Company: NCL
Filing Date: 2025-12-04
Form Type: DEF 14A
Source: 0001575872-25-000744
Chunk: 38

Company: Northann Corp.
Filing Date: 2025-12-04
Form: DEF 14A
Chunk 38
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,660 |     |      |   2,968,998 |     |      |   1,484,499 |
| Number of Shares of Common Stock Authorized but Unissued and Unreserved             |     |         | 347,566,917 |     |     | 382,522,305 |     |      | 394,756,691 |     |      | 397,378,345 |
| Price per Share, based on the closing price of our Common Stock on December 3, 2025 |     | $       |        0.39 |     | $   |        1.17 |     | $    |        3.90 |     | $    |        7.80 |

| (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) 189,979 shares of common stock reserved for future issuance                                                                    
 under the 2023 Plan, before the amendment is approved by the stockholders, (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, (c) 12,500,000 shares of common stock reserved 
 for future issuance under the asset purchase agreement between Kingsford and the Company, assuming the share issuance is approved by the    
 stockholders and NYSE American, and other closing conditions are satisfied, and (d) 15,000,000 shares of common stock reserved for future   
 issuance under the development agreement between Asia Resource and the Company, assuming the share issuance is approved by the stockholders 
 and NYSE American, and other closing conditions are satisfied.                                                                              |

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