Company: PELI
Filing Date: 2025-10-30
Form Type: S-4
Source: 0001829126-25-008609
Chunk: 401

Company: Pelican Acquisition Corp
Filing Date: 2025-10-30
Form: S-4
Chunk 401
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 Warrant, so assumed, shall continue to have, and shall be subject to, the same terms
and conditions as applied to the underlying Company Common Stock Warrant immediately prior to the Pelican Effective Time. Holdco shall
take all company actions necessary to reserve for issuance a sufficient number of Holdco Common Shares for delivery upon exercise of the
Company Common Stock Warrants assumed by the Holdco pursuant to this Section 1.6(d). As soon as reasonably practicable following
the Closing Date, Acquiror will use commercially reasonable efforts to issue to each Person who holds a Holdco Warrant a document evidencing
the foregoing assumption of such Company Common Stock Warrant by Acquiror.

1.7 Treasury Stock.At the applicable Effective Time, if there are any Company Securities or Purchaser Securities that are owned by such entity as treasury
shares or any Company Securities or Purchaser Securities owned by any direct or indirect Subsidiary of either entity immediately prior
to the applicable Effective Time, such Company Securities or Purchaser Securities and any certificates formerly representing any such
Company Securities or Purchaser Securities (each, a “Certificate”) shall be canceled and shall cease to exist
without any conversion thereof or payment therefor.

1.8 Surrender of Securities and Disbursement of Merger Consideration.

(a) Prior to the Pelican Merger
Effective Time, Holdco shall appoint Continental Stock Transfer & Trust Company, or another agent reasonably acceptable to Purchaser
and each Company (the “Exchange Agent”), for the purpose of disbursing shares of Holdco Common Stock.

(b) At or prior to the Pelican
Merger Effective Time, Holdco shall deposit, or cause to be deposited, with the Exchange Agent the Merger Consideration. At or prior to
the Pelican Merger Effective Time, Holdco shall deposit or cause to be deposited, with the Exchange Agent, the Holdco Common Stock to
be exchanged for the Purchaser Ordinary Shares.

(c) At or prior to the Pelican
Merger Effective Time, Holdco shall send, or shall cause the Exchange Agent to send, to each Company Shareholder evidenced by Certificates
(the “Company Certificates”) or represented by book-entry (the “Book-Entry Shares”)
and not held by the Depository Trust Company (“DTC”), a letter of transmittal for use in such exchange, in a
form to be mutually agreed upon by the Parties (the “Letter of Transmittal”) (which shall specify that the