Company: PELI
Filing Date: 2025-10-30
Form Type: S-4
Source: 0001829126-25-008609
Chunk: 458

Company: Pelican Acquisition Corp
Filing Date: 2025-10-30
Form: S-4
Chunk 458
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vi) give rise to any obligation to make payments or provide compensation under, or (vii) result
in the creation of any Lien upon any of the properties or assets of Holdco under, except for any deviations from any of the foregoing
clauses (a), (b) or (c) that would not reasonably be expected to have a Holdco Material Adverse Effect.

<div align='center'>A-47</div>

6.5 Capitalization.

(a) Prior to giving effect
to the Mergers, Holdco is authorized to issue 500,000,000 shares of common stock of Holdco, par value $0.01 per share, of which 100 shares
are issued and outstanding. Prior to giving effect to the transactions contemplated by this Agreement, Holdco has never had any Subsidiaries
or owned any equity interests in any other Person, other than Pelican Merger Sub, Greenland Merger Sub and March GL Merger Sub. Immediately
after the Mergers, Holdco will have 33,672,375 shares issued and outstanding.

(b) Except as set forth in
its Organizational Documents, Holdco (i) has no obligation to issue, sell or transfer any equity securities of Holdco, (ii) is not 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 Holdco, (iii) has not granted any registration rights or information rights to any
other Person, (iv) has not granted any phantom shares and there are no voting or similar agreements entered into by Holdco 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 Holdco or equity interests of Holdco) with the owners or holders
of Holdco 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.

6.6 Holdco Activities.Since its formation, Holdco has not 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