Company: PELI
Filing Date: 2025-10-30
Form Type: S-4
Source: 0001829126-25-008609
Chunk: 5

Company: Pelican Acquisition Corp
Filing Date: 2025-10-30
Form: S-4
Chunk 5
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each of which consists of one Ordinary Share and one Right) will separate
into their individual components of SPAC Ordinary Shares and SPAC Rights (each holder of SPAC Rights shall be deemed to hold one-tenth
(1/10th) of one (1) SPAC Ordinary Share for each right so held), and will cease separate existence and trading upon the consummation of
the Business Combination.

After the separation, each
SPAC Ordinary Share issued and outstanding immediately prior to the SPAC Merger Effective Time (other than shares to be canceled in accordance
with Section 1.8 of the Business Combination Agreement and any Redemption Shares) shall, subject to the terms and conditions of the Business
Combination Agreement, be automatically cancelled and converted into the right to receive one share of PubCo Common Stock.

Additionally, automatically
and without any action on the part of the holder thereof, PubCo shall assume each Company Common Stock Warrant remaining outstanding and
unexpired immediately prior to the SPAC Merger Effective Time and each such Company Common Stock Warrant shall become a PubCo Warrant
to purchase that number of PubCo Common Stock equal to the number of shares of Company Common Stock that would have been issuable upon
the exercise of such Company Common Stock Warrant upon the same terms and conditions, as set forth in the applicable warrant agreement.

Pro Forma Ownership

Assuming the conversion of
all SPAC securities held by the Sponsor, directors, officers and any holders of founder shares (excluding EarlyBirdCapital, Inc.) prior
to the consummation of its IPO (“SPAC Initial Shareholders”), under (i) a no redemption scenario, (ii) an interim redemption
scenario, assuming 50% redemptions, and (iii) a maximum redemption scenario, immediately upon consummation of the Business Combination,
as of the Closing the SPAC Initial Shareholders will own 2,390,000 shares of PubCo Common Stock, representing approximately 7%, 8%, and
9% of the issued shares of PubCo Common Stock, respectively.

The following table summarizes
the pro forma ownership of PubCo securities following the Business Combination under (i) a no redemption scenario, (ii) an interim redemption
scenario, assuming 50% redemption, and (iii) a maximum redemption scenario, each on a fully diluted basis:

|                            |     | No Redemption 
 Scenario      |            |     |             |     |   |     | 50% Redemption 
 Scenario       |