Company: PELI
Filing Date: 2025-10-30
Form Type: S-4
Source: 0001829126-25-008609
Chunk: 192

Company: Pelican Acquisition Corp
Filing Date: 2025-10-30
Form: S-4
Chunk 192
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ment Proposal if presented at the Extraordinary General Meeting is in the best interests of SPAC.

THE SPAC BOARD UNANIMOUSLY RECOMMENDS THAT SPAC SHAREHOLDERS VOTE “FOR” THE APPROVAL OF THE ADJOURNMENT PROPOSAL.

The existence of financial and personal interests of one or more of SPAC’s directors may result in a conflict of interest on such directors(s) between what such director may believe is in the best interests of SPAC and its shareholders and what such director may believe is best for themselves in determining to recommend that shareholders vote for the proposals. The Sponsor and SPAC’s officers also have interests in the Business Combination that may be different from, or in addition to, your interests as a shareholder. See the section of this proxy statement/prospectus entitled “The Business Combination Proposal — Interests of Certain Persons in the Business Combination” for a further discussion of these considerations.

<div align='center'>131</div>

<div align='center'>MATERIAL U.S. FEDERAL INCOME TAX CONSIDERATIONS</div>

The following is a discussion of material U.S. federal income tax considerations (i) for holders of SPAC Ordinary Shares related to (A) the Conversion, (B) exercise of Redemption Rights and (C) the Business Combination and (ii) the ownership and disposition of PubCo Common Stock after the Business Combination.

This discussion is limited to certain U.S. federal income tax considerations to beneficial owners of SPAC Ordinary Shares who hold their respective stock as a capital asset within the meaning of Section 1221 of the U.S. Internal Revenue Code of 1986, as amended (the “Code”).

Holders are urged to consult their tax advisors concerning the U.S. federal, state, local and any non-U.S. tax consequences of the transactions contemplated by the Business Combination (including any exercise of SPAC Redemption Rights). This discussion is a summary only and does not consider all aspects of U.S. federal income taxation that may be relevant to certain types of holders of SPAC Ordinary Shares, including, but not limited to:

| ● | SPAC’s Sponsors, founders, officers or directors; |

| ● | holders of any warrants; |

| ● | banks, financial institutions or financial services entities; |

| ● | broker-dealers; |

| ● | taxpayers that are subject to the mark-to-market accounting rules; |

| ● | tax-exempt entities; |

| ● | S-corporations; |

|