Company: PELI
Filing Date: 2025-10-30
Form Type: S-4
Source: 0001829126-25-008609
Chunk: 311

Company: Pelican Acquisition Corp
Filing Date: 2025-10-30
Form: S-4
Chunk 311
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='center'>PELICAN ACQUISITION CORPORATION
STATEMENT OF CASH FLOWS
FOR THE PERIOD FROM JULY 23, 2024 (INCEPTION) THROUGH JANUARY 31, 2025</div>

| Cash Flows from Operating Activities:                           |     |   |          |   |
|:----------------------------------------------------------------|:----|:--|---------:|:--|
| Net loss                                                        |     | $ |  (42,564 | ) |
| Changes in operating assets and liabilities:                    |     |   |          |   |
| Accrued expenses                                                |     |   |   18,539 |   |
| Net cash used in operating activities                           |     |   |  (24,025 | ) |
| Cash Flows from Financing Activities:                           |     |   |          |   |
| Proceeds from issuance of founder shares to the Sponsor         |     |   |   25,000 |   |
| Proceeds from issuance of EBC founder shares to the underwriter |     |   |    4,348 |   |
| Proceeds from promissory note to related party                  |     |   |  200,000 |   |
| Payment of offering costs                                       |     |   | (146,250 | ) |
| Net cash provided by financing activities                       |     |   |   83,098 |   |
| Net Change in Cash                                              |     |   |   59,073 |   |
| Cash – beginning of the period                                  |     |   |        - |   |
| Cash – end of the period                                        |     | $ |   59,073 |   |
| Non-cash investing and financing disclosure:                    |     |   |          |   |
| Deferred offering costs included in accrued offering costs      |     | $ |    3,063 |   |

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

F-6</div>

<div align='center'>PELICAN ACQUISITION CORPORATION

NOTES TO FINANCIAL STATEMENTS</div>

Note 1 — Description of Organization and Business Operations

Pelican Acquisition Corporation (the “Company”) is a blank check company incorporated under the laws of the Cayman Islands with limited liability on July 23, 2024. The Company was formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase,