Company: PELI
Filing Date: 2025-10-30
Form Type: S-4
Source: 0001829126-25-008609
Chunk: 139

Company: Pelican Acquisition Corp
Filing Date: 2025-10-30
Form: S-4
Chunk 139
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 SPAC, or SPAC’s officers, directors, or affiliates with respect to determining whether to proceed with a deSPAC transaction. Such determination is solely within the discretion of SPAC Board.

Before reaching its decision, the SPAC Board discussed the results of the due diligence conducted by Quetta’s management and their advisors, which included:

| ● | review of the draft fairness opinion provided by EntrepreneurShares LLC (for more details, please refer to “Proposal No. 1 - The Business Combination Proposal — Summary of the Opinion of ERShares”); |

| ● | review of Greenland’s financial projections |

| ● | meetings and calls with the management team and advisors of Greenland and March GL regarding 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’s unaudited financial statements; |

| ● | internal analysis on comparable target companies; and |

| ● | internal research on comparable transactions. |

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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.

On September 5, 2025, the SPAC Board unanimously determined that the form, terms and conditions of the Business Combination Agreement, including all exhibits and schedules attached thereto and the transactions contemplated therein (including the Business Combination), are in the best interests of SPAC, adopted and approved the Business Combination Agreement and the transactions contemplated therein, determined to recommend to SPAC’s stockholders that they approve and adopt the Business Combination Agreement and approve the Business Combination and the other proposals contemplated by the Board resolutions and determined that the foregoing be submitted for consideration by SPAC’s stockholders at the meeting. When you consider the Board’s recommendation, you should be aware that SPAC’s directors may have interests in the Business Combination that may be different from, or in addition to, the interests of SPAC’s stockholders generally. See “Proposal No. 1.