Company: PELI
Filing Date: 2025-10-30
Form Type: S-4
Source: 0001829126-25-008609
Chunk: 332

Company: Pelican Acquisition Corp
Filing Date: 2025-10-30
Form: S-4
Chunk 332
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| Shareholders’ Equity (Deficit)                                                                                                                                                                                                                                                                |     |            |            |     |             |         |   |
| Ordinary shares, $0.0001 par value; 500,000,000 shares authorized; 3,373,750 and 3,075,000 shares(1) issued and outstanding as of July 31, 2025 and January 31, 2025 (excluding 8,625,000 and 0 shares subject to possible redemption as of July 31, 2025 and January 31, 2025, respectively) |     |            |        337 |     |             |     307 |   |
| Additional paid-in capital                                                                                                                                                                                                                                                                    |     |            |     97,286 |     |             |  29,041 |   |
| Retained earnings (Accumulated deficit)                                                                                                                                                                                                                                                       |     |            |    245,293 |     |             | (42,564 | ) |
| Total Shareholders’ Equity (Deficit)                                                                                                                                                                                                                                                          |     |            |    342,916 |     |             | (13,216 | ) |
| Total Liabilities and Shareholders’ Equity (Deficit)                                                                                                                                                                                                                                          |     | $          | 87,312,564 |     | $           | 208,386 |   |

| (1) | Includes an aggregate of up to 375,000 ordinary shares subject to forfeiture if the over-allotment is not exercised in full or in part by the underwriters (see Note 5). |

As a result of the underwriter’s full exercise of its over-allotment option to purchase 1,125,000 units on May 30, 2025, no shares were subject to forfeiture.

<div align='center'>The accompanying notes are an integral part of these unaudited condensed financial statements.

F-19</div>

<div align='center'>PELICAN ACQUISITION CORPORATION

UNAUDITED CONDENSED STATEMENTS OF OPERATIONS</div>

|                                                                                                 |     |   |            For the 
 Three Months Ended 
           July 31, 
               2025 |   |     |   |          For the 
 Six Months Ended 
         July 31, 
             2025 |   |
|:------------------------------------------------------------------------------------------------|:----|:--|-------------------:|:--|:----|:--|-----------------:|: