Company: NCL
Filing Date: 2025-11-24
Form Type: PRE 14A
Source: 0001575872-25-000718
Chunk: 51

Company: Northann Corp.
Filing Date: 2025-11-24
Form: PRE 14A
Chunk 51
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12,500,000 SHARES OF COMMON STOCK TO DESIGNEE of KINGSFORD INCONNECTION WITH THE Asset Purchase Agreement.

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<div align='center'>PROPOSAL SIX

APPROVAL OF THE ISSUANCE OF 15,000,000 SHARES OF COMMON STOCK TO DESIGNEE OF ASIA RESOURCE</div>

The Company’s Board of Directors
is asking stockholders to approve the issuance of 15,000,000 additional shares of the Company’s common stock in accordance with
the terms of the Development Agreement pursuant to which Asia Resource agreed to develop and provide to the Company a customized software.
The Company’s Board of Directors approved such stock issuance on November 23, 2025.

Background and Description of Development Agreement with Asia Resource

On November
23, 2025, the Company entered into a development agreement (the “Development Agreement”) with Asia Resource.

Pursuant
to the Development Agreement, Asia Resource agreed to develop and provide to the Company the NCL Customized Intelligent Decoration Platform,
a customized software, including all intellectual property rights therein (the “Platform”).

As the
consideration for the Platform, the Company agreed to pay $6,000,000, by issuing a total of 15,000,000 shares of the Company’s common
stock, i.e. $0.40 per share (the “Asia Resource Shares”), in two separate tranches of 8,000,000 shares and 7,000,000 shares,
respectively, to a designee to be designated by Asia Resource.

The first tranche of the Asia Resource Shares (i.e., 8,000,000 shares)
shall be delivered by the Company within five business days after both of the Company’s stockholders and NYSE American approve the
issuance of the Asia Resource Shares. Asia Resource should deliver the Platform within three business days after certain conditions set
forth in the Development Agreement are satisfied, including but not limited to the issuance of the first tranche of the Asia Resource
Shares. The second tranche of the Asia Resource Shares (i.e., 7,000,000 shares) shall be delivered by the Company within five business
days after delivery of the Platform. Asia Resource represented and warranted, amongst others, that neither Asia Resource nor its designee
is an affiliate of the Company, and that the Asia Resource Shares are being acquired for investment purposes only, without a view to distribution,
and in compliance with all applicable securities laws.

The