Company: PELI
Filing Date: 2025-10-30
Form Type: S-4
Source: 0001829126-25-008609
Chunk: 9

Company: Pelican Acquisition Corp
Filing Date: 2025-10-30
Form: S-4
Chunk 9
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 of the 2,875,000 insider shares                                                                                                                                                    
 reported herein (of which 718,750 founder shares shall be forfeited and cancelled prior to Closing). It is controlled by Mrs. Chen Chen (the wife of Mr. Hui Chen who controls Celine & Partners PLLC, who has been 
 engaged to represent SPAC in the Business Combination), its manager. By virtue of this relationship, Mr. Hui Chen (alongside Mrs.                                                                                   
 Chen Chen) may be deemed to share beneficial ownership of the securities held of record by our Sponsor.                                                                                                             |
| (3) | The address of EarlyBirdCapital, Inc. is 366 Madison Avenue, 8th Floor, New York, NY 10017.                                                                                                                         |

If SPAC does not consummate an initial business combination by August 27, 2026 (unless the business combination period is extended in accordance with the terms of the SPAC Articles, as described herein) (the “Combination Period”), it will be required to dissolve and liquidate and the securities held by the SPAC Initial Shareholders will be worthless because the SPAC Initial Shareholders have agreed to waive their rights to any liquidation distributions. The SPAC Ordinary Shares which will convert into 2,390,000 shares of PubCo Common Stock held by the Sponsor (including the shares included in the SPAC Units and the shares underlying the Private Units), will automatically convert in connection with the Business Combination, if unrestricted and freely tradable, would have had an aggregate market value of approximately $[ ] million, based upon the closing price of $[ ] per share on Nasdaq on [ ], 2025, the most recent practicable date prior to the date of this proxy statement/prospectus. As a result of the interests of the Sponsor and the directors and officers of SPAC in securities of SPAC, the Sponsor and the directors and officers of SPAC have an incentive to complete an initial business combination and may have a conflict of interest in the transaction, including without limitation, in determining whether a particular business is an appropriate business with which to effect the initial business combination of SPAC.

Moreover, prior to the
IPO, SPAC issued an aggregate of 2,875,000 founder shares to the Sponsor for an aggregate purchase price of $25,000. As of the date
of this prospectus, the Sponsor hold an aggregate of 2,875,000 SPAC Ordinary Shares (of which 718,750 founder shares shall be
for