Company: PELI
Filing Date: 2025-10-30
Form Type: S-4
Source: 0001829126-25-008609
Chunk: 330

Company: Pelican Acquisition Corp
Filing Date: 2025-10-30
Form: S-4
Chunk 330
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 a Business Combination. Additionally, in no event will the Company be required to net cash settle the rights. Accordingly, holders of the rights might not receive the ordinary shares underlying the rights.

Note 8 — Subsequent Events

The Company evaluated subsequent events and transactions that occurred after the balance sheet date up to the date that the financial statements were issued. Based on the review, management identified the following subsequent event that would have required adjustment or disclosure in the financial statements.

On February 5, 2025, the Company’s shareholders approved, through a special resolution, to amend its Post-offering Memorandum and Articles of Association to change its fiscal year end from August 31 to January 31. This amendment was filed with the Cayman Islands Registrar of Companies and became effective on February 21, 2025.

F-17

PELICAN ACQUISITION CORPORATION

NOTES TO FINANCIAL STATEMENTS

Note 9 — Other Subsequent Events

On April 4, 2025, the Company modified the following key terms of the Proposed Public Offering to:

| 1) | Decrease the number of months to consummate its initial business combination from 18 months to 15 months; |

| 2) | Decrease the initial amount to be held in the trust account from $10.05 per unit to $10.00 per unit; |

| 3) | Decrease the number of Private Placement Units to be purchased by the Sponsor from 280,000 units (or 302,183 units if the underwriters’ over-allotment option is exercised in full) to 231,250 units (or 248,240 units if the over-allotment option is exercised in full) at a price of $10.00 per unit for an aggregate purchase price of $2,312,500 (or $2,482,398 if the over-allotment option is exercised in full); and |

| 4) | Decrease the conversion ratio for each right upon the consummation of a Business Combination from one-eighth (1/8) of one ordinary share to one-tenth (1/10) of one ordinary share. |

On April 4, 2025, the Company and the Sponsor entered into the First Amendment to the Administrative Services Agreement, pursuant to which the monthly fee was increased to $20,000.

Note 10 — Additional Subsequent Events

On April 28, 2025, the Company further modified the following key terms of