Company: PELI
Filing Date: 2025-10-30
Form Type: S-4
Source: 0001829126-25-008609
Chunk: 119

Company: Pelican Acquisition Corp
Filing Date: 2025-10-30
Form: S-4
Chunk 119
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AC as the surviving company (the time at which the SPAC Merger becomes effective is referred to herein as the “SPAC Merger Effective Time”), and as a result, SPAC will become a wholly owned subsidiary of PubCo, with each SPAC Ordinary Share converted into the right to receive one share of PubCo Common Stock; (b) immediately following the SPAC Merger, Greenland Merger Sub will merge with and into Greenland (the “Greenland Merger”), with Greenland as the surviving corporation (the time at which the Greenland Merger becomes effective is referred to herein as the “Greenland Merger Effective Time”), and as a result, Greenland will become a wholly owned subsidiary of PubCo, with each share of Greenland Common Stock converted into the right to receive one share of PubCo Common Stock; and (c) immediately following the Greenland Merger, March GL Merger Sub will merge with and into March GL (the “March GL Merger” and, together with the SPAC Merger and the Greenland Merger, the “Mergers”), with March GL as the surviving corporation (the time at which the March GL Merger becomes effective is referred to herein as the “March GL Merger Effective Time”), and as a result, March GL will become a wholly owned subsidiary of PubCo, with each share of March GL Common Stock converted into the right to receive a pro-rata number of an aggregate 20,000,000 shares of PubCo Common Stock. Immediately following the consummation of the March GL Merger, PubCo will contribute 100% of the March GL Common Stock received pursuant to the March GL Merger to Greenland, resulting in March GL becoming a wholly owned subsidiary of Greenland.

The following diagram illustrates the ownership structure of SPAC, PubCo, March GL, Greenland, March GL Merger Sub, and Greenland Merger Sub prior to the Business Combination and then after the Business Combination.

Prior to the Business Combination

<div align='center'>77</div>

After the Business Combination

Ownership of PubCo Immediately After the Closing

The table below illustrates
varying beneficial ownership levels in PubCo immediately upon Closing assuming (i) a no redemption scenario, (ii) an interim redemption
scenario, assuming 50% redemption, and (iii) a maximum redemption scenario, each on a fully diluted basis:

|                            |     | No Redemption 
 Scenario      |            |     |             |     |   |     | 50% Redemption 
 Scenario       |            |