Company: NCL
Filing Date: 2025-10-24
Form Type: S-1/A
Source: 0001575872-25-000638
Chunk: 32

Company: Northann Corp.
Filing Date: 2025-10-24
Form: S-1/A
Chunk 32
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 Company Guide. As a controlled company, we are permitted to elect to rely on certain exemptions from the obligations to comply with certain corporate governance requirements, including:

| ● | the requirement that a majority of our board of directors must be independent directors; |

| ● | the requirement that our director nominees must be selected or recommended to the Board for determination, by either a Nomination Committee comprised solely of independent directors or by a majority of the independent directors; |

| ● | the requirement that we have a formal written charter or board resolution, as applicable, addressing the nominations process and such related matters as may be required under the federal securities laws; and |

| ● | the requirement that compensation of the chief executive officer must be determined, or recommended to the Board for determination, either by a Compensation Committee comprised of independent directors or by a majority of the independent directors on its Board of Directors and that compensation for all other officers must be determined, or recommended to the Board for determination, either by such Compensation Committee or a majority of the independent directors on the company’s Board of Directors. |

Although we do not currently rely on the controlled company exemptions under the NYSE American Company Guide, we could elect to rely on these exemptions in the future, and if so, you would not have the same protection afforded to stockholders of companies that are subject to all of the corporate governance requirements of NYSE American Company Guide.

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| THE OFFERING                                    |     |                                                                                                                                                                                                                                                                                                                |
| Securities offered by the Selling Stockholders: |     | Up to 15,000,000 shares of common stock, consisting of (i) up to 5,000,000                                                                                                                                                                                                                                     
 shares of Common Stock issued to certain investors pursuant to the Oneflow SPA on March 31, 2025, and (ii) up to 10,000,000 shares of                                                                                                                                                                          
 Common Stock issued to certain investors on September 3, 2025, pursuant to the X29 SPA.                                                                                                                                                                                                                        |
| Terms of the Offering:                          |     | The Selling Stockholders will sell the Registered Shares covered under this prospectus at the prevailing market prices or privately negotiated prices. See “Plan of Distribution” on page 41 of this prospectus.                                                                                               |
| Selling Stockholders:                           |     | The Selling Stockholders will receive all of the proceeds from the sale of Registered Shares for sale by them under this prospectus. We will not receive proceeds from the sale of the Registered Shares covered under this prospectus by the Selling Stockholders