Company: PELI
Filing Date: 2025-10-30
Form Type: S-4
Source: 0001829126-25-008609
Chunk: 140

Company: Pelican Acquisition Corp
Filing Date: 2025-10-30
Form: S-4
Chunk 140
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 - The Business Combination Proposal - Interests of Certain Persons in the Business Combination.”

All SPAC’s non-employee directors approved the Business Combination. No member of the SPAC Board voted against, or abstained from voting on, the Business Combination. There are no agreements, arrangements or understandings of any nature among our Sponsor and SPAC, or SPAC’s officers, directors, or affiliates with respect to determining whether to proceed with a deSPAC transaction. Such determination is solely within the discretion of SPAC Board.

The Business Combination is not structured to require the approval of at least a majority of unaffiliated shareholders of SPAC. No unaffiliated representative has been retained by a majority of the directors who are not employees of SPAC to act solely on behalf of the unaffiliated shareholders of SPAC for purposes of negotiating the terms of the Business Combination on their behalf and/or preparing a report concerning the approval of the Business Combination.

In determining that the terms and conditions of the Business Combination Agreement and the transactions contemplated thereby were in SPAC’s best interests, the Board considered and evaluated a number of factors, including, but not limited to, the factors discussed below. Greenland’s management projections, and ERShares’ fairness opinion provided the SPAC Board with a quantitative analysis of Greenland’s valuation. Descriptions of the Greenland’s business operation, due diligence reports, and other related materials offered the Board with qualitative insights into potential risks from business, legal, and market perspectives. Additionally, the Board members inquired with ERShares staff about the assumptions and methodology underlining their valuation and fairness opinions, and, based on their respective transactional experience and industry knowledge, engaged in a careful review of the financial stability, profitability, and growth potential of Greenland regarding the above factors and the benefits of transitioning it to a public company. The Board members also assessed the risks related to financing, industry market dynamics, and broader economic conditions that may impact Greenland’s performance and trends.

In light of the number and wide variety of factors considered in connection with its evaluation of the Business Combination Agreement and the transactions contemplated thereby, SPAC Board did not consider it practicable to, and did not attempt to, quantify or otherwise assign relative weights to the specific factors that SPAC Board considered in reaching its determination and supporting its decision, although the Board prioritized the Greenland management projections and ERShares’ fairness opinion as key considerations when assessing the valuation of Greenland. The Board viewed its decision as being based on all of the information available and the factors presented to and considered by the Board.