Company: PELI
Filing Date: 2025-10-30
Form Type: S-4
Source: 0001829126-25-008609
Chunk: 365

Company: Pelican Acquisition Corp
Filing Date: 2025-10-30
Form: S-4
Chunk 365
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 |                   |      |   |
| Net loss                                                   |     | $                 | (473 | ) |
| Changes in operating assets and liabilities:               |     |                   |      |   |
| Accounts payable                                           |     |                   |  473 |   |
| Net cash used in operating activities                      |     | $                 |    - |   |
| Change in Cash                                             |     |                   |    - |   |
| Cash, beginning of period                                  |     |                   |    - |   |
| Cash, ending of period                                     |     | $                 |    - |   |
| Supplemental disclosure for non-cash financing activities: |     |                   |      |   |
| Income tax and interest paid                               |     |                   |    - |   |

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

F-43</div>

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

NOTES TO THE FINANCIAL STATEMENTS</div>

NOTE 1 — DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS

Pelican Holdco, Inc. (“the Company” or “Holdco”) was incorporated on September 5, 2025 under the laws of the State of Texas. The Company has had no operations to date other than incurring organizational costs. The Company has selected December 31 as its fiscal year end.

The Company was formed solely for the purpose of completing the transactions contemplated by the Merger Agreement, dated as of September 9, 2025 (as may be amended from time to time, the “Merger Agreement”). The parties to the Merger Agreement include the Company, Pelican Acquisition Corporation ( “Pelican”), Pelican Merger Sub, Inc., a Texas corporation and wholly-owned subsidiary of Holdco, Greenland Exploration Limited, a Texas Corporation (“Greenland”), Greenland Merger Sub, Inc., a Texas corporation and a wholly-owned subsidiary of Holdco, and March GL Company, a Texas corporation (“March GL”).

Prior to the closing, Pelican will effect a domestication pursuant to which Pelican will discontinue as a Cayman Islands exempted company and domesticate as a Texas corporation (the “Domestication”). Upon the Domestication, each issued and outstanding Pelican security will remain outstanding and automatically represent a corresponding security of Pelican as a Texas corporation, without any action required by the holders.

Following the Domestication, the transaction will include a series of mergers whereby Pelican,