Company: PELI
Filing Date: 2025-10-30
Form Type: S-4
Source: 0001829126-25-008609
Chunk: 174

Company: Pelican Acquisition Corp
Filing Date: 2025-10-30
Form: S-4
Chunk 174
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 effects by forcing a potential acquirer to take control of the PubCo Board only at duly called special or annual meetings. Inclusion of these provisions in the Proposed Governing Documents might also increase the likelihood that a potential acquirer would negotiate the terms of any proposed transaction with the PubCo Board and help protect stockholders from the use of abusive and coercive takeover tactics.

Proposal D - Omnibus Approval

The SPAC Board believes it is in the best interests of SPAC and its shareholders to authorize all other changes necessary or desirable in connection with the approval of the Proposed Governing Documents, including adopting Texas as the exclusive forum for certain stockholder litigation and the United States District Courts as the exclusive forum for litigation arising out of federal securities Laws.

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Adopting Texas as the exclusive forum for certain litigation is intended to assist PubCo in avoiding multiple lawsuits in multiple jurisdictions regarding the same matter. The ability to require such claims to be brought in a single forum will help to assure consistent consideration of the issues, the application of a relatively known body of case Law and level of expertise and should promote efficiency and cost-savings in the resolutions of such claims. The SPAC Board believes that the Texas courts are best suited to address disputes involving such matters given that PubCo is incorporated in Texas. Texas Law generally applies to such matters and the Texas courts have a reputation for expertise in corporate Law matters. Texas offers a specialized Business Court of Texas to address corporate Law matters, with streamlined procedures and processes, which help provide relatively quick decisions. This accelerated schedule can minimize the time, cost and uncertainty of litigation for all parties. The Business Court of Texas has developed considerable expertise with respect to corporate Law issues, as well as a substantial and influential body of case Law construing Texas’s corporate Law and long-standing precedent regarding corporate governance. This provides stockholders of PubCo and PubCo with more predictability regarding the outcome of intra-corporate disputes. In the event the Business Court of Texas does not have jurisdiction, the other state courts or the federal district court of the United States located in Texas would be the most appropriate forums because these courts have more expertise on matters of Texas Law compared to other jurisdictions. The SPAC Board further believes that providing that the federal district courts of the United States will be the exclusive forum for resolving actions arising under the Securities Act, provides the flexibility to file such suits in any federal district court while providing the benefits of eliminating duplicative litigation and having such cases heard by courts that are well-versed in