Company: PELI
Filing Date: 2025-10-30
Form Type: S-4
Source: 0001829126-25-008609
Chunk: 138

Company: Pelican Acquisition Corp
Filing Date: 2025-10-30
Form: S-4
Chunk 138
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On September 8, 2025, Greenland and March GL finalized the letter agreement and promissory note. Greenland confirmed the conversion of existing warrants into PubCo Warrants and agreed to push the effective date of Section 4.7 to October 15, 2025. The parties agreed to revert the expense language in Section 10.3 to the previously negotiated version. March GL confirmed its readiness to execute the Business Combination Agreement.

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On September 9, 2025, the parties finalized execution versions of the Business Combination Agreement and related documents. Greenland confirmed the effective date of D&O insurance and addressed final edits to the Business Combination Agreement. The parties exchanged comments on the press release and Form 8-K, with Greenland advising against unnecessary legal review to avoid increased costs. Greenland also confirmed the issuance of shares at the PubCo level and clarified the structure of the merger subs.

On September 10, 2025, the press release announcing the definitive Business Combination Agreement was disseminated via GlobeNewswire at 8:30 AM ET. The Form 8-K was edgarized and filed at 8:45 AM ET. Greenland confirmed that the press release had been cleared with Nasdaq Market Watch and emphasized the importance of accurate execution dates in all transaction documents.

SPAC Board’s Reasons for the Approval of the Business Combination

SPAC was formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. The SPAC Board sought to utilize the networks and industry experience of both the Sponsor and the SPAC Board and management to identify, acquire and operate one or more businesses.

In making its determination with respect to the transactions contemplated thereby, the SPAC Board considered and evaluated several factors, including, but not limited to, the factors discussed below. In light of the complexity and variety of such factors, the SPAC Board did not consider it practicable to, nor did it attempt to, quantify or otherwise assign relative weights to the specific factors that the Board considered in reaching its determination and supporting its decision. The SPAC Board viewed its decision as being based on all of the information available and the factors presented to and considered by the SPAC Board.

All SPAC’s directors approved the Business Combination. No member of the SPAC Board voted against, or abstained from voting on, the Business Combination. There are no agreements, arrangements or understandings of any nature among our Sponsor and