Company: PELI
Filing Date: 2025-10-30
Form Type: S-4
Source: 0001829126-25-008609
Chunk: 363

Company: Pelican Acquisition Corp
Filing Date: 2025-10-30
Form: S-4
Chunk 363
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 & Associates II, PLLC – PCAOB ID #05525

We have served as the Company’s auditor since 2025.

Spokane, Washington

October 30, 2025

<div align='center'>F-39</div>

<div align='center'>PELICAN HOLDCO, INC.
BALANCE SHEET

AS OF SEPTEMBER 30, 2025</div>

|                                                                                                                   |     | As of         
 September 30, 
 2025          |      |   |
|:------------------------------------------------------------------------------------------------------------------|:----|:--------------|-----:|:--|
| Assets                                                                                                            |     |               |    - |   |
| Total Assets                                                                                                      |     | $             |    - |   |
| Liabilities and stockholder’s deficit                                                                             |     |               |      |   |
| Current liabilities                                                                                               |     |               |      |   |
| Accounts payable                                                                                                  |     | $             |  473 |   |
| Total current liabilities                                                                                         |     | $             |  473 |   |
| Total Liabilities                                                                                                 |     | $             |  473 |   |
| Commitments and contingencies                                                                                     |     |               |      |   |
| Stockholder’s deficit                                                                                             |     |               |      |   |
| Common stock, $0.01 par value; 500,000,000 shares authorized; none issued or outstanding as of September 30, 2025 |     |               |    - |   |
| Accumulated deficit                                                                                               |     |               | (473 | ) |
| Total Stockholder’s deficit                                                                                       |     | $             | (473 | ) |
| Total liabilities and Stockholder’s deficit                                                                       |     | $             |    - |   |

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

F-40</div>

<div align='center'>PELICAN HOLDCO, INC.

STATEMENT OF OPERATIONS

FOR THE PERIOD FROM SEPTEMBER 5, 2025 (INCEPTION) TO SEPTEMBER 30, 2025</div>

|                                                                        |     | For the           
 Period from       
 September 5, 2025 
 (Inception) to    
 September 30,     
 2025              |      |   |
|:-----------------------------------------------------------------------|:----|:------------------|:-----|:--|
| General and administrative expenses                                    |