Company: PELI
Filing Date: 2025-10-30
Form Type: S-4
Source: 0001829126-25-008609
Chunk: 414

Company: Pelican Acquisition Corp
Filing Date: 2025-10-30
Form: S-4
Chunk 414
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 have a material effect. All debts and Liabilities,
fixed or contingent, which should be included under GAAP on a balance sheet are included in all material respects in the Purchaser Financials
as of the date of such Purchaser Financials. Purchaser has no off balance sheet arrangements.

3.7 Absence of Certain Changes.As of the date of this Agreement, except as set forth in Schedule 3.7, Purchaser has, (a) since its incorporation,
conducted no business other than its incorporation, the public offering of its securities (and the related private offerings), public
reporting and its search for an initial Business Combination as described in the IPO Prospectus (including the investigation of the Company
and the negotiation and execution of this Agreement) and related activities and (b) since July 23, 2024, not been subject to a Purchaser
Material Adverse Effect.

3.8 Compliance with Laws.Purchaser is, and has since its incorporation been, in material compliance with all Laws applicable to it and the conduct
of its business except for such noncompliance which would not reasonably be expected to have a Purchaser Material Adverse Effect, and
Purchaser has not received written notice alleging any violation of applicable Law in any material respect by Purchaser. To Purchaser’s
Knowledge, Purchaser is not under investigation with respect to any violation or alleged violation of, any Law, or judgment, Order or
decree entered by any court, arbitrator or Governmental Authority, domestic or foreign, and the Purchaser has not previously received
any subpoenas from any Governmental Authority.

<div align='center'>A-17</div>

3.9 Actions; Orders; Permits.As of the date hereof, there is no pending or, to the Knowledge of the Purchaser, threatened material Action to which Purchaser
is subject which would reasonably be expected to have a Purchaser Material Adverse Effect, and there is no material Action that Purchaser
has pending against any other Person. As of the date hereof, Purchaser is not subject to any material Orders of any Governmental Authority,
nor are any such Orders pending. Except as set forth on Schedule 3.9, no Permits are required for the conduct of Purchaser’s activities
as of the date hereof and through the Closing Date.

3.10 Taxes and Returns.

(a) Purchaser has timely filed,
or caused to be timely filed, all income and other material Tax Returns required to