Company: NCL
Filing Date: 2025-02-07
Form Type: 424B3
Source: 0001575872-25-000134
Chunk: 13

Company: Northann Corp.
Filing Date: 2025-02-07
Form: 424B3
Chunk 13
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4, Marco was established in
China. All the import/export of our products are conducted through Marco.

In February 2016, NDC was established
in California. NDC is a distribution center in the United States and maintains a small inventory for retail sales.

In September 2017, Ringold was established
in China. All of the raw materials are procured from third parties through Ringold.

In September 2018, Crazy Industry was
established in China. Crazy Industry is the research and development hub.

In June 2020, Dotfloor was established
in California. Dotfloor operates dotfloor.com, our online store that offers our vinyl flooring products to retail customers in the United
States.

In March 2022, Northann, our current ultimate
holding company, was incorporated in Nevada as part of the restructuring transactions in contemplation of our initial public offering.
In connection with its incorporation, in April 2022, we completed a share swap transaction and issued common stock and Series A Preferred
Stock of Northann to the then existing stockholders of NBS, based on their then respective equity interests held in NBS. NBS then became
our wholly-owned subsidiary.

On July 5, 2023, we effected a 2-for-1 reverse
split of our issued and outstanding shares of common stock and Series A Preferred Stock.

In October 2023, the Company consummated
the initial public offering of 1,380,000 shares of common stock (including overallotment to underwriters), par value $0.001 per share,
at an offering price of $5.00 per share.

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