Company: PELI
Filing Date: 2025-10-30
Form Type: S-4
Source: 0001829126-25-008609
Chunk: 132

Company: Pelican Acquisition Corp
Filing Date: 2025-10-30
Form: S-4
Chunk 132
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 costs, with the Parties obligated to take all actions and execute documents

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Amendments

The Business Combination Agreement may be further amended by execution of an instrument in writing signed by the Parties.

Background of the Business Combination

The terms of the Business Combination are the result of arm’s-length negotiations between representatives of SPAC, Greenland, and March GL. The following is a brief description of the background of these negotiations and the resulting Business Combination.

SPAC is a blank-check company incorporated in the Cayman Islands on July 23, 2024, and formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. Prior to the consummation of the IPO, neither SPAC, nor anyone on its behalf contacted or was contacted by any prospective target business or had any substantive discussions, formal or otherwise, with respect to a business combination, or similar transaction with SPAC.

Promptly following the IPO, SPAC’s management team commenced an active search for potential business combination targets, leveraging its management team and the Board’ and Sponsor’s network of bankers, private equity firms, venture capital and hedge funds, consulting firms, legal and accounting firms and numerous other business relationships, as well as the prior experience and network of SPAC’s officers and directors.

SPAC relied on the following general criteria, which were identified in the prospectus for SPAC’s IPO, in evaluating candidates for an initial business combination:

| ● | Large underpenetrated markets with favorable industry dynamics. We intend to actively look for suitable investment opportunities within the technology sector with an enterprise value of approximately $250 million to $1 billion. We will prioritize targets that are already benefiting from or capitalizing on trends found within their respective sectors. |

| ● | Strong management team. The strength of the management team will be an important component in our review process. We will seek to partner with a visionary, experienced and professional management team that has demonstrated a track record of driving growth, strategic decision making and long-term value creation. |

| ● | Defensible market position with sustainable competitive advantage. We intend to favor targets that have a strong competitive advantage or are category leaders in their respective verticals. We will target companies that have strong intellectual property, technology, or brand equity within their respective sectors and that can be further monetized on a global basis. |

| ● | Benefit from being a public company. We intend to only acquire businesses that would