Company: PELI
Filing Date: 2025-10-30
Form Type: S-4
Source: 0001829126-25-008609
Chunk: 68

Company: Pelican Acquisition Corp
Filing Date: 2025-10-30
Form: S-4
Chunk 68
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 be limited, except with regard to their own actual fraud, willful neglect or willful default.                                                                                                                                               |

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Interests of Certain Persons in the Business Combination In considering the recommendation of our Board to vote in favor of the Business Combination, shareholders should be aware that aside from their interests as shareholders, our Sponsor and certain of our directors and officers have interests in the Business Combination that may be different from, or in addition to, those of other shareholders generally. The SPAC Board was aware of and considered these interests, among other matters, in evaluating and negotiating the Business Combination, approving the Business Combination and in recommending to shareholders that they approve the Business Combination. SPAC Shareholders should take these interests into account in deciding whether to approve the Business Combination. These interests include, among other things:

| ● | the Sponsor purchased 2,875,000 founder shares (of which 718,750 founder shares will be forfeited at Closing) from SPAC for an aggregate price of $25,000, which will have a significantly higher value at the time of the Business Combination, if it is consummated, and, based on the closing trading price of the SPAC Ordinary Shares on [   ], 2025, which was $[   ], would have an aggregate value of approximately $[   ] million as of the same date. If SPAC does not consummate the Business Combination or another initial business combination by August 27, 2026 (unless such date is further extended by SPAC shareholders), and SPAC is therefore required to be liquidated, these shares would be worthless, as founder shares are not entitled to participate in any redemption or liquidation of the Trust Account. Based on the difference in the effective purchase price per share that the Sponsor paid for the founder shares, as compared to the purchase price of $10.00 per Unit sold in the IPO, the Sponsor may earn a positive rate of return even if the stock price of PubCo after the Closing falls below the price initially paid for the SPAC Units in the IPO and the Public Shareholders experience a negative rate of return following the Closing of the Business Combination. |

| ● | None of our officers and directors is required to commit their full time to our affairs and, accordingly, they may have conflicts of interest in allocating their time among various business activities. |

| ● | In the course of their other business activities, our officers and directors may become aware of investment and business opportunities which may be appropriate for presentation to