Company: PELI
Filing Date: 2025-10-30
Form Type: S-4
Source: 0001829126-25-008609
Chunk: 164

Company: Pelican Acquisition Corp
Filing Date: 2025-10-30
Form: S-4
Chunk 164
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 Sponsor, approval of the Business Combination Proposal will require the affirmative vote of at least [ ] SPAC Ordinary Shares held by public shareholders (or approximately [ ]% of the SPAC Public Shares) if all SPAC Ordinary Shares are represented at the Extraordinary General Meeting and cast votes, and no affirmative vote of any holder of SPAC Public Shares will be required if only such shares as are required to establish a quorum are represented at the Extraordinary General Meeting and cast votes.

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SPAC Appraisal Rights

Public shareholders do not have appraisal rights or dissenters’ rights in connection with the Conversion or the Business Combination under Cayman Islands Law.

Satisfaction of the 80% Test

It is a requirement under the existing governing documents and the listing requirements of Nasdaq that the target business acquired in SPAC’s initial business combination have a fair market value equal to at least 80% of the balance of the funds in the Trust Account at the time of the execution of a definitive agreement for SPAC’s initial business combination. As of September 9, 2025, the date of the execution of the Business Combination Agreement, the balance of funds held in the Trust Account was at least $[ ] and 80% of such funds represents approximately $[ ]. The SPAC Board considered all of the factors described above and the fact that the aggregate consideration for SPAC was the result of arm’s length negotiations with the Companies. As a result, the SPAC Board concluded that the fair market value of the business acquired was in excess of 80% of the assets held in the Trust Account (excluding any taxes payable on the interest earned on the Trust Account). In light of the financial background and experience of the members of SPAC’s management team and the SPAC Board, the SPAC Board believes that the members of the management team and the SPAC Board are qualified to determine whether the Business Combination meets the 80% test.

Resolution to be Voted Upon

The full text of the resolution to be passed is as follows:

“ RESOLVED, as an ordinary resolution, that SPAC’s entry into the Business Combination Agreement, dated as of September 9, 2025, attached to the proxy statement/prospectus as Annex A (the “ Business Combination Agreement”), pursuant to which and among other things, on the terms and subject to the conditions set forth in the Business Combination Agreement, the parties will complete the Business Combination (as such term is defined in the proxy statement/prospectus