Company: NTCL
Filing Date: 2025-10-20
Form Type: F-1
Source: 0001104659-25-100526
Chunk: 225

Company: NetClass Technology Inc
Filing Date: 2025-10-20
Form: F-1
Chunk 225
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 is 297 Auto Mall Drive #4, St. George, Utah 84770. |

| (3) | Assumes that the total number of our issued and outstanding Class A Ordinary Shares increased to 22,856,318 after the Offering. |

| (4) | Assumes that the Selling Shareholder sells all of the Class A Ordinary Shares offered pursuant to this prospectus. |

Potential Profits to Selling Shareholder The Selling Shareholder may make a potential profit off of each of the Convertible Note by converting the Convertible Note into shres Class A Ordinary Shares at a discount to the market price at the time of conversion and selling such Conversion Shares at the market price.

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The table below sets out that the total possible profit that the Selling Shareholder can realize as a result of the conversion discount for the Class A Ordinary Shares underlying the Convertible Note, including one year of interest thereon, is $7,435,476. We will not know the conversion price for the Convertible Note until, and if, they are converted. For the purposes of this table, we have applied the conversion price that would have been in effect if the Convertible Note (including all interest that could accrue on the Convertible Note until its maturity) had been converted on August 4, 2025, the date of the issuance of the Convertible Note. Because the Selling Shareholder may not convert the Convertible Note to the extent (but only to the extent) it or any of its affiliates would beneficially own a number of Class A Ordinary Shares which would exceed 9.99% of the total Class A Ordinary Shares issued and outstanding as of the date of such conversion, we do not believe it is likely that all of the Convertible Note could be converted in any one given day.

| ​                                                                                                                                       | ​ | ​ |         ​ |
|:----------------------------------------------------------------------------------------------------------------------------------------|:--|:--|----------:|
| Closing market price per Class A Ordinary Share on date of issuance                                                                     |   | $ |    1.8700 |
| ​                                                                                                                                       | ​ | ​ |         ​ |
| Conversion price per Class A Ordinary Share on date of issuance                                                                         | ​ | $ |    1.5826 |
| ​                                                                                                                                       | ​ | ​ |         ​ |
| Total possible Class A Ordinary Share to be received in connection with the conversion of the Convertible Note at such conversion price | ​ |   | 1,515,228 |
| ​                                                                                                                                       | ​ | ​ |