Company: NTCL
Filing Date: 2025-10-20
Form Type: F-1
Source: 0001104659-25-100526
Chunk: 114

Company: NetClass Technology Inc
Filing Date: 2025-10-20
Form: F-1
Chunk 114
---
 of a Trigger Event (as defined in the Convertible Note), the Selling Shareholder shall have the right to apply the Trigger Effect (as defined in the Convertible Note), which means: (a) for the first Trigger Event, the Selling Shareholder may increase the outstanding balance of the Convertible Note by an amount equal to 15% of the outstanding balance as of the date of such Trigger Event; and (b) for the second Trigger Event, the Selling Shareholder may increase the outstanding balance by an additional 15%, with such increased amount being immediately due and payable in cash by the Company to the Selling Shareholder; provided, however, that the total amount of such cash payment shall not exceed $175,000 |

Apart from the amounts discussed above, we have not made, and do not need to make, any payments to any affiliate of the Selling Shareholder or the Placement Agent, or any person with whom the Selling Shareholder or the Placement Agent has a contractual relationship.

54

The following sets forth the gross proceeds paid or payable to us in connection with our issuance of the Convertible Note, all payments that have been made or that may be required to be made by us in connection with the issuance of the Convertible Note, our resulting net proceeds and the combined total possible profit to be realized as a result of any conversion discounts regarding the Class A Ordinary Shares underlying the Convertible Note.

| ​                                                                                                                                                                                                               | ​ | ​ |         ​ | ​ |
|:----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|:--|:--|----------:|:--|
| Gross proceeds to the Company                                                                                                                                                                                   |   | $ | 2,000,000 | ​ |
| ​                                                                                                                                                                                                               | ​ | ​ |         ​ | ​ |
| All payments that have been made or that may be required to be made by the Company to the Selling Shareholder and the Placement Agent                                                                           | ​ | $ | 1,041,000 | ​ |
| ​                                                                                                                                                                                                               | ​ | ​ |         ​ | ​ |
| Net proceeds to the Company                                                                                                                                                                                     | ​ | $ |   959,000 | ​ |
| ​                                                                                                                                                                                                               | ​ | ​ |         ​ | ​ |
| All payments that have been made or that may be required to be made by the Company to the Selling Shareholder and the Placement Agent in the first year of the Convertible Note as a percentage of net proceeds | ​ | ​ |    108.55 | % |
| ​                                                                                                                                                                                                               | ​ | ​ |         ​ | ​ |
|