Company: PELI
Filing Date: 2025-10-30
Form Type: S-4
Source: 0001829126-25-008609
Chunk: 173

Company: Pelican Acquisition Corp
Filing Date: 2025-10-30
Form: S-4
Chunk 173
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 A - Authorized Shares

The SPAC Board believes it
is in the best interests of SPAC and its shareholders to approve provisions in the Proposed Governing Documents such that the authorized
share capital of PubCo will be 500,000,000 shares of common stock, par value $0.0001 per share and 10,000,000 shares of preferred stock,
par value $0.0001 per share, as compared to the authorized share capital of SPAC under the existing governing documents of USD50,000 divided
into 500,000,000 SPAC Ordinary Shares of par value $0.0001 each.

The SPAC Board believes that it is important for PubCo to have available for issuance a number of authorized shares of common stock and preferred stock sufficient to facilitate the transactions contemplated by the Business Combination and to support PubCo’s growth and to provide flexibility for future corporate needs (including, if needed, as part of financing for future growth acquisitions).

Proposal B - Preferred Stock

The SPAC Board believes it is in the best interests of SPAC and its shareholders to approve provisions in the Proposed Governing Documents, which will govern PubCo if the Conditions Precedent Proposals are approved, to authorize the PubCo Board to issue any or all shares of preferred stock in one or more classes or series, with such terms and conditions as may be expressly determined by the PubCo Board.

The SPAC Board believes that it is important for PubCo to be able to issue preferred stock sufficient to facilitate the transactions contemplated by the Business Combination and to support PubCo’s growth and to provide flexibility for future corporate needs (including, if needed, as part of financing for future growth acquisitions).

Proposal C - Action by Written Consent of Stockholders

The SPAC Board believes it is in the best interests of SPAC and its shareholders to approve provisions in the Proposed Governing Documents, which will govern PubCo if the Conditions Precedent Proposals are approved, that provide that PubCo stockholders may not take action by written consent in lieu of a meeting.

The SPAC Board believes that eliminating the right of stockholders to act by written consent, which is permitted in the existing governing documents, is appropriate to limit the circumstances under which stockholders can act on their own initiative to, among other things, alter or amend the Proposed Governing Documents outside of a duly called special or annual meeting of the stockholders of PubCo.

The elimination of the stockholders’ ability to act by written consent may have certain anti-takeover