Company: PELI
Filing Date: 2025-10-30
Form Type: S-4
Source: 0001829126-25-008609
Chunk: 59

Company: Pelican Acquisition Corp
Filing Date: 2025-10-30
Form: S-4
Chunk 59
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 operations and operational forecasts;                                                                     |
| ● | consultations with Greenland’s management, finance team and legal advisors;                                                                                                                            |
| ● | review of Greenland’s and March GL’s material contracts, intellectual property, financial, tax, legal, real estate and accounting due diligence;                                                       |
| ● | review of Greenland’s unaudited financial statements;                                                                                                                                                  |
| ● | internal analysis on comparable target companies; and                                                                                                                                                  |
| ● | internal research on comparable transactions.                                                                                                                                                          |

The SPAC Board considered a number of factors pertaining to the Business Combination Agreement and the transactions contemplated thereby, including, but not limited to, the following: satisfaction of a number of SPAC’s initial acquisition criteria, favorable prospects for future growth, unique position in the oil and gas industry, and the experienced and committed management team and board of Greenland. Please refer to “ Proposal No. 1 – The Business Combination Proposal - The Board’s Reasons for Approving the Business Combination” for further discussions.

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Related Agreements

This section describes certain additional agreements related to the Business Combination that have been executed or will be executed in connection with the closing of the Business Combination. For additional information, see “ The Business Combination Proposal—Related Agreements.”

Sponsor Shareholder Support Agreement

Concurrently with the execution of the Business Combination Agreement, on September 9, 2025, SPAC, the Sponsor, the Companies, and the Founder Holders party thereto entered into the Sponsor Shareholder Support Agreement, pursuant to which, among other items: (a) Founder Holders are required to vote all of their SPAC shares (“Subject Shares”) in favor of the proposed mergers and related transactions at any SPAC shareholder meeting or through written consent; (b) Founder Holders are prohibited from transferring, selling, pledging, or otherwise disposing of their Subject Shares from the date of the agreement until its termination, except in limited circumstances: with SPAC’s written consent, in connection with transaction financing, or to an affiliate who agrees to be bound by the agreement; (c) Founder Holders must not solicit, initiate, or encourage any alternative transaction proposals, nor participate in discussions or provide information to third parties regarding such alternatives; (d) Founder Holders are obligated to use reasonable best efforts to take all actions necessary to consummate the mergers and must not take any action that would materially delay or prevent the satisfaction of merger conditions; (e) Founder Holders irrevocably waive any rights to dissent