Company: PELI
Filing Date: 2025-10-30
Form Type: S-4
Source: 0001829126-25-008609
Chunk: 208

Company: Pelican Acquisition Corp
Filing Date: 2025-10-30
Form: S-4
Chunk 208
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 will be treated as gain realized on the sale or other disposition of such U.S. Holder’s Class A Shares. After the application of those rules, any remaining tax basis of the U.S. Holder in the redeemed SPAC Ordinary Shares will be added to the U.S. Holder’s adjusted tax basis in its remaining SPAC Ordinary Shares (if any).

ALL U.S. HOLDERS ARE URGED TO CONSULT THEIR TAX ADVISORS AS TO THE TAX CONSEQUENCES TO THEM OF A REDEMPTION OF ALL OR A PORTION OF THEIR SPAC ORDINARY SHARES PURSUANT TO AN EXERCISE OF REDEMPTION RIGHTS.

Tax Consequences of the Business Combination to Holders of SPAC Ordinary Shares

Subject to the limitations
set forth above under “Material U.S. Federal Income Tax Considerations,” the discussion in this section entitled “Material
U.S. Federal Income Tax Considerations - U.S. Holders - Tax Consequences of the Business Combination to Holders of SPAC Ordinary Shares”
constitutes the opinion of Celine and Partners, PLLC as to the material U.S. federal income tax consequences of the Business Combination
to U.S. Holders that exchange shares of New SPAC for PubCo Common Stock pursuant to the SPAC Merger. The Business Combination should qualify
as a tax-deferred transaction under Section 351 of the Code. However, there is no authority directly on point with respect to a transaction
involving the same facts. In addition, the Business Combination is not conditioned upon the receipt of an opinion from counsel confirming
whether the Business Combination will so qualify. Moreover, neither SPAC nor PubCo or their respective affiliates has requested, or intends
to request, a ruling from the IRS regarding the U.S. federal income tax treatment of the Business Combination. As such, there can be no
assurance that the IRS will not successfully challenge this position or that a court will not agree with the IRS. Any change that is made
after the date hereof in any of the foregoing bases for the intended tax treatment, including any inaccuracy of the facts or assumptions
relating to the Business Combination, could adversely affect the intended tax treatment.

Subject to the discussion below, if the Business Combination qualifies as a tax-deferred transaction under Section 351 of the Code, no gain or loss would be recognized by the public stockholders that exchange common stock of SPAC solely for PubCo Common Stock pursuant to the SPAC Merger. Accordingly, the adjusted tax