Company: PELI
Filing Date: 2025-10-30
Form Type: S-4
Source: 0001829126-25-008609
Chunk: 93

Company: Pelican Acquisition Corp
Filing Date: 2025-10-30
Form: S-4
Chunk 93
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 Proposed Governing Documents will differ from and may be less favorable to the rights of holders of SPAC Ordinary Shares arising under Cayman Islands Law and the Existing Governing Documents.

Upon consummation of the Conversion, the rights of holders of PubCo Common Stock will be as provided in the Proposed Governing Documents and the TBOC. The Proposed Governing Documents and the TBOC contain provisions that differ in some respects from those in the Existing Governing Documents and Cayman Islands Law and, therefore, some rights of holders of PubCo Common Stock could differ from the rights that holders of SPAC Ordinary Shares currently have. For instance, while class actions are generally not available to shareholders under Cayman Islands Law, such actions are generally available under the TBOC. This change could increase the likelihood that PubCo becomes involved in costly litigation, which could have a material adverse effect on PubCo.

In addition, there are differences
between the Proposed Governing Documents and the Existing Governing Documents. For a more detailed description of the rights of holders
of PubCo Common Stock and how they may differ from the rights of holders of SPAC Ordinary Shares, please see “Comparison of Corporate Governance and Shareholder Rights.” The forms of the Proposed Certificate of Formation and the Proposed Bylaws are
attached as Annex B and Annex C, respectively, to this proxy statement/prospectus, and SPAC urges you to read them.

Texas Law and PubCo’s Proposed Governing Documents contain certain provisions, including anti-takeover provisions, that limit the ability of stockholders to take certain actions and could delay or discourage takeover attempts that stockholders may consider favorable.

The Proposed Governing Documents that will be in effect upon consummation of the Conversion, and the TBOC, contain provisions that could have the effect of rendering more difficult, delaying, or preventing an acquisition deemed undesirable by the PubCo Board and therefore depress the trading price of PubCo Common Stock. These provisions could also make it difficult for stockholders to take certain actions, including electing directors who are not nominated by the current members of the PubCo Board or taking other corporate actions, including effecting changes in SPAC’s management. Among other things, the Proposed Governing Documents include provisions regarding:

| ● | a classified board of directors; |

| ● | the ability of the PubCo Board to issue shares of preferred stock and to determine the price and other terms of those shares, including preferences and voting rights, without stockholder approval, which could be used to significantly dilute