Company: PELI
Filing Date: 2025-10-30
Form Type: S-4
Source: 0001829126-25-008609
Chunk: 137

Company: Pelican Acquisition Corp
Filing Date: 2025-10-30
Form: S-4
Chunk 137
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’s desire to obtain a fairness opinion.

On July 21, 2025, Celine provided their initial comments on the Business Combination Agreement. The feedback addressed provisions related to capitalization representations and the mechanics of the PIPE Financing.

On July 24, 2025, a conference call was held where Mr. Price described the Greenland opportunity to ER Shares. Numerous parties attended including SPAC, EBC, Greenland and FG Merchant.

On August 7, 2025, Winston sent an updated version of the Business Combination Agreement to Celine and the draft Letter Agreement between March GL and Greenland.

On August 26, Celine shared a draft of the proposed capitalization table of the PubCo.

On September 2, 2025, representatives of Greenland, SPAC, Winston and Celine exchanged updated drafts of the Business Combination Agreement and Ancillary Documents, including the farmout agreement, support agreements, and lock-up agreements. The parties confirmed that PubCo and the merger subsidiaries were to be included in the transaction and discussed the formation status of these entities. Greenland requested confirmation from SPAC regarding readiness to execute and completion of due diligence.

On September 3, 2025, Hassan Baqar confirmed Greenland’s readiness to fund the $100,000 promissory note concurrently with the signing of the Business Combination Agreement. The parties agreed to escrow signatures pending wire transfer. Greenland requested finalization of the note and confirmation of its trigger mechanism. Discussions also addressed the incorporation of material terms from the LOI into the Business Combination Agreement.

On September 4, 2025, the Parties negotiated revisions to Section 10.3 of the Business Combination Agreement concerning expense reimbursement. Greenland proposed language capping reimbursement obligations and requiring supporting documentation. SPAC’s counsel responded with alternative language, and Greenland emphasized the urgency of finalizing the agreement for signature within the week. Concurrently, the parties discussed the formation of Merger Subs and the appropriate Texas court for indemnification agreements.

On September 6, 2025, Greenland circulated revised expense language for Section 10.3 of the Business Combination Agreement, proposing a reimbursement cap of $100,000 subject to approval and documentation. Greenland requested that the BCA be updated and circulated to all parties, including Haynes Boone.

On September 7, 2025, SPAC confirmed formation of PubCo and the Merger Subs and committed to sending disclosure schedules and signature pages for escrow. Greenland requested assistance in finalizing Ancillary Documents and emphasized the need to proceed with execution versions