Company: PELI
Filing Date: 2025-12-19
Form Type: 10-Q
Source: 0001829126-25-010193
Chunk: 64

Company: Pelican Acquisition Corp
Filing Date: 2025-12-19
Form: 10-Q
Item: Part I, Item 8
Chunk 64
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, 2025, the Company and Celine amended the engagement letter to increase the monthly fee to $20,000.

The Company incurred $60,000 and $100,000 in legal fees for each of the three and nine months ending October 31, 2025, respectively; of which $80,000 was paid. The unpaid $20,000 was included in the accrued expenses on the accompanying unaudited condensed balance sheets as of October 31, 2025.

On
May 5, 2025, the Company engaged Celine to represent it in all corporate and securities compliance matters in connection with its
initial business combination and agrees to pay the following fees: (i) an initial retainer fee of $50,000; (ii) $50,000 upon
execution of the Business Combination Agreement (BCA) related to the SPAC merger; (iii) $50,000 upon filing Form F-4 with the SEC;
(iv) $50,000 upon receipt of SEC comments and providing corresponding responses; and (v) an closing fee of
$50,000. As of October 31, 2025, the Company incurred $150,000 in legal fees, of which $100,000 was paid and
$50,000 was included in the accrued expenses on the accompanying unaudited condensed balance sheets as of October 31, 2025. 

Note 6 — Commitments and Contingencies

Risks and Uncertainties

Various social and political circumstances in the U.S. and around the world (including tariffs, rising trade tensions between the U.S. and China, and other uncertainties regarding actual and potential shifts in the U.S. and foreign, trade, economic and other policies with other countries), may contribute to increased market volatility and economic uncertainties or deterioration in the U.S. and worldwide.

As a result of these circumstances and the ongoing Russia/Ukraine, Hamas/Israel conflicts and/or other future global conflicts, the Company’s ability to consummate a Business Combination, or the operations of a target business with which the Company ultimately consummates a Business Combination, may be materially and adversely affected. In addition, the Company’s ability to consummate a transaction may be dependent on the ability to raise equity and debt financing which may be impacted by these events, including as a result of increased market volatility, or decreased market liquidity in third-party financing being unavailable on terms acceptable to the Company or at all. The impact of this action and potential future sanctions on the