Company: PELI
Filing Date: 2025-10-30
Form Type: S-4
Source: 0001829126-25-008609
Chunk: 218

Company: Pelican Acquisition Corp
Filing Date: 2025-10-30
Form: S-4
Chunk 218
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, on a pro forma basis as if the Business Combination had been consummated as of the beginning of the earliest period presented.

The unaudited pro forma condensed combined financial information has been presented for illustrative purposes only and does not necessarily reflect what the post-combination company’s financial condition or results of operations would have been had the Business Combination occurred on the dates indicated.

Further, the unaudited pro forma condensed combined financial information also may not be useful in predicting the future financial condition and results of operations of the post-combination company. The actual financial position and results of operations may differ significantly from the pro forma amounts reflected herein due to a variety of factors. The unaudited pro forma adjustments represent management’s estimates based on information available as of the date of these unaudited pro forma combined financial statements and are subject to change as additional information becomes available and analyses are performed.

Description of the Transactions

On September 9, 2025,
SPAC entered into an Agreement and Plan of Merger, by and among Pelican Holdco, Inc., a Texas corporation, SPAC Merger Sub, Inc., a Texas
corporation and wholly-owned subsidiary of PubCo, Greenland Exploration Limited, a Texas Corporation , Greenland Merger Sub, Inc., a Texas
corporation and a wholly-owned subsidiary of PubCo, and March GL Company, a Texas corporation. The transaction includes a series of mergers
whereby SPAC, Greenland, and March GL will each merge with subsidiaries of PubCo. At the closing of the transaction pursuant to the Business
Combination Agreement, PubCo will operate under the name Greenland Energy Company. The Boards of Directors of SPAC, March GL, Greenland,
and Merger Subs have unanimously approved the Business Combination Agreement and the transactions contemplated thereby.

Consideration

As consideration for the
Business Combination, the holders of March GL common stock immediately prior to the closing of Business Combination will be entitled
to receive from PubCo, in the aggregate, 20,000,000 shares of PubCo common stock (the “March GL Merger Consideration”). The
holders of Greenland common stock immediately prior to the closing of Business Combination will be entitled to receive from PubCo, in
the aggregate, 1,500,000 shares of PubCo common stock (the “Greenland Merger Consideration, and together with the March GL Merger
Consideration, the “Merger Consideration”), with the Merger Consideration being a number of shares of PubCo