Company: PELI
Filing Date: 2025-10-30
Form Type: S-4
Source: 0001829126-25-008609
Chunk: 73

Company: Pelican Acquisition Corp
Filing Date: 2025-10-30
Form: S-4
Chunk 73
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 and the Existing   
 Governing Documents;                                                                                                                |

| ● | Texas Law and PubCo’s                                                                                                               
 Proposed Governing Documents contain certain provisions, including anti-takeover provisions, that limit the ability of stockholders 
 to take certain actions and could delay or discourage takeover attempts that stockholders may consider favorable;                   |

| ● | The Proposed Certificate                                                                                                                 
 of Formation will designate a state or federal court located within the State of Texas as the sole and exclusive forum for substantially 
 all disputes between PubCo and its stockholders, which could limit PubCo’s stockholders’ ability to obtain a favorable                   
 judicial forum for disputes with PubCo or its directors, officers, stockholders, employees, or agents.                                   |

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Risks Relating to Tax

| ● | The Conversion may result                                        
 in adverse tax consequences for holders of SPAC Ordinary Shares; |

| ● | We may have been a PFIC,                                                              
 which could result in adverse U.S. federal income tax consequences to U.S. investors; |

| ● | The Business Combination                                                   
 may result in adverse tax consequences to holders of SPAC Ordinary Shares. |

Risks Relating to the Companies

| ● | We are a development-stage                                
 company with a limited operating history and no revenues. |

| ● | We have not drilled                                                              
 any wells to date, and our business model is unproven in the Jameson Land Basin. |

| ● | We will require significant                                                                                                        
 additional capital to fund our exploration and development activities, and we may not be able to obtain such funding on acceptable 
 terms, or at all.                                                                                                                  |

| ● | Our operations in Greenland                                           
 are subject to unique regulatory, environmental, and political risks. |

| ● | Our operations face                         
 risks inherent in the oil and gas industry. |

| ● | We rely on strategic                                                      
 partnerships and third parties for significant aspects of our operations. |

Risks Related to Ownership of PubCo Common Stock Following the Business Combination

| ● | Each of SPAC and the                                                                                                                
 Companies have incurred and will incur substantial costs in connection with the Business Combination and related transactions, such 
 as legal, accounting, consulting, and financial advisory fees.                                                                      |

| ● | An active market for                                                                                           
 PubCo’s securities may not develop, which would adversely affect the liquidity and price of PubCo’s securities |

| ● | The market price of                                                         
 the PubCo Common Stock may decline as a result of the Business Combination