Company: NCL
Filing Date: 2025-11-24
Form Type: PRE 14A
Source: 0001575872-25-000718
Chunk: 38

Company: Northann Corp.
Filing Date: 2025-11-24
Form: PRE 14A
Chunk 38
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 price of our Common Stock on [●], 2025 |     | $       |         [●] |     | $   |         [●] |     | $    |         [●] |     | $    |         [●] |

| (1) | The Reverse Split will not have any                                                                                                   
 impact in the number of shares of common stock we are authorized to issue under our Charter.                                          |
| (2) | Includes (a) [          ] shares of common stock reserved for future issuance under                                                   
 the 2023 Plan, before the amendment is approved by the stockholders, and (b) 2,000,000 additional shares of common stock reserved for 
 future issuance under the 2023 Plan, assuming the amendment is approved by the stockholders.                                          |

Our common stock is currently
registered under Section 12(b) of the Exchange Act, and we are subject to the periodic reporting and other requirements of the Exchange
Act. The proposed Reverse Split will not affect the registration of our common stock under the Exchange Act. Our common stock would continue
to be reported on the NYSE American under the symbol “NCL,” assuming that we are able to regain compliance with the continued
listing standard, although we expect that NYSE American will add the letter “D” to the end of the trading symbol for a period
of twenty trading days after the effective date of the Reverse Split to indicate that the Reverse Split had occurred.

Effect on Stock Option Plans

As of the date of this proxy statement,
we have [ ] shares of common stock available for issuance under the 2023 Plan. Assuming the amendment to the 2023 Plan (Proposal 6) is
approved by the stockholders, we will have [ ] shares of common stock reserved for future issuance under the 2023 Plan. Pursuant to the
terms of the 2023 Plan, the Board, or a designated committee thereof, as applicable, will adjust the number of shares of common stock
underlying outstanding awards, the exercise price per share of outstanding stock options, and other terms of outstanding awards issued
pursuant to the 2023 Plan to equitably reflect the effects of the Reverse Split. The number of shares subject to vesting under restricted
stock awards and the number of shares issuable as contingent consideration as part of an acquisition by the Company will be similarly
adjusted, subject to our treatment of fractional shares. Furthermore, the number of shares available for future grant under the