Company: PELI
Filing Date: 2025-10-30
Form Type: S-4
Source: 0001829126-25-008609
Chunk: 427

Company: Pelican Acquisition Corp
Filing Date: 2025-10-30
Form: S-4
Chunk 427
---
, and (vi) accounts, notes and other receivables and inventory are recorded accurately,
and proper and adequate procedures are implemented to effect the collection of accounts, notes and other receivables on a current and
timely basis. All of the financial books and records of such Company are complete and accurate in all material respects and have been
maintained in the ordinary course consistent with past practice and in accordance with applicable Laws. Such Company has not been subject
to or involved in any material fraud that involves management or other employees who have a significant role in the internal controls
over financial reporting of such Company. In the past five (5) years, neither such Company nor its Representatives has received any written
complaint, allegation, assertion or claim regarding the accounting or auditing practices, procedures, methodologies or methods of such
Company or its internal accounting controls, including any material written complaint, allegation, assertion or claim that such Company
has engaged in questionable accounting or auditing practices.

(c) Such Company does not have
any Indebtedness other than the Indebtedness set forth on Schedule 4.7(c), which schedule sets forth the amounts (including principal
and any accrued but unpaid interest or other obligations) with respect to such Indebtedness.

<div align='center'>A-26</div>

(d) Except as set forth on
Schedule 4.7(d), such Company is not subject to any material Liabilities or material obligations (whether or not required to be reflected
on a balance sheet prepared in accordance with GAAP), except for those that are either (i) adequately reflected or reserved on or provided
for in the balance sheet of such Company as of the Interim Balance Sheet Date contained in the Company Financials, or (ii) that were incurred
after the Interim Balance Sheet Date in the ordinary course of business consistent with past practice (other than Liabilities for breach
of any Contract or violation of any Law).

4.8 Absence of Certain Changes.Except as set forth on Schedule 4.8, since its incorporation, such Company has (a) not conducted any business other
than in ordinary course or the negotiation and execution of this Agreement and the Company Material Contracts, (b) not been subject to
a Material Adverse Effect, and (c) has not taken any action or committed or agreed to take any action that would be prohibited by Section 7.2 (without giving effect to Schedule 7.2) if such action were taken on or after