Company: PELI
Filing Date: 2025-10-30
Form Type: S-4
Source: 0001829126-25-008609
Chunk: 159

Company: Pelican Acquisition Corp
Filing Date: 2025-10-30
Form: S-4
Chunk 159
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 other shareholders generally. Our Board was aware of and considered these interests, among other matters, in evaluating and negotiating the Business Combination, approving the Business Combination and in recommending to shareholders that they approve the Business Combination. Shareholders should take these interests into account in deciding whether to approve the Business Combination. These interests include, among other things:

| ● | the Sponsor purchased 2,875,000 founder shares from SPAC for an aggregate price of $25,000, which will have a significantly higher value at the time of the Business Combination, if it is consummated, and, based on the closing trading price of the SPAC Ordinary Shares on [  ], 2025, which was $[  ], would have an aggregate value of approximately $[  ] million as of the same date. If SPAC does not consummate the Business Combination or another initial business combination by August 27, 2026 (unless such date is further extended by SPAC shareholders), and SPAC is therefore required to be liquidated, these shares would be worthless, as founder shares are not entitled to participate in any redemption or liquidation of the Trust Account. Based on the difference in the effective purchase price per share that the Sponsor paid for the founder shares, as compared to the purchase price of $10.00 per Unit sold in the IPO, the Sponsor may earn a positive rate of return even if the stock price of PubCo after the Closing falls below the price initially paid for the SPAC Units in the IPO and the Public Shareholders experience a negative rate of return following the Closing of the Business Combination. |

| ● | None of our officers and directors is required to commit their full time to our affairs and, accordingly, they may have conflicts of interest in allocating their time among various business activities. |

| ● | In the course of their other business activities, our officers and directors may become aware of investment and business opportunities which may be appropriate for presentation to our company as well as the other entities with which they are affiliated. Our directors and officers may continue to be involved in the formation of other special purpose acquisition companies in the future. Thus, our officers and directors may have conflicts of interest in determining to which entity a particular business opportunity should be presented. |

| ● | Our officers and directors may in the future become affiliated with entities, including other blank check companies, engaged in business activities similar to those intended to be conducted by our company. |

| ● | Unless we consummate our initial business combination, our officers, directors, and