Company: PELI
Filing Date: 2025-10-30
Form Type: S-4
Source: 0001829126-25-008609
Chunk: 334

Company: Pelican Acquisition Corp
Filing Date: 2025-10-30
Form: S-4
Chunk 334
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   |
| Issuance of representative shares                   |     |                 |           |     |        |     |     |            |    247,556 |   |     |              |         |   |     |               |    247,556 |   |
| Remeasurement of carrying value to redemption value |     |                 |         - |     |        |   - |     |            | (4,504,618 | ) |     |              |       - |   |     |               | (4,504,618 | ) |
| Net income                                          |     |                 |         - |     |        |   - |     |            |          - |   |     |              | 307,410 |   |     |               |    307,410 |   |
| Balance – July 31, 2025                             |     |                 | 3,373,750 |     | $      | 337 |     | $          |     97,286 |   |     | $            | 245,293 |   |     | $             |    342,916 |   |

| (1) | Includes an aggregate of up to 375,000 ordinary shares subject to forfeiture if the over-allotment is not exercised in full or in part by the underwriters (see Note 5). |
|     | As a result of the underwriter’s full exercise of its over-allotment option to purchase 1,125,000 units on May 30, 2025, no shares were subject to forfeiture.           |

<div align='center'>The accompanying notes are an integral part of these unaudited condensed financial statements.

F-21</div>

<div align='center'>PELICAN ACQUISITION CORPORATION

UNAUDITED CONDENSED STATEMENTS OF CASH FLOWS</div>

|                                                                               |     | For the          
 Six Months Ended 
 July 31,         
 2025             |             |   |
|:------------------------------------------------------------------------------|:----|:-----------------|------------:|:--|
| Cash Flows from Operating Activities:                                         |     |                  |             |   |
| Net income                                                                    |     | $                |     287,857 |   |
| Adjustments to reconcile net income to net cash used in operating activities: |     |                  |             |   |
| Interest earned on investments held in Trust Account                          |     |                  |    (635,672 |