Company: NCL
Filing Date: 2025-01-29
Form Type: S-1/A
Source: 0001575872-25-000097
Chunk: 69

Company: Northann Corp.
Filing Date: 2025-01-29
Form: S-1/A
Chunk 69
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out of the 100,000,000 shares of blank check preferred stock. Each share of common stock is entitled to one vote and each share of Series
A Preferred Stock is entitled to ten votes on any matter on which action of the stockholders of the corporation is sought. The Series
A Preferred Stock will vote together with the common stock. Common stock and Series A Preferred Stock are not convertible into each other.
Holders of Series A Preferred Stock are not entitled to receive dividends. The Series A Preferred Stock does not have liquidation preference
over the Company’s common stock, and therefore ranks pari passu with the common stock in the event of liquidation.

Common Stock

Each share of common stock entitles the holder
to one vote, in person or proxy, on any matter on which action of the stockholders of the corporation is sought. The holders of our common
stock possess all voting power. Generally, all matters to be voted on by stockholders must be approved by a majority (or, in the case
of election of directors, by a plurality) of the votes entitled to be cast by all shares of our common stock that are present in person
or represented by proxy, subject to any voting rights granted to holders of any preferred stock. Holders of our common stock representing
at least one-third our capital stock issued, outstanding and entitled to vote, represented in person or by proxy, are necessary to constitute
a quorum at any meeting of our stockholders. A vote by the holders of a majority of our outstanding shares is required to effectuate certain
fundamental corporate changes such as liquidation, merger or an amendment to our Articles of Incorporation. Our Articles of Incorporation
do not provide for cumulative voting in the election of directors.

Preferred Stock

Our board of directors may authorize preferred
shares of stock and to divide the authorized shares of our preferred stock into one or more series, each of which must be so designated
as to distinguish the shares of each series of preferred stock from the shares of all other series and classes. Our board of directors
is authorized, within any limitations prescribed by law and our Articles of Incorporation, to fix and determine the designations, rights,
qualifications, preferences, limitations and terms of the shares of any series of preferred stock including, but not limited to, the following:

| 1. | The number of shares constituting that series and the distinctive designation of that series, which may be by distinguishing number, letter or title; |

| 2.