Company: PELI
Filing Date: 2025-09-15
Form Type: 10-Q
Source: 0001829126-25-007404
Chunk: 65

Company: Pelican Acquisition Corp
Filing Date: 2025-09-15
Form: 10-Q
Item: Part I, Item 8
Chunk 65
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 or fees from any and all such financings.

Subject to certain conditions, the Company has also granted EBC, for a period commencing from the consummation of the IPO until 12 months after the date of the consummation of an initial Business Combination or the liquidation of the Trust Account in the event the Company fails to consummate an initial Business Combination within the prescribed time (but in no event longer than three years from the consummation of the IPO), a right of first refusal to act as lead underwriter for any U.S. registered public offering of securities undertaken by our officer for the purpose of raising capital and placing 90% or more of the proceeds in a trust account (or other similar account) to be used to acquire one or more operating businesses that have not been identified at the time of the public offering.

Underwriting Agreement

The Company granted EBC, the representative of the underwriters, a 45-day option from the effective date of the IPO to purchase up to 1,125,000 additional Units to cover over-allotments, if any, at the IPO price less the underwriting discounts and commissions. The underwriter fully excised its over-allotment option on May 30, 2025. 

The underwriters were entitled to a cash underwriting discount of 2.0% of the gross proceeds of the IPO and over-allotment, or $1,725,000 which was paid upon the closing of the IPO and the underwriters’ full exercise of the over-allotment option.

    16

Business Combination Marketing Agreement

The Company has engaged EBC as an advisor in
connection with its Business Combination to assist in holding meetings with the Company stockholders to discuss the potential
Business Combination and the target business’ attributes, introduce the Company to potential investors that are interested in
purchasing its securities in connection with its initial Business Combination and assist with press releases and public filings in
connection with the Business Combination. The Company will pay EBC a service fee for such services upon the consummation of its
initial business combination in an amount equal to 3.5% of the gross proceeds of the IPO (or $3,018,750), except that one percentage point (out of
the 3.5%) shall be payable pro-rata on the amount remaining in the Trust Account following the Business Combination in relation to
the amount following the closing of the over-allotment option. The remaining fee shall be payable as follows: