Company: PELI
Filing Date: 2025-10-30
Form Type: S-4
Source: 0001829126-25-008609
Chunk: 136

Company: Pelican Acquisition Corp
Filing Date: 2025-10-30
Form: S-4
Chunk 136
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 as well as transfers of a portion of such interests to FG Merchant in exchange for bring the transaction to SPAC.

On June 13, SPAC and Greenland executed a Non-Disclosure Agreement.

On June 18, Robert Price met Larry G. Swets, Jr. and Hassan Raza Baqar in Itasca, IL at the offices of Greenland to discuss the valuation and other terms of the proposed transaction.

Also on June 18, Mr. Swets shared SPAC and EBC various documents related to the transaction including: (i) an MOU to be signed between Greenland and March GL, (ii) an MOU between March GL and 80 Mile Capital, and (iii) a draft powerpoint of the investment thesis and information on the oil assets located in Greenland.

On June 20, a conference call was held with SPAC’s Chairman, CEO and CFO, Robert Labbe, Mr. Swets, Mr. Chen and EBC to further discuss a potential transaction. A draft letter of intent regarding the business combination between SPAC and Greenland was also circulated. Several conference calls ensued that day as well as on June 21 and 22 to negotiate and finalize the LOI. The primary topics of negotiation were (i) the proposed reduction in SPAC’s promoted interest, (ii) the amount of promoted interest to be transferred to FG Merchant, (iii) transaction expense sharing and reimbursements and (iv) break-up fees.

On June 22, 2025, a draft press release was circulated and commented upon by the parties.

On June 23, 2025 Greenland and SPAC signed a non-binding LOI summarizing the terms of the proposed transaction.

On June 23, 2025 Greenland and March GL signed a non-binding Memorandum of Understanding in order to work towards a definitive Business Combination Agreement.

On June 24, 2025, an all-hands transaction kick off call was scheduled to discuss the timeline going forward.

On June 30, 2025, Celine and Winston met to discuss the structure of the proposed transaction.

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On July 16, 2025, Winston & Strawn LLP circulated the initial draft of the Business Combination Agreement to the parties, including Hassan Baqar. The draft incorporated preliminary structural terms and contemplated the delivery of lock-up agreements at closing.

On July 17, 2025, SPAC and EBC held a conference call with ER Shares to discuss the transaction and SPAC