Company: PELI
Filing Date: 2025-10-30
Form Type: S-4
Source: 0001829126-25-008609
Chunk: 331

Company: Pelican Acquisition Corp
Filing Date: 2025-10-30
Form: S-4
Chunk 331
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 the Proposed Public Offering to:

| 1) | Decrease the amount of working capital not held in the trust account to $650,000 from $950,000; and |

| 2) | Decrease the number of Private Placement Units to be purchased by the Sponsor from 231,250 units (or 248,240 units if the underwriters’ over-allotment option is exercised in full) to 201,250 units (or 217,641 units if the over-allotment option is exercised in full) at a price of $10.00 per unit for an aggregate purchase price of $2,012,500 (or $2,176,410 if the over-allotment option is exercised in full). |

On April 28, 2025, the Company issued a promissory note in the amount of $500,000 to the Sponsor to be used, in part, for transaction costs for this Proposed Public Offering. The promissory note is unsecured, interest-free and due the date on which the Company closes the Proposed Public Offering.

The subsequent events mentioned in this note have been updated and reflected in Notes 1, 3, 4 and 7.

Note 11 — Additional Subsequent Events

On May 19, 2025, the Company further modified the following key terms of the Proposed Public Offering to:

| 1) | Decrease the number of Private Placement Units to be purchased by the Sponsor if the underwriters’ over-allotment option is exercised in full from 217,641 units to 212,500 units at a price of $10.00 per unit for an aggregate purchase price of $2,125,000. |

<div align='center'>F-18</div>

<div align='center'>PELICAN ACQUISITION CORPORATION

CONDENSED BALANCE SHEETS</div>

|                                                                                                                                                                                                                                                                                               |     | July 31,   
 2025       |            |     | January 31, 
 2025        |         |   |
|:----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|:----|:-----------|-----------:|:----|:------------|--------:|:--|
|                                                                                                                                                                                                                                                                                               |     | -Unaudited |            |     |             |         |   |
| Assets:                                                                                                                                                                                                                                                                                       |     |            |            |     |             |         |   |
| Current Assets                                                                                                                                                                                                                                                                                |     |            |            |     |             |         |