Company: PELI
Filing Date: 2025-10-30
Form Type: S-4
Source: 0001829126-25-008609
Chunk: 199

Company: Pelican Acquisition Corp
Filing Date: 2025-10-30
Form: S-4
Chunk 199
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 has notified SPAC that the U.S. Holder is making the election; and |

| (vi) | certain other information required to be furnished with the U.S. Holder’s tax return or otherwise furnished pursuant to the Code or the Treasury Regulations. |

In addition, the election must be attached by an electing U.S. Holder to such U.S. Holder’s timely filed U.S. federal income tax return for the taxable period in which the Conversion occurs, and the U.S. Holder must send notice of making the election to SPAC no later than the date such tax return is filed. In connection with this election, we intend to provide each U.S. Holder eligible to make such an election with information regarding SPAC’s earnings and profits upon written request.

SPAC does not expect to have significant cumulative earnings and profits through the date of the Conversion. However, as noted above, if it were determined that SPAC had positive earnings and profits through the date of the Conversion, a U.S. Holder that makes the election described herein could have an “all earnings and profits amount” with respect to its SPAC Ordinary Shares, and thus could be required to include that amount in income as a deemed dividend under applicable Treasury Regulations as a result of the Conversion.

EACH U.S. HOLDER IS URGED TO CONSULT ITS TAX ADVISOR REGARDING THE CONSEQUENCES TO IT OF MAKING THE ELECTION DESCRIBED IN THIS SECTION AND THE APPROPRIATE FILING REQUIREMENTS WITH RESPECT TO SUCH ELECTION.

| (c) | U.S. Holders that Own SPAC Ordinary Shares with a Fair Market Value of Less Than $50,000 |

A U.S. Holder that, on the date of the Conversion, beneficially owns (actually and constructively through complex attribution rules discussed above) SPAC Ordinary Shares with a fair market value less than $50,000 generally should not be required to recognize any gain or loss under Section 367(b) of the Code in connection with the Conversion, and generally should not be required to include any part of the “all earnings and profits amount” in income.

ALL U.S. HOLDERS ARE URGED TO CONSULT THEIR TAX ADVISORS WITH RESPECT TO THE EFFECT OF SECTION 367(b) OF THE CODE TO THEIR PARTICULAR CIRCUMSTANCES.

| 3. | PFIC Considerations |

In addition to the discussion above in “- Effects of Section 367(b) to U.S. Holders,” the redemption and Conversion could be