Company: PELI
Filing Date: 2025-10-30
Form Type: S-4
Source: 0001829126-25-008609
Chunk: 424

Company: Pelican Acquisition Corp
Filing Date: 2025-10-30
Form: S-4
Chunk 424
---
 as of immediately prior to the Greenland Merger are set forth on Schedule 4.3(a), along with the beneficial
and record owners thereof, all of which shares and other equity interests are owned free and clear of any Liens other than those imposed
under such Company’s Certificate of Incorporation. All the outstanding shares and other equity interests of such Company have been
duly authorized, are fully paid and non-assessable and not in violation of any purchase option, right of first refusal, preemptive right,
subscription right or any similar right under any provision of any applicable Law, or any Contract to which the Company is a party or
by which it or its securities are bound. Such Company does not hold any shares or other equity interests of another Person in its treasury.
None of the outstanding shares or other equity interests of such Company were issued in violation of any applicable securities law.

<div align='center'>A-24</div>

(b) Except as set forth on
Schedule 4.3(b), there are no: (i) outstanding or authorized equity appreciation rights, phantom equity rights, other equity or equity-based
awards or other similar rights with respect to such Company; (ii) voting trusts, proxies, shareholder agreements or any other agreements
or understandings with respect to the voting of such Company’s equity interests; or (iii) outstanding contractual obligations of
such Company to repurchase, redeem or otherwise acquire any equity interests or securities of such Company, nor has such Company granted
any registration rights to any Person with respect to such Company’s equity securities. All of the Company Securities have been
granted, offered, sold and issued in compliance with all applicable securities Laws. Except as set forth on Schedule 4.3(b), no equity
interests of such Company are issuable, and no rights in connection with any interests, warrants, rights, options or other securities
of such Company accelerate or otherwise become triggered (whether as to vesting, exercisability, convertibility or otherwise) as a result
of the transactions contemplated hereby.

(c) Except as disclosed in
the applicable Company Financials, since January 1, 2024, such Company has not declared or paid any distribution or dividend in respect
of its equity interests and has not repurchased, redeemed, or otherwise acquired any equity interests of such Company, and the board of
directors of such Company has not authorized any of the foregoing.

4.4 Subsidiaries.
As of the date hereof,