Company: PELI
Filing Date: 2025-10-30
Form Type: S-4
Source: 0001829126-25-008609
Chunk: 3

Company: Pelican Acquisition Corp
Filing Date: 2025-10-30
Form: S-4
Chunk 3
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 directors of Pelican Acquisition
Corporation, a Cayman Island exempted company, has approved the Agreement and Plan of Merger, dated as of September 9, 2025 (the “Business Combination Agreement”), by and among Pelican Holdco, Inc., a Texas corporation (“PubCo”), SPAC Merger
Sub, Inc., a Texas corporation and wholly-owned subsidiary of PubCo (“SPAC Merger Sub”), Greenland Exploration Limited,
a Texas Corporation (“Greenland”), Greenland Merger Sub, Inc., a Texas corporation and a wholly-owned subsidiary of
PubCo (“Greenland Merger Sub”), March GL Company, a Texas corporation (“March GL”, and together
with Greenland, each a “Company” and collectively, the “Companies”), and March GL Merger Sub, Inc.,
a Texas corporation and a wholly-owned subsidiary of PubCo (“March GL Merger Sub” and, together with SPAC Merger Sub
and Greenland Merger Sub, the “Merger Subs” and each individually, a “Merger Sub”), collectively,
the “Parties.”

The Conversion

Pursuant to the terms of
the Business Combination Agreement, prior to the Closing (as defined below), SPAC will effect a Conversion under Part XII of the Cayman
Islands Companies Act (Revised) and section 10.101–10 of the Texas Business Organizations Code (the “TBOC”),
pursuant to which SPAC will discontinue as a Cayman Islands exempted company and domesticate as a Texas corporation (the “Conversion”).
Upon the Conversion, each issued and outstanding SPAC security will remain outstanding and automatically represent a corresponding security
of SPAC as a Texas corporation, without any action required by the holders and without any interruption or change in the rights, preferences,
privileges, or limitations applicable thereto. SPAC’s governing documents will be amended and restated as provided in the Business
Combination Agreement. The legal existence and continuity of SPAC will be preserved and not deemed a dissolution or liquidation.

The Mergers

Following the Conversion and on the terms and subject to the conditions of the Business Combination Agreement, SPAC Merger Sub will merge with and into SPAC, with SPAC surviving as a wholly-owned subsidiary of PubCo (the “SPAC Merger”). Immediately thereafter, Greenland Merger Sub will merge with and into Greenland, with Greenland surviving as a wholly-owned subsidiary of PubCo (the “Greenland Merger”). Immediately thereafter, March