Company: NCL
Filing Date: 2025-12-04
Form Type: DEF 14A
Source: 0001575872-25-000744
Chunk: 30

Company: Northann Corp.
Filing Date: 2025-12-04
Form: DEF 14A
Chunk 30
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POSAL TO AUTHORIZE BOARD TO EFFECT A REVERSE SPLIT</div>

General

Our Board has determined
that it is advisable and in the best interests of the Company and our stockholders to effect a reverse stock split of all of our issued
and outstanding common stock, par value $0.0001 per share (with no change to the authorized capital stock of the Company), at a specific
ratio, ranging from one-for-three (1:3) to one-for-twenty (1:20) (the “Approved Split Ratios”), with the timing and ratio
to be determined by the Board if effected (the “Reverse Split”).

The primary goal of the Reverse
Split is to increase the per share market price of our common stock to meet the minimum per share bid price requirements for continued
listing on the NYSE American. We believe that a range of reverse split ratios provides us with the most flexibility to achieve the desired
results of the Reverse Split.

Under NYSE American rules,
a stock split ratio may not be at or exceed 1-for-200 during a two-year period. On October 7, 2025, we effected a 1-for-8 reverse stock
split of the Company’s common stock and Series A Preferred Stock. As a result, we are currently limited to implementing less than
a 1-for-25 reverse stock split.

A vote for this Proposal
3 will constitute approval of the Reverse Split that, if and when effected by our Board, would combine up to every 20 shares of our outstanding
common stock into one share of our common stock. If implemented, the Reverse Split will have the effect of decreasing the number of shares
of our common stock issued and outstanding. Because the number of authorized shares of our common stock will not be reduced in connection
with the Reverse Split, the Reverse Split will result in an effective increase in the authorized number of shares of our common stock
available for issuance in the future.

Accordingly, stockholders
are asked to authorize our Board to effect a Reverse Split consistent with those terms set forth in this Proposal 3, and to grant authorization
to the Board to determine, in its sole discretion, whether or not to implement the Reverse Split, as well as its specific ratio within
the range of the Approved Split Ratios.

If approved by our stockholders
and pursued by the Board, the Reverse Split would be applied at an Approved Split Ratio approved by the Board, without further action
by our stockholders. The Board