Company: NCL
Filing Date: 2025-02-07
Form Type: 424B3
Source: 0001575872-25-000134
Chunk: 28

Company: Northann Corp.
Filing Date: 2025-02-07
Form: 424B3
Chunk 28
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 stock held by non-affiliates, or issue more than US$1 billion in principal amount of non-convertible debt over a three-year period.

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Implications of Being a Controlled Company Our Chairman of the Board, Chief Executive Officer, President, Secretary, and Treasurer, Lin Li, beneficially owns approximately 61.1% of the aggregate voting power of our common stock and Series A Preferred. We are deemed a “controlled company” for the purpose of the NYSE American 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 30,084,400 shares of common stock, consisting of (i) up to 4,484,400 shares of common stock issued pursuant to the Cedar SPA; (ii) up to 4,500,000 shares of common stock issued pursuant to the Raleigh SPA; (iii) up to 3,000,000 shares of common stock issued pursuant to the Linkun Investment Consulting Agreement; (iv) up to 4,500,000 shares of common stock