Company: NCL
Filing Date: 2025-11-14
Form Type: 424B3
Source: 0001575872-25-000688
Chunk: 60

Company: Northann Corp.
Filing Date: 2025-11-14
Form: 424B3
Chunk 60
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to our officers, directors, or control persons, the SEC has advised that such indemnification is against public policy and is therefore
unenforceable.

We cannot predict the impact our multi-class structure may have on the stock price of our common stock.

We cannot predict whether our multi-class structure will
result in a lower or more volatile market price of our common stock or in adverse publicity or other adverse consequences. For example,
certain index providers have policies that restrict or prohibit the inclusion of companies with multiple-class share structures in certain
of their indices, including the Russell 2000 and the S&P 500, S&P MidCap 400 and S&P SmallCap 600, which together make up
the S&P Composite 1500. Beginning in 2017, MSCI, a leading stock index provider, opened public consultations on their treatment of no-vote and
multi-class structures and temporarily barred new multi-class listings from certain of its indices. However, in October 2018, MSCI announced
its decision to include equity securities “with unequal voting structures” in its indices and to launch a new index that specifically
includes voting rights in its eligibility criteria. Under the announced policies, our multi-class capital structure will make us ineligible
for inclusion in certain indices, and as a result, mutual funds, exchange-traded funds and other investment vehicles that attempt to passively
track those indices will not be investing in our stock. These policies may depress the valuations of publicly traded companies that are
excluded from the indices compared to those of other similar companies that are included. Because of our multi-class structure,
we will likely be excluded from certain of these indices and we cannot assure you that other stock indices will not take similar actions.
Given the sustained flow of investment funds into passive strategies that seek to track certain indices, exclusion from stock indices
would likely preclude investment by many of these funds and could make shares of our common stock less attractive to other investors.
As a result, the market price of shares of our common stock could be adversely affected.

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We are an “emerging growth company,” as defined in the Securities Act, and a “smaller reporting company,” as defined in the Exchange Act, and we cannot be certain if the reduced disclosure requirements applicable to emerging growth companies and smaller reporting companies will make our common stock less attractive to investors.

We are an “emerging growth company,”
as defined in Section 2(a) of the Securities Act, as modified by the JOBS