Company: NCL
Filing Date: 2025-11-24
Form Type: PRE 14A
Source: 0001575872-25-000718
Chunk: 13

Company: Northann Corp.
Filing Date: 2025-11-24
Form: PRE 14A
Chunk 13
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 no longer an emerging growth company. We will remain an
emerging growth company until the earlier to occur of (1) the last day of the fiscal year (a) ending December 31, 2028, (b) in which
we have total annual gross revenues of at least $1.235 billion or (c) in which we are deemed to be a “large accelerated filer,”
under the rules of the Securities and Exchange Commission, which means the market value of our equity securities that is held by non-affiliates
exceeds $700 million as of the prior June 30th, and (2) the date on which we have issued more than $1.0 billion in non-convertible debt
during the prior three-year period.

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For so long as we remain
an emerging growth company, we are permitted to rely on certain exemptions from various public company reporting requirements, including
not being required to have our internal control over financial reporting audited by our independent registered public accounting firm
pursuant to Section 404(b) of the Sarbanes-Oxley Act of 2002, reduced disclosure obligations regarding executive compensation in our
periodic reports and proxy statements, exemptions from the requirements of holding a nonbinding advisory vote on executive compensation
and any golden parachute payments not previously approved and an exemption from compliance with the requirements regarding the communication
of critical audit matters in the auditor’s report on financial statements.

In addition, the JOBS Act
provides that an emerging growth company can take advantage of an extended transition period for complying with new or revised accounting
standards. This provision allows an emerging growth company to delay the adoption of some accounting standards until those standards
would otherwise apply to private companies. We have elected to “opt out” of such extended transition period, which means
that when a standard is issued or revised and it has different application dates for public or private companies, we will adopt the new
or revised standard on the same timeline as other public companies, and we will not be able to revoke such election. This may make comparison
of our financial statements with another emerging growth company that has not opted out of using the extended transition period difficult
or impossible because of the potential differences in accountant standards used.

We are also a “smaller
reporting company” as that term is defined in Rule 12b-2 promulgated under the Exchange Act. If we are still a smaller reporting
company at the time we cease to be