Company: NCL
Filing Date: 2025-09-09
Form Type: 8-K
Source: 0001575872-25-000564
Chunk: 0

Company: Northann Corp.
Filing Date: 2025-09-09
Form: 8-K
Item: Item 3.02
Chunk 0
---
Item 3.02. Unregistered Sales of Equity Securities.

As previously disclosed by Northann Corp. (the “Company”) on December 6, 2024, the Company entered into a securities purchase agreement with X29 LLC as the lead investor and four other passive investors (the “X29 SPA”), pursuant to which the Company agreed to sell common stock to various purchasers (the “X29 Purchasers”) in a private placement transaction (the “X29 Private Placement”). The closing of the Oneflow Private Placement was subject to certain closing conditions, including but not limited to the approval of the Company’s stockholders and sixty calendar days after the approval of NYSE American. 

On December 31, 2024, the Company’s stockholders approved the share issuance. On January 13, 2025, NYSE approved the share issuance. As of September 3, 2025, each X29 Purchaser wired $2,285,440 to the Company as the payment for the X29 Private Placement. Pursuant to the X29 SPA, the closing price was $0.14284 per share, calculated from the average of the closing price of the Company’s shares of common stock on the five trading days immediately prior to the closing of the X29 Private Placement, from August 26, 2025 to September 2, 2025. On September 3, 2025, the Company issued 16,000,000 shares of common stock to each X29 Purchaser, or an aggregate of 80,000,000 shares of common stock to the X29 Purchasers, and closed the X29 Private Placement. The Company had 175,464,400 shares of common stock outstanding after the issuance. The Company plans to use the proceeds from the X29 Private Placement as working capital.