Company: PELI
Filing Date: 2025-10-30
Form Type: S-4
Source: 0001829126-25-008609
Chunk: 454

Company: Pelican Acquisition Corp
Filing Date: 2025-10-30
Form: S-4
Chunk 454
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 foregoing clauses (a), (b) or (c) that would not reasonably be expected to
have a Purchaser Material Adverse Effect.

5.5 Capitalization.

(a) Prior to giving effect
to the Pelican Merger, each Merger Sub is authorized to issue 100 shares of common stock, of which 100 shares are issued and outstanding,
and all of which are owned by Holdco. Prior to giving effect to the transactions contemplated by this Agreement, no Merger Sub has ever
had any Subsidiaries or owned any equity interests in any other Person.

(b) Except as set forth in
its Organizational Documents, no Merger Sub (i) has any obligation to issue, sell or transfer any equity securities of such Merger Sub,
(ii) is a party or subject to any contract that affects or relates to voting or giving of written consents with respect to, or the right
to cause the redemption, or repurchase of, any equity interests of any Merger Sub, (iii) has granted any registration rights or information
rights to any other Person, (iv) has granted any phantom shares and there are no voting or similar agreements entered into by such Merger
Sub which relate to its capital or equity interests, (v) has no outstanding bonds, debentures, notes or other obligations the holders
of which have the right to vote (or convertible into or exercisable for voting interests of any Merger Sub or equity interests of any
Merger Sub) with the owners or holders of any Merger Sub common stock on any matter or any agreements to issues such bonds, debentures,
notes or other obligations and (vi) has no outstanding contractual obligations to provide funds to, or make any investment (other than
the transactions contemplated herein) in, any other Person.

5.6 Merger Sub Activities.Since formation, no Merger Sub has engaged in any business activities other than as contemplated by this Agreement, does
not own directly or indirectly any ownership, equity, profits or voting interest in any Person and has no assets or Liabilities except
those incurred in connection with this Agreement and the Ancillary Documents to which it is a party and the Mergers, and, other than this
Agreement and the Ancillary Documents to which it is a party, no Merger Sub is party to or bound by any Contract.

5.7 Compliance with Laws.No Merger Sub is, and since the date of its formation, no Merger Sub has been, in