Company: PELI
Filing Date: 2025-10-30
Form Type: S-4
Source: 0001829126-25-008609
Chunk: 95

Company: Pelican Acquisition Corp
Filing Date: 2025-10-30
Form: S-4
Chunk 95
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 of the TBOC or the Proposed Certificate of Formation or Proposed Bylaws (as either may be amended from time to time), or (iv) any action asserting a claim against PubCo governed by the internal affairs doctrine. The foregoing provisions will not apply to any claims arising under the Securities Act or the Exchange Act and, unless PubCo consents in writing to the selection of an alternative forum, the federal district courts of the United States will be the sole and exclusive forum for resolving any action asserting a claim arising under the Securities Act or the Exchange Act.

These choice of forum provisions in the Proposed Certificate of Formation may limit a stockholder’s ability to bring a claim in a judicial forum that it finds favorable for disputes with PubCo or any of PubCo’s directors, officers, or other employees, which may discourage Lawsuits with respect to such claims. There is uncertainty as to whether a court would enforce such provisions, and the enforceability of similar choice of forum provisions in other companies’ charter documents has been challenged in legal proceedings. It is possible that a court could find these types of provisions to be inapplicable or unenforceable, and if a court were to find the choice of forum provision contained in the Proposed Certificate of Formation to be inapplicable or unenforceable in an action, PubCo may incur additional costs associated with resolving such action in other jurisdictions, which could harm PubCo’s business, results of operations, and financial condition.

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Risks Relating to Tax

The Conversion may result in adverse tax consequences for holders of SPAC Ordinary Shares.

U.S. Holders (as defined in “Material U.S. Federal Income Tax Considerations - U.S. Holders”) may be subject to U.S. federal income tax as a result of the Conversion. Additionally, non-U.S. Holders (as defined in “Material U.S. Federal Income Tax Considerations - Non-U.S. Holders” below) may become subject to withholding tax on any dividends paid or deemed paid on SPAC stock after the Conversion.

As discussed more fully under “Material U.S. Federal Income Tax Considerations,” the Conversion is expected to be treated as a tax-deferred reorganization within the meaning of Section 368(a)(1)(F) of the Code (an “F Reorganization”). However, due to the absence of direct guidance on the application of Section 368(a)(1)(F) of the Code to a corporation holding only investment-type assets such as