Company: PELI
Filing Date: 2025-10-30
Form Type: S-4
Source: 0001829126-25-008609
Chunk: 165

Company: Pelican Acquisition Corp
Filing Date: 2025-10-30
Form: S-4
Chunk 165
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) described in the proxy statement/prospectus, be approved, ratified and confirmed in all respects.”

Recommendation of the SPAC Board

The SPAC Board believes that the Business Combination Proposal to be 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 BUSINESS COMBINATION PROPOSAL.

The existence of financial and personal interests of one or more of SPAC’s directors may result in a conflict of interest on the part of such director(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.

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<div align='center'>THE COnversion PROPOSAL</div>

Overview

Assuming each of the Condition Precedent Proposals is approved, SPAC is seeking shareholder approval of the Conversion Proposal. The approval of the Conversion Proposal is a condition to the Closing under the Business Combination Agreement. If the Conversion Proposal is approved, but the Business Combination Proposal is not approved, then neither the Conversion nor the Business Combination will be consummated.

As a condition to Closing, the SPAC Board has unanimously approved (i) a change of SPAC’s jurisdiction of incorporation by de-registering as an exempted company in the Cayman Islands and registering by way of continuation and conversion to a corporation incorporated under the Laws of the State of Texas and (ii) the adoption of the Proposed Certificate of Formation and the Proposed Bylaws. To effect the Conversion, SPAC will file an application to deregister with the Cayman Islands Registrar of Companies, together with the necessary accompanying documents, and file the Proposed Certificate of Formation and a certificate of conversion with the Secretary of State of the State of Texas, under which SPAC will be converted and continue as a Texas corporation.

In connection with the Conversion: (a) each of the issued and outstanding SPAC Securities immediately prior to the Conversion shall remain issued and outstanding and shall automatically represent a security of SPAC, as a