Company: NTCL
Filing Date: 2025-10-20
Form Type: F-1
Source: 0001104659-25-100526
Chunk: 223

Company: NetClass Technology Inc
Filing Date: 2025-10-20
Form: F-1
Chunk 223
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 all or any portion of the outstanding balance into fully paid and non-assessable Class A Ordinary Shares.

The Convertible Note has a conversion price (the “Conversion Price”) equal to 88% of the lowest daily VWAP (the dollar volume-weighted average price for ordinary shares on the Nasdaq Capital Market) during the ten (10) consecutive trading days immediately preceding the conversion date or other date of determination, but not lower than US$0.7106 per Class A Ordinary Share (the “Floor Price”). The Selling Shareholder may at any time beginning on the earlier of (a) the date that is six months from the closing date, and (b) the effective date of the registration statement, until the outstanding balance has been paid in full, in its sole discretion, convert the all or any portion of the outstanding balance into fully paid and non-assessable Class A Ordinary Shares as per the following conversion formula: the number of Conversion Shares equals the amount of the outstanding balance being converted (the “Conversion Amount”) divided by the Conversion Price. The Selling Shareholder may not convert any portion of a Convertible Note if such conversion would result in the Selling Shareholder beneficially owning more than 9.99% of Company’s then issued Class A Ordinary Shares. The Company may, with ten trading days’ prior written notice, prepay all or any portion of the outstanding balance under the Convertible Note prior to the Maturity Date at a cash price equal to 120% of the portion of the outstanding balance to be prepaid.

Upon the occurrence of a Trigger Event (as defined in the Convertible Note), the Selling Shareholder shall have the right to apply the Trigger Effect (as defined in the Convertible Note), which means: (a) for the first Trigger Event, the Selling Shareholder may increase the outstanding balance of the Convertible Note by an amount equal to 15% of the outstanding balance as of the date of such Trigger Event; and (b) for the second Trigger Event, the Selling Shareholder may increase the outstanding balance by an additional 15%, with such increased amount being immediately due and payable in cash by the Company to the Selling Shareholder; provided, however, that the total amount of such cash payment shall not exceed $175,000.

The Company has agreed to file a registration statement on Form F-1 within forty-five days of the closing date to register the Resale Shares. The Company has also agreed use commercially reasonable efforts to cause such registration statement to be declared effective by the U