets forth the payments to be received by our Sponsor and its affiliates from us prior to or in connection with the completion of our initial business combination and the securities issued and to be issued by us to our Sponsor or its affiliates:

| Amount of Compensation to be Received or                                                                                                    
 Securities Issued or to be Issued                                                                                                           |     |                                                                                                                                                        Consideration Paid or to be Paid |
| 2,875,000 SPAC Ordinary Shares                                                                                                              |     |                                                                                                                                                                                 $25,000 |
| 201,250 private units                                                                                                                       |     |                                                                                                                                                                              $2,012,500 |
| Up