Company: PELI
Filing Date: 2025-10-30
Form Type: S-4
Source: 0001829126-25-008609
Chunk: 102

Company: Pelican Acquisition Corp
Filing Date: 2025-10-30
Form: S-4
Chunk 102
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 exchange, which could limit investors’ ability to make transactions in PubCo’s securities and subject PubCo to additional trading restrictions.

The market price of the PubCo Common Stock may decline as a result of the Business Combination.

The market price of PubCo Common Stock may decline as a result of the Business Combination for a number of reasons including if:

| ● | investors react negatively to the prospects of PubCo’s business and the prospects of the Business Combination; |

| ● | the effect of the Business Combination on PubCo’s business and prospects is not consistent with the expectations of financial or industry analysts; or |

| ● | PubCo does not achieve the perceived benefits of the Business Combination as rapidly or to the extent anticipated by financial or industry analysts. |

As a result, you may not receive any return on an investment in PubCo Common Stock unless you sell your PubCo Common Stock for a price greater than that which you paid for it.

PubCo stockholders may experience dilution in the future.

The percentage of PubCo Common Stock owned by current stockholders may be diluted in the future because of equity issuances for acquisitions, capital market transactions or otherwise, including, without limitation, equity awards that PubCo may grant to its directors, officers and employees, and the exercise of the PubCo Warrants. Such issuances may have a dilutive effect on PubCo’s earnings per share, which could adversely affect the market price of PubCo Common Stock. See “ Summary of the Proxy Statement/Prospectus - Ownership of PubCo - Dilution” for more information.

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If securities or industry analysts do not publish research or reports about PubCo’s business, if they change their recommendations regarding PubCo Common Stock or if PubCo’s operating results do not meet their expectations, the PubCo Common Stock price and trading volume could decline.

The trading market for PubCo Common Stock will depend in part on the research and reports that securities or industry analysts publish about PubCo or its businesses. If no securities or industry analysts commence coverage of PubCo, the trading price for PubCo Common Stock could be negatively impacted. In the event securities or industry analysts initiate coverage, if one or more of the analysts who cover PubCo downgrade its securities or publish unfavorable research about its businesses, or if PubCo’s operating results do not meet analyst expectations, the trading price of PubCo Common Stock would likely decline. If one or more of these analysts cease coverage of PubCo or fail to publish reports on PubCo regularly,