Company: PELI
Filing Date: 2025-10-30
Form Type: S-4
Source: 0001829126-25-008609
Chunk: 98

Company: Pelican Acquisition Corp
Filing Date: 2025-10-30
Form: S-4
Chunk 98
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 PFIC for any taxable year, upon written request, SPAC will endeavor to provide to a U.S. Holder such information as the IRS may require, including a PFIC annual information statement, in order to enable the U.S. Holder to make and maintain a “qualified electing fund” election, but there can be no assurance that we will timely provide such required information. The PFIC rules are complex and will depend on a holder’s particular circumstances. All holders are strongly urged to consult their tax advisors regarding the application and effect of the PFIC rules, including as a result of the Conversion, the availability and tax consequences arising from making certain elections (including the “qualified electing fund” election) applicable to U.S. Holders, and the applicability and effect of U.S. federal, state, local and foreign income and other tax Laws. For a more complete discussion of the U.S. federal income tax consequences of the Conversion, see the discussion in the section entitled “Material U.S. Federal Income Tax Considerations - U.S. Holders - PFIC Considerations.”

The Business Combination may result in adverse tax consequences to holders of SPAC Ordinary Shares.

Subject to the assumptions, limitations and qualifications described in “Material U.S. Federal Income Tax Considerations” below, it is the opinion of Celine & Partners that the SPAC Merger should be integrated with the Greenland Merger and the March GL Merger and, together, qualify as a tax-deferred transaction under Section 351 of the Code.

SPAC has not sought, and does not intend to seek, a ruling from the IRS as to any U.S. federal income tax consequences described herein. The IRS may disagree with the descriptions of U.S. federal income tax consequences contained herein, and its determination may be upheld by a court. Any such determination could subject an investor or SPAC to adverse U.S. federal income tax consequences that would be different than those described herein. Each prospective investor is strongly urged to consult with a tax advisor with respect to the specific U.S. federal, state, local or foreign income or other tax consequences of the Business Combination to such prospective investor. Please see the section entitled “ Material U.S. Federal Income Tax Considerations” for more information.]

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Risks Relating to the Companies

We are a development-stage company with a limited operating history and no revenues.

We were formed in 2025 and have not generated any revenues to date. Our business is subject to the risks