Company: PELI
Filing Date: 2025-10-30
Form Type: S-4
Source: 0001829126-25-008609
Chunk: 145

Company: Pelican Acquisition Corp
Filing Date: 2025-10-30
Form: S-4
Chunk 145
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 hereby incorporated by reference. The Opinion confirmed that, as of July 30, 2025, the Transaction Consideration to be issued or paid to the shareholders of GEL is fair from a financial point of view to Pelican and the shareholders of Pelican. The Opinion does not constitute a recommendation to the relevant directors and officers of Pelican or to any other persons in respect of the Business Combination, including as to how any holders of SPAC Class A Ordinary Shares should vote or act in respect of the Business Combination.

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In connection with its analyses in rendering the Opinion, ERShares, among other things:

| ● | Reviewed certain operating information provided to ERShares by management of the Company; |

| ● | Reviewed certain guideline public companies and precedent transactions which ERShares viewed as having attributes similar to the Company; |

| ● | Reviewed other publicly available industry information (e.g., various equity analyst reports, macroeconomic reports, and public information about guideline companies) available from databases such as S&P Capital IQ (“CapIQ”); and |

| ● | Engaged in confirmatory discussions with Pelican and the Company regarding the Company’s business and key assumptions and risks associated with the Company’s business plans. |

For purposes of its analysis and the Opinion, ERShares assumed and relied upon the accuracy and completeness of the financial and other publicly available information, and all of the information supplied or otherwise made available to, discussed with, or reviewed by ERShares, without any independent verification of such information (and assumed no responsibility or liability for any independent verification of such information), and further relied upon the assurances of Pelican management that they were not aware of any facts or circumstances that would make such information provided to ERShares inaccurate or misleading.

ERShares also assumed, in all respects material to its analysis, that the representations and warranties of each party contained in the Business Combination Agreement were true and correct, that each party would perform all of the covenants and agreements required to be performed by it under the Business Combination Agreement, and that all conditions to the consummation of the Business Combination would be satisfied without waiver or modification thereof. ERShares further assumed, in all respects material to its analysis, that all governmental, regulatory, or other consents, approvals or releases necessary for the consummation of the Business Combination would be obtained without any delay, limitation, restriction, or condition that could materially affect the consummation of the Business Combination or reduce the contemplated benefits to the holders of SPAC Ordinary Shares.

ER