Company: NTCL
Filing Date: 2025-10-20
Form Type: F-1
Source: 0001104659-25-100526
Chunk: 121

Company: NetClass Technology Inc
Filing Date: 2025-10-20
Form: F-1
Chunk 121
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000, convertible into Class A Ordinary Shares, par value $0.00025 per share; and (2) 1,069,500 Class A Ordinary Shares at a purchase price of $0.00025 per share. The Note bear an interest rate of 9% per annum. The Note will be issued in a private placement pursuant to an exemption from the registration requirements pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended, and/or Regulation D thereunder.

On August 31, 2025, the Company entered into a securities purchase agreement and agreed to issued 1,500,000 Class A Ordinary Shares of a par value of US$ 0.00025 each to an investor at a purchase price of US$1.6 per share. The closing is expected to take place within sixty (60) days of the date of the securities purchase agreement, subject to the satisfaction or waiver of the closing condition set forth

therein. The shares have not been issued as of the date of this prospectus.

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MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS</div>

The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our consolidated financial statements and related notes that appear in this prospectus. In addition to historical consolidated financial information, the following discussion contains forward-looking statements that reflect our plans, estimates, and beliefs. Our actual results could differ materially from those discussed in the forward-looking statements. Factors that could cause or contribute to these differences include those discussed below and elsewhere in this prospectus, particularly in “Risk Factors.” All amounts included herein with respect to the fiscal years ended September 30, 2024, 2023 and 2022, and the six months ended March 31, 2025 and 2024 are derived from our audited consolidated financial statements and unaudited condensed consolidated financial statements included elsewhere in this prospectus. Our consolidated financial statements have been prepared in accordance with U.S. Generally Accepted Accounting Principles, or U.S. GAAP.

Overview

We are a holding company incorporated as an exempted company on January 4, 2022 under the laws of the Cayman Islands. As a holding company with no material operations of our own, we conduct substantially all of our operations through our subsidiaries in Hong Kong and mainland China.

We are a provider of subscription service and application development service. Most of our customers