Company: NCL
Filing Date: 2025-09-26
Form Type: S-1
Source: 0001575872-25-000602
Chunk: 15

Company: Northann Corp.
Filing Date: 2025-09-26
Form: S-1
Chunk 15
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 stock (including overallotment to underwriters), par value $0.001 per share,
at an offering price of $5.00 per share.

In September 2024, 3D PRINTING was established
in Nevada. 3D PRINTING is a wholly-owned subsidiary that was established solely for the purposes of the development, establishment, operation,
and financing of a resilient flooring manufacturing facility located at 2251 Catawba River Road, Fort Lawn, South Carolina 29714.

In October 2024, the Company completed
the acquisition of Cedar Modern Limited, and in November 2024, the Company completed the acquisition of Raleigh Industries Limited.

The following diagram illustrates our
current corporate structure:

Recent Developments

On April 15, 2024, Mr. David M. Kratochvil resigned
from the Company as the Company’s Chief Financial Officer (“CFO”). In connection with Mr. Kratochvil’s resignation,
the Company entered into a separation agreement (the “Separation Agreement”) with Mr. Kratochvil setting forth the terms of
his separation from service with the Company on April 15, 2024, which would take effect on April 23, 2024. Pursuant to the Separation
Agreement, the agreement constitutes the complete understanding between the Company and Mr. Kratochvil, and supersedes any and all agreements,
understandings, and discussions, whether written or oral, between Mr. Kratochvil and the Company regarding the subject matter thereof,
except as specifically set forth therein. Notwithstanding the foregoing, any post-employment restrictive covenants (such as, without limitation,
covenants of confidentiality, non-solicitation or non-competition) contained in any other agreement between Mr. Kratochvil and the Company,
including, without limitation, those in the employment agreement dated April 18, 2023 between the Company and Mr. Kratochvil, shall remain
in full force and effect.

The Board of Directors of the Company intends
to conduct a search of potential internal and external candidates to replace Mr. Kratochvil. In the interim, the Company has appointed Mr. Sunny
S. Prasad as the interim CFO of the Company. Mr. Prasad has over 30 years of experience as an accountant and auditor with various
professional audit firms, and has served as the Managing Partner at Sana Tax Corporation since 2014. Mr. Prasad obtained his Bachelors