Company: NCL
Filing Date: 2025-09-26
Form Type: S-1
Source: 0001575872-25-000602
Chunk: 71

Company: Northann Corp.
Filing Date: 2025-09-26
Form: S-1
Chunk 71
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 to receive dividends of any kind. The Series A Preferred Stock shall not
be subject to conversion into common stock or other equity authorized to be issued by the Company.

Reserve Stock Split

On July 5, 2023, as approved by the board of directors
and the majority shareholder of the Company, the Company effected a reverse split of our outstanding common stock and Series A Preferred
Stock at a ratio of 2-for-1. All references to common stock, Series A Preferred Stock, share data, per share data, and related information
have been retroactively adjusted, where applicable, in this prospectus to reflect the reverse split of our issued and outstanding common
stock and Series A Preferred Stock as if these events had occurred at the beginning of the earliest period presented.

The stockholders of the Company at the annual
general meeting of stockholders held on December 31, 2024 granted discretionary authority to the Board to authorize a reverse stock split
of the Company’s Common Stock with a ratio ranging from one-for-three (1:3) to one-for-twenty (1:20), for the primary purpose of
increasing the per share price of the Company’s Common Stock in order to maintain the listing of the Company’s Common Stock
on the NYSE American.

On September 17, 2025, Lin Li, the sole stockholder
of the Series A Preferred Stock and the Company's CEO and chairman, authorized the Board to conduct the reverse stock split of Series
A Preferred Stock at a specific ratio, ranging from one-for-three (1:3) to one-for-twenty (1:20). On September 17, 2025, the Board approved
to conduct a reverse stock split (the “Reverse Stock Split”) of both Common Stock and Series A Preferred Stock at a ratio
of one-for-eight (1:8). The post-split Common Stock will have CUSIP Number 66373M 408.

The Reverse Stock Split is expected to take
effect on October 7, 2025, pursuant to which, every eight (8) shares of the Company’s issued and outstanding Common Stock will
be converted into one (1) share of issued and outstanding Common Stock and every eight (8) shares of the Company’s issued and
outstanding Series A Preferred Stock will be converted into one (1) share of Series A Preferred Stock. The Reverse Stock Split will
be effected simultaneously for all of the Company’s outstanding Common Stock and Series A Preferred Stock, and