Company: NTCL
Filing Date: 2025-10-20
Form Type: F-1
Source: 0001104659-25-100526
Chunk: 218

Company: NetClass Technology Inc
Filing Date: 2025-10-20
Form: F-1
Chunk 218
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 letters with each of the independent director in October and November 2022. The Company

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will also reimburse all directors for any out-of-pocket expenses incurred by them in connection with their services provided in such capacity. Compensation Recovery Policy On December 12, 2024, our board of directors adopted an executive compensation recovery policy (the “Compensation Recovery Policy”), providing for the recovery of certain incentive-based compensation from current and former executive officers of the Company in the event the Company is required to restate any of its financial statements filed with the SEC under the Exchange Act in order to correct an error that is material to the previously-issued financial statements, or that would result in a material misstatement if the error were corrected in the current period or left uncorrected in the current period. Adoption of the Clawback Policy was mandated by new Nasdaq listing standards introduced pursuant to Exchange Act Rule 10D-1. The Clawback Policy is in addition to Section 304 of the Sarbanes-Oxley Act of 2002 which permits the SEC to order the disgorgement of bonuses and incentive-based compensation earned by a registrant issuer’s chief executive officer and chief financial officer in the year following the filing of any financial statement that the issuer is required to restate because of misconduct, and the reimbursement of those funds to the issuer. We intend to disclose any amendments to the Compensation Recovery Policy, and any waivers of the Compensation Recovery Policy for our directors, executive officers, on our website to the extent required by applicable U.S. federal securities laws and the corporate governance rules of Nasdaq. CAPITALIZATION The following table sets forth our capitalization as of March 31, 2025. on a pro forma. Such information is set forth on the following basis:

| - | On an actual basis, and |

| - | On a pro forma basis, giving effect to the sale of the Convertible Note pursuant to the Securities Purchase Agreement. |

You should read this table in conjunction with our financial statements and related notes appearing elsewhere in this prospectus and “Use of Proceeds” and “Description of Share Capital.”

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