Company: NCL
Filing Date: 2025-12-12
Form Type: 424B3
Source: 0001575872-25-000761
Chunk: 2

Company: Northann Corp.
Filing Date: 2025-12-12
Form: 424B3
Chunk 2
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Item 3.01. Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.

On December 8, 2025, Northann Corp. (the “Company”) received a letter (the “Letter”) from the staff of NYSE American LLC (the “Exchange”) stating that the Company was not in compliance with the Exchange’s continued listing standards under Section 1003(a)(i) of the NYSE American Company Guide (the “Company Guide”), as it had stockholders’ equity of approximately $1.8 million as of September 30, 2025, and losses from continuing operations and/or net losses in two of its three most recent fiscal years ended December 31, 2024. Section 1003(a)(i) of the Company Guide requires a listed company to have stockholders’ equity of $2.0 million or more if it has reported losses from continuing operations and/or net losses in two of its three most recent fiscal years. The Company is now subject to the procedures and requirements of Section 1009 of the Company Guide. The Company has until January 7, 2026, to submit a plan (the “Plan”) of actions it has taken or will take to regain compliance with the continued listing standards by June 8, 2027.

Additionally, the Exchange has informed the Company that its records
indicate that the Company has a current outstanding fee balance of $60,000.00 as of December 8, 2025, and that it would not review a
business plan unless the Company has paid in full any listing or annual fees to the Exchange that are outstanding as of December 8, 2025.

The Company intends to pay all outstanding fees to the Exchange in
full, and timely deliver a Plan to the Exchange. If the Exchange accepts the Plan, the Company will be able to continue its listing during
the Plan period and will be subject to periodic reviews including quarterly monitoring for compliance with the Plan until it has regained
compliance. If the Plan is not accepted by the Exchange, the Letter stated that delisting proceedings will commence. The Company may
appeal a staff delisting determination in accordance with Section 1010 and Part 12 of the Company Guide.

The Letter has no immediate effect on the listing or trading of the
Company’s common stock on the Exchange. The common stock will continue to trade under the symbol “NCL”, but will have
an added designation of “.BC