Company: NCL
Filing Date: 2025-09-26
Form Type: S-1
Source: 0001575872-25-000602
Chunk: 70

Company: Northann Corp.
Filing Date: 2025-09-26
Form: S-1
Chunk 70
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, US$0.001 par value, and 100,000,000 shares of blank check preferred stock of which 20,000,000
shares were designated to be series A preferred stock, par value $0.001 per share (“Series A Preferred Stock”).

In March 2022, Northann was incorporated in Nevada as part of the restructuring
transactions in contemplation of its initial public offering. In connection with its incorporation, in April 2022, the Company completed
a share swap transaction and issued common stock and 10,000,000 shares of Series A Preferred Stock to the then existing stockholders of
NBS, based on their then respective equity interests held in NBS. On July 5, 2023, as approved by the board of directors and the majority
shareholder of the Company, the Company effected a reverse split of our outstanding common stock and Series A Preferred Stock at a ratio
of 2-for-1. As a result, 5,000,000 shares of Series A Preferred Stock were issued and outstanding, The Company issued 5,000,000 shares
of Series A Preferred Stock to Lin Li, the Company’s Chairman of the Board, Chief Executive Officer, President, Secretary, and Treasurer,
for a consideration of $5,000, effective June 22, 2024. On November 7, 2024, as approved by the board of directors of the Company and
as agreed by Lin Li, the Company rescinded these 5,000,000 shares of Series A Preferred Stock, effective as of June 22, 2024. As a result,
the number of shares of Series A Preferred Stock owned by Lin Li decreased from 10,000,000 to 5,000,000, representing all issued and outstanding
shares of Series A Preferred Stock of the Company. Each share of Series A Preferred Stock is entitled to ten votes on any matter on which
action of the stockholders of the Company is sought. As part of the cancellation, the Company returned the $5,000 previously paid by Lin
Li.

Series A Preferred Stock

We have one designated class of preferred stock known
as Series A Preferred Stock. Each share of Series A Preferred Stock entitles the holder to ten votes, in person or proxy, on any matter
on which action of the stockholders of the corporation is sought. The Series A Preferred Stock will vote together with the common stock.
The holders of Series A Preferred Stock shall not be entitled