Company: PELI
Filing Date: 2025-10-30
Form Type: S-4
Source: 0001829126-25-008609
Chunk: 126

Company: Pelican Acquisition Corp
Filing Date: 2025-10-30
Form: S-4
Chunk 126
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. all access and investigation activities must be conducted so as not to unreasonably interfere with the respective businesses; |

| ● | during the interim period, unless SPAC consents, each Company must conduct its business in the ordinary course consistent with past practice, comply in all material respects with applicable Laws, and take commercially reasonable steps to preserve its business operations, assets, employees, and management. without SPAC’s prior consent, Companies may not: amend organizational documents, issue equity or equity-based securities, pay dividends, incur significant debt or liabilities, materially change employee compensation or benefits, modify intellectual property or material contracts, make material acquisitions, undertake capital expenditures above specified thresholds, enter into material transactions with related parties, or otherwise take actions that would materially affect their business operations outside the ordinary course, except as contemplated by the Business Combination Agreement or Ancillary Documents. Companies must notify SPAC of any actions taken and use reasonable efforts to mitigate any negative effects; |

| ● | during the interim period, unless each Company consents, SPAC and its subsidiaries must comply with applicable Laws and may not, without such consent: amend organizational documents or the IPO Prospectus, issue equity or equity-based securities (other than as permitted by existing terms), incur significant debt or liabilities outside ordinary course, amend the Trust Agreement adversely, terminate material contracts, fail to maintain books or insurance coverage, acquire businesses or material assets outside ordinary course, adopt reorganization or liquidation plans (other than in connection with the Mergers), or take actions likely to materially delay or impair obtaining required governmental consents. SPAC must notify each Company of any such actions and use reasonable efforts to mitigate any negative effects; |

| ● | the Merger Consideration, PubCo Warrants, and underlying PubCo Common Stock shall be registered in the Form S-4 filed in connection with the Mergers; if the registration statement is not filed or the securities cannot be registered therein, PubCo shall enter into a registration rights agreement with holders prior to the Closing, providing for automatic registration within two weeks of Closing, three demand rights, and unlimited piggyback rights; |

| ● | during the Interim Period, each Party shall not, and shall cause its Representatives not to, directly or indirectly solicit, assist, initiate, facilitate, or encourage any Acquisition Proposal, furnish non-public information regarding such Party to any third party in connection with an Acquisition Proposal, engage in discussions or negotiations that could reasonably lead to an Acquisition Proposal, approve, endorse or recommend any Acquisition Proposal, or negotiate any