Company: PELI
Filing Date: 2025-10-30
Form Type: S-4
Source: 0001829126-25-008609
Chunk: 420

Company: Pelican Acquisition Corp
Filing Date: 2025-10-30
Form: S-4
Chunk 420
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 in all applicable jurisdictions, the rules and regulations
thereunder and any related or similar rules, regulations or guidelines, issued, administered or enforced by any Governmental Authority,
and no Action involving Purchaser with respect to any of the foregoing is pending or, to the Knowledge of the Purchaser, threatened.

(c) None of Purchaser or any
of its directors or officers, or, to the Knowledge of Purchaser, any other Representative acting on behalf of Purchaser is currently identified
on the specially designated nationals or other blocked person list or otherwise currently subject to any U.S. sanctions administered by
the Office of Foreign Assets Control of the U.S. Treasury Department (“OFAC”), and Purchaser has not, in the
last five (5) fiscal years, directly or indirectly, used any funds, or loaned, contributed or otherwise made available such funds to any
Subsidiary, joint venture partner or other Person, in connection with any sales or operations in Cuba, Iran, North Korea, Sudan, Syria,
or the Crimean Region of Ukraine, or any other country sanctioned by OFAC or for the purpose of financing the activities of any Person
currently subject to, or otherwise in violation of, any U.S. sanctions administered by OFAC.

3.19 Insurance.Schedule 3.19
lists all insurance policies (by policy number, insurer, coverage period, coverage amount, annual premium and type of policy) held by
Purchaser relating to the Purchaser or its business, properties, assets, directors, officers and employees, true and correct copies of
which have been provided to each Company. All premiums due and payable under all such insurance policies have been timely paid and Purchaser
is otherwise in material compliance with the terms of such insurance policies. All such insurance policies are in full force and effect,
and to the Knowledge of the Purchaser, there is no threatened termination of, or material premium increase with respect to, any of such
insurance policies. There have been no insurance claims made by Purchaser. Purchaser has each reported to its insurers all claims and
pending circumstances that would reasonably be expected to result in a claim, except where such failure to report such a claim would not
be reasonably likely to have a Material Adverse Effect on the Purchaser.

3.20 Purchaser Trust Account.As of the date of this Agreement, the Trust Account has a balance of no less than $87,232,042,41. Such monies are invested
solely in U.S. “