Company: PELI
Filing Date: 2025-10-30
Form Type: S-4
Source: 0001829126-25-008609
Chunk: 413

Company: Pelican Acquisition Corp
Filing Date: 2025-10-30
Form: S-4
Chunk 413
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 of Purchaser’s SEC filings and other public disclosure
documents.

<div align='center'>A-16</div>

(c) Purchaser maintains a standard
system of accounting established and administered in accordance with GAAP. The Purchaser has designed and maintains a system of internal
controls over financial reporting, as defined in Rules 13a-15(f) and 15d-15(f) of the Exchange Act, sufficient to provide reasonable
assurances regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance
with GAAP. Purchaser maintains a system of internal accounting controls sufficient to provide reasonable assurance that (i) transactions
are executed in accordance with management’s general or specific authorizations, (ii) transactions are recorded as necessary to
permit preparation of financial statements in conformity with GAAP and to maintain asset accountability, (iii) access to assets is permitted
only in accordance with management’s general or specific authorization, and (iv) the recorded accountability for assets is compared
with the existing assets at reasonable intervals and appropriate action is taken with respect to any differences.

(d) The financial statements
and notes of Purchaser contained or incorporated by reference in the SEC Reports (the “Purchaser Financials”),
fairly present in all material respects the financial position and the results of operations, changes in shareholders’ equity, and
cash flows of Purchaser at the respective dates of and for the periods referred to in such financial statements, all in accordance with
(i) GAAP methodologies applied on a consistent basis throughout the periods involved and (ii) Regulation S-X or Regulation S-K, as applicable
(except as may be indicated in the notes thereto and for the omission of notes and audit adjustments in the case of unaudited quarterly
financial statements to the extent permitted by Regulation S-X or Regulation S-K, as applicable).

(e) Except as and to the extent
reflected or reserved against in the Purchaser Financials or as incurred in connection with this Agreement, Purchaser has not incurred
any Liabilities or obligations of the type required to be reflected on a balance sheet in accordance with GAAP that are not adequately
reflected or reserved on or provided for in the Purchaser Financials, other than Liabilities of the type required to be reflected on a
balance sheet in accordance with GAAP that have been incurred since the Purchaser’s incorporation in the ordinary course of business
or to the extent that any such omission, individually or in the aggregate, have had or would