Company: PELI
Filing Date: 2025-10-30
Form Type: S-4
Source: 0001829126-25-008609
Chunk: 273

Company: Pelican Acquisition Corp
Filing Date: 2025-10-30
Form: S-4
Chunk 273
---
 toward frontier hydrocarbon projects.

Interest Rate and Credit Risk

The Company’s cash balances
are maintained in highly liquid accounts with major financial institutions and do not bear material interest-rate exposure. The Company
does not currently have outstanding debt obligations and, accordingly, is not exposed to interest-rate or counterparty credit risk related
to borrowings.

Equity Price Risk

Although the Company is privately
held as of the filing date, following the completion of the business combination the Company’s common stock may be subject to market
price volatility. Equity prices may be affected by overall market conditions, industry performance, and investor perception of early-stage
energy companies. The Company does not hold marketable equity securities and, therefore, has no direct exposure to changes in equity values
other than potential volatility in its own share price following listing.

Inflation Risk

Rising inflation in Canada,
Denmark, or the United States could increase costs associated with technical services, transportation, and field logistics. Because most
contracts are short-term and denominated in fixed prices, the Company’s current exposure is limited; however, sustained inflation
could increase exploration and development costs in future periods.

Recent Accounting Pronouncements

In November 2023, the FASB
issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which requires additional annual and
interim disclosures of significant segment expenses regularly provided to the chief operating decision maker and related items. The guidance
is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15,
2024, with retrospective application and early adoption permitted. We currently operate as a single reportable segment; accordingly, we
do not expect adoption to have a material impact on our financial statements, though it may expand our segment disclosures.

In December 2023, the FASB
issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which enhances annual disclosures related to the
rate reconciliation and disaggregation of income taxes paid, among other items. The standard is effective for annual periods beginning
after December 15, 2024, with prospective application and early adoption permitted. We do not expect a material impact on our financial
statements other than expanded disclosures.

<div align='center'>190</div>

In November 2024, the FASB
issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—