Company: PELI
Filing Date: 2025-10-30
Form Type: S-4
Source: 0001829126-25-008609
Chunk: 219

Company: Pelican Acquisition Corp
Filing Date: 2025-10-30
Form: S-4
Chunk 219
---
 common stock
with an aggregate value equal to US$215,000,000, based upon a per share value of US$10.00. SPAC shareholders will receive one share of
PubCo common stock for each share of SPAC common stock they currently hold (subject to redemptions).

<div align='center'>146</div>

The following summarizes the aggregated value of the Merger Consideration

| March GL Merger Consideration  
 Greenland Merger Consideration |     | PubCo        
 Common Stock |  20,000,000 
   1,500,000 |
|:-------------------------------|:----|:-------------|------------:|
| Value per share                |     | $            |          10 |
| Total Merger Consideration     |     | $            | 215,000,000 |

Closing Conditions

The closing of the Business Combination is subject to customary closing conditions, including, among others, approval of the transaction by the stockholders of SPAC, March GL, Greenland and Merger Subs, effectiveness of a registration statement on Form S-4 to be filed by SPAC with the SEC in connection with the transaction, accuracy of representations and warranties, approval for listing of the PubCo common stock on Nasdaq or NYSE, absence of any Law or order prohibiting the consummation of the transaction, and other conditions as set forth in the Business Combination Agreement.

Termination Provisions

The Business Combination Agreement may be terminated by SPAC or Greenland or March GL under certain circumstances, including, among others: (a) by mutual written consent of PubCo, Greenland and March GL; (b) by either PubCo or Greenland or March GL if the Closing of the Business Combination has not occurred on or before June 30, 2026, (c) by PubCo if any of the parties shall have failed to obtain the necessary shareholder approvals; (d) by either Greenland or March GL or SPAC if the Extraordinary General Meeting is held (including any adjournment or postponement thereof) and has concluded, the SPAC’s shareholders have duly voted, and the Required SPAC Shareholder Approval (as defined in the Business Combination Agreement) was not obtained.

In addition, if the Business
Combination Agreement is terminated as a primary result of the actions or inactions of SPAC, SPAC shall, or shall cause the applicable
SPAC shareholder to, transfer, convey and assign to Greenland one-third (1/3) of the issued and outstanding Founder