Company: PELI
Filing Date: 2025-10-30
Form Type: S-4
Source: 0001829126-25-008609
Chunk: 222

Company: Pelican Acquisition Corp
Filing Date: 2025-10-30
Form: S-4
Chunk 222
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 common stocks of par value $0.0001 per share issued to March GL stockholders as merger consideration pursuant to the Business Combination Agreement.                                                                                                                                                                                                                                                                                                                                                               |
| 5. | Represents 1,500,000 common stocks of par value $0.0001 per share issued to Greenland stockholders as merger consideration pursuant to the Business Combination Agreement.                                                                                                                                                                                                                                                                                                                                                               |

The following unaudited Pro Forma condensed combined balance sheet as of June 30, 2025, and the unaudited Pro Forma condensed combined statements of operations for six months ended June 30, 2025, are based on the historical financial statements of SPAC, March GL and Greenland, and the related notes for the unaudited interim financial statements as of June 30, 2025 and the related notes for the period ended June 30, 2025. The unaudited Pro Forma adjustments are based on information currently available, assumptions, and estimates underlying the Pro Forma adjustments and are described in the accompanying notes. Actual results may differ materially from the assumptions used to present the accompanying unaudited Pro Forma condensed combined financial statements.

<div align='center'>150</div>

<div align='center'>PELICAN HOLDCO, INC.

UNAUDITED PRO FORMA CONDENSED COMBINED BALANCE SHEET

AS OF JUNE 30, 2025</div>

|                                                                  |     | Pelican      
 (Historical) 
 (July 31,    
 2025)        |            |     | Greenland    
 (Historical) |        |   |     | March GL     
 (Historical) |           |   |     | Scenario 1:            
 No Redemption Scenario 
 Transaction            
 Accounting             
 Adjustments            |             |   |     |   |     | Pro Forma Combined |             |   |     | Scenario 2:             
 50% Redemption Scenario 
 Transaction             
 Accounting              
 Adjustments             |             |   |     |   |     | Pro Forma Combined |            |   |     | Scenario 3:                 
 Maximum Redemption Scenario 
 Transaction                 
 Accounting                  
 Adjustments                 |             |   |     |   |     | Pro Forma Combined |            |   |
|:-----------------------------------------------------------------|:----|:-------------|-----------:|:----|:-------------|-------:|:--|:----|:-------------|----------:|:--|:----|:-----------------------|------------:|:--|:----