Company: PELI
Filing Date: 2025-10-30
Form Type: S-4
Source: 0001829126-25-008609
Chunk: 426

Company: Pelican Acquisition Corp
Filing Date: 2025-10-30
Form: S-4
Chunk 426
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 acceleration, obligation, creation, or default would not, individually or in the aggregate,
reasonably be expected to be material to such Company, taken as a whole, or prevent the consummation by such Company of the transactions
contemplated by this Agreement or the Ancillary Documents.

<div align='center'>A-25</div>

4.7 Financial Statements.

(a) As used herein, the term
“Company Financials” means the audited financial statement of such Company (including, in each case, any related
notes thereto), consisting of the balance sheets of such Company as of June 30, 2025, and the related audited income statements,
changes in shareholder equity and statements of cash flows for the period then ended, audited by a PCAOB qualified auditor in accordance
with GAAP and PCAOB standards. True, correct, and complete copies of the Company Financials will be provided to the Purchaser on or before
October 15, 2025. The Company Financials (i) accurately reflect the books and records of such Company as of the times and for the
periods referred to therein, (ii) were prepared in all material respects in accordance with GAAP, consistently applied throughout and
among the periods involved, (iii) comply in all material respects with all applicable accounting requirements under the Securities Act
and the rules and regulations of the SEC thereunder, and (iv) fairly present in all material respects the financial position of such Company
as of the respective dates thereof and the results of the operations and cash flows of the Company for the periods indicated. Such Company
has never been subject to the reporting requirements of Sections 13(a) and 15(d) of the Exchange Act.

(b) Except as set forth on
Schedule 4.7(b), such Company maintains accurate books and records reflecting its assets and liabilities and maintains proper and adequate
internal accounting controls that provide reasonable assurance that (i) such Company does not maintain any off-the-book accounts and that
the Company’s assets are used only in accordance with such Company’s management directives, (ii) transactions are executed
with management’s authorization, (iii) transactions are recorded as necessary to permit preparation of the financial statements
of such Company and to maintain accountability for such Company’s assets, (iv) access to such Company’s assets is permitted
only in accordance with management’s authorization, (v) the reporting of such Company’s assets is compared with existing assets
at regular intervals and verified for actual amounts