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

Company: Pelican Acquisition Corp
Filing Date: 2025-10-30
Form: S-4
Chunk 10
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feited and cancelled prior to the Closing), the purchase price of which was $25,000, or approximately $0.0087 per Ordinary Share.
As a result, Sponsor of SPAC will have rates of return on its respective investment which differ from the rate of return of
shareholders of SPAC who purchased shares of SPAC at various other prices, including SPAC Ordinary Shares included in SPAC Units
that were sold at $10.00 per Unit in the IPO. Upon the consummation of the Business Combination, among other things, each of the
then issued and outstanding SPAC Ordinary Shares of SPAC will convert automatically into PubCo Common Stock. In the event the share
price of PubCo Common Stock falls below the price paid by a stockholder of SPAC at the time of purchase of the SPAC Ordinary Shares
by such stockholder, a situation may arise in which the Sponsor or insider of SPAC maintains a positive rate of return on its/
his/her SPAC shares while such stockholder of SPAC experiences a negative rate of return on the shares such stockholder of SPAC
purchased. The securities currently owned by Sponsor will have a significantly higher value at the time of the Business Combination
than at the time of purchase. For purpose of illustration, given that at Closing, the Sponsor will hold 2,390,000 SPAC Ordinary
Shares (composed of 2,156,250 founder shares and 233,750 private shares), based on an estimated market price of
$[ ] per SPAC Ordinary Share (i.e. being the SPAC Ordinary Share closing price on [ ], 2025, the
most recent practicable date prior to the date of this proxy statement/prospectus) immediately after Closing, the aggregate value of
PubCo Common Stock owned by the Sponsor would be $[ ] and the Sponsor would have a potential aggregate profit of
$[ ], representing a profit of $[ ] per share of PubCo Common Stock, whereas other public
stockholders of SPAC would only have a profit of $[ ] per share of PubCo Common Stock.

As a result of the interests
of the Sponsor in the securities of SPAC, the Sponsor will benefit from the completion of the Business Combination and therefore may be
incentivized to complete the Business Combination even if it is with a less favorable target company or on terms less favorable to stockholders
of SPAC, rather than liquidate. They may have a conflict of interest in the transaction