Company: PELI
Filing Date: 2025-10-30
Form Type: S-4
Source: 0001829126-25-008609
Chunk: 226

Company: Pelican Acquisition Corp
Filing Date: 2025-10-30
Form: S-4
Chunk 226
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ies and other transaction effects that have occurred or are reasonably expected to occur. March GL, Greenland and SPAC have elected not to present any estimates related to potential synergies and other transaction effects that are reasonably expected to occur or have already occurred and will only be presenting Transaction Accounting Adjustments in the unaudited Pro Forma condensed combined financial information.

SPAC does not meet the definition of a “business” pursuant to ASC 805-10-55 as it is an empty listed shell holding only cash raised as part of its original equity issuance. As a result, the Business Combination does not qualify as a “business combination” within the meaning of ASC 805, Business Combinations; rather, the Business Combination will be accounted for as a reverse merger in accordance with U.S. GAAP. See Note 3 — Accounting for the Business Combination for more details.

The historical financial statements of March GL and Greenland have been prepared in accordance with U.S. GAAP. The historical financial statements of SPAC have been prepared in accordance with U.S. GAAP. The unaudited Pro Forma condensed combined financial information reflects U.S. GAAP, the basis of accounting used by March GL and Greenland.

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SPAC has elected to provide the unaudited Pro Forma condensed combined financial information under three different Redemption scenarios of SPAC’s Public Shares into cash as more fully described below:

| ● | Scenario 1 — Assuming No Redemptions: This presentation assumes that no public stockholders of SPAC exercise Redemption rights with respect to their SPAC Public Shares upon consummation of the Business Combination |

| ● | Scenario 2 — Assuming 50% Redemptions: This presentation assumes that 50% public stockholders of SPAC exercise Redemption rights with respect to their SPAC Public Shares upon consummation of the Business Combination |

| ● | Scenario 3 — Assuming Maximum Redemptions: This presentation assumes that all public stockholders of FGMC exercise Redemption rights with respect to their SPAC Public Shares upon consummation of the Business Combination |

The following table sets out share ownership of PubCo common stock on a pro forma basis assuming the No Redemptions Scenario, 50% Redemption Scenario and the Maximum Redemptions Scenario:

|                                                         |     | No Redemption 
 Scenario      |            |     |            |        |   |
|                                                         |     | Common stock  |            |     | Percentage