Company: PELI
Filing Date: 2025-10-30
Form Type: S-4
Source: 0001829126-25-008609
Chunk: 40

Company: Pelican Acquisition Corp
Filing Date: 2025-10-30
Form: S-4
Chunk 40
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 the common share underlying the SPAC Public Rights. Also includes founder shares held by the Sponsor and its affiliates and underwriter, common share underlying private units and private unit rights held by Sponsor and underwriter.    |
| (2) | Includes 50% of SPAC Public Shares include the common share underlying the SPAC Public Rights. Also includes founder shares held by the Sponsor and its affiliates and underwriter, common share underlying private units and private unit rights held by Sponsor and underwriter. |
| (3) | Includes SPAC Public Shares underlying the SPAC Public Rights. Also includes founder shares held by the Sponsor and its affiliates and underwriter, common share underlying private units and private unit rights held by Sponsor and underwriter.                                 |

For more information, please see the sections of this proxy statement/prospectus entitled “Unaudited Pro Forma Condensed Combined Financial Information” and “Beneficial Ownership of Securities.”

| Q: | WHAT IS THE EXPECTED NET CASH TO BE RECEIVED BY PUBCO FROM THE TRUST ACCOUNT FOLLOWING THE BUSINESS COMBINATION? |

Following the consummation of the Business Combination, PubCo’s future liquidity position will depend on many factors, including but not limited to (i) the number of shares redeemed in connection with the Business Combination and (ii) the sources of funding available for general corporate and working capital purposes.

Set forth below is a calculation of the estimated net cash to be received by PubCo from the Trust Account in three (3) redemption scenarios: (a) no redemption scenario, (b) 50% redemption scenario, and (c) maximum redemption scenario. The calculations assume (i) a redemption price of approximately $10.07 per share, based on cash held in the Trust Account as of July 31, 2025, and (ii) aggregate transaction expenses

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| SPAC Ordinary Shares Not Redeemed                                      |     | Assuming         
 No Redemption(1) |  8,625,000 |     | Assuming          
 50% Redemption(2) |  4,312,500 |     | Assuming              
 Maximum Redemption(3) | - |
|:-----------------------------------------------------------------------|:----|:-----------------|-----------:|:----|:------------------|-----------:|:----|:----------------------|:--|
| Gross Cash Proceeds of Trust Account at approximately $10.07 per Share |     | $                | 86,885,672 |     | $