Company: NCL
Filing Date: 2025-10-24
Form Type: S-1/A
Source: 0001575872-25-000638
Chunk: 8

Company: Northann Corp.
Filing Date: 2025-10-24
Form: S-1/A
Chunk 8
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 by the PCAOB on a regular basis. WWC, P.C., is not headquartered in Mainland China or
Hong Kong. Notwithstanding the foregoing, if the PCAOB determines that it cannot inspect or fully investigate our auditor at such
future time, trading in our common stock will be prohibited under the HFCA Act, the Consolidated Appropriations Act, and NYSE American
may determine to delist our common stock. See “Risk Factors— Risks Related to Our Common Stock this Offering, and Our Status
as a Public Company—Our common stock may be delisted or prohibited from being traded on a national exchange under the Holding Foreign
Companies Accountable Act (the “HFCA Act”) and the Consolidated Appropriations Act, 2023, if the Public Company Accounting
Oversight Board (the “PCAOB”) is unable to inspect our auditors for two consecutive years beginning in 2021. The delisting
of our common stock, or the threat of their being delisted, may materially and adversely affect the value of your investment” on
page 22.

As a holding company, the Company may rely on
dividends and other distributions on equity paid by its subsidiaries for cash and financing requirements. If any of the subsidiaries incurs
debt on its own behalf in the future, the instruments governing such debt may restrict their ability to pay dividends to the Company.
As of the date of this prospectus, none of the subsidiaries has made any dividends or other distributions to the Company. In the future,
cash proceeds raised by the Company from financing activities, may be transferred to the subsidiaries in the United States, Mainland China
and Hong Kong via capital contribution or shareholder loans, as the case may be. As of the date of this prospectus, the Company has not
made any dividend or distributions to U.S. investors. The Company has no present plans to declare dividends and plans to retain our
earnings to continue to grow its business. See “Risk Factors—Risks Related to Our Corporate Structure—Northann Corp.
is a holding company and will rely on dividends paid by its subsidiaries for its cash needs. Any limitation on the ability of its subsidiaries
to make dividend payments to the Company, or any tax implications of making dividend payments to the Company, could limit the Company’s
ability to pay its expenses or pay dividends to holders of its common stock.”

As of the date of this prospectus, funds and assets
were transferred between the Company and the subsidiaries and