Company: PELI
Filing Date: 2025-09-15
Form Type: 10-Q
Source: 0001829126-25-007404
Chunk: 22

Company: Pelican Acquisition Corp
Filing Date: 2025-09-15
Form: 10-Q
Item: Part I, Item 1
Chunk 22
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) $50,000 upon the initial filing with the
SEC of the registration statement for the IPO. The balance of $250,000
will be paid upon the closing of IPO. On January 10, 2025, the Company revised its engagement agreement with Celine to include
$100,000 legal
fees for additional legal services. The outstanding balance of $350,000
was paid prior to the closing of the IPO.

Additionally,
the Company engaged Celine to represent it for all U.S. corporate and securities compliance matters. A flat fee of $10,000 per month
is charged for the ongoing public reports such as Form 10-Qs, 10-Ks, Form 8-Ks and press releases. On January 10, 2025, the Company and
Celine amended the engagement letter to increase the monthly fee to $20,000.

The
Company incurred $40,000 in legal fees for each of the three and six months ending July 31, 2025, and paid $60,000, of which $20,000
was included in the current portion of prepaid expenses on the accompanying unaudited condensed balance sheets as of July 31, 2025.

On
May 5, 2025, the Company engaged Celine to represent it in all corporate and securities compliance matters in connection with its initial
business combination and agrees to pay the following fees: (i) an initial retainer fee of $50,000; (ii) $50,000 upon execution of the
Business Combination Agreement (BCA) related to the SPAC merger; (iii) $50,000 upon filing Form F-4 with the SEC; (iv) $50,000 upon receipt
of SEC comments and providing corresponding responses; and (v) an closing fee of $50,000. 

Note 6 — Commitments and Contingencies

Risks and Uncertainties

Various social and political circumstances in the U.S. and around the world (including tariffs, rising trade tensions between the U.S. and China, and other uncertainties regarding actual and potential shifts in the U.S. and foreign, trade, economic and other policies with other countries), may contribute to increased market volatility and economic uncertainties or deterioration in the U.S. and worldwide.

As a result of these circumstances and the ongoing Russia/Ukraine, Hamas/Israel conflicts and/or other future global conflicts, the Company’s ability to consummate a Business Combination, or the operations