Company: NCL
Filing Date: 2025-11-24
Form Type: PRE 14A
Source: 0001575872-25-000718
Chunk: 49

Company: Northann Corp.
Filing Date: 2025-11-24
Form: PRE 14A
Chunk 49
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 OF COMMON STOCK TO DESIGNEE OF KINGSFORD</div>

The Company’s Board of Directors
is asking stockholders to approve the issuance of 12,500,000 additional shares of the Company’s common stock in accordance with
the terms of the Asset Purchase Agreement pursuant to which the Company agreed to acquire certain assets of Kingsford. The Company’s
Board of Directors approved such stock issuance on November 23, 2025.

Background and Description of Asset Purchase Agreement with Kingsford

On November 23, 2025, the Company
entered into an asset purchase agreement (the “Asset Purchase Agreement”) with Kingsford.

Pursuant to the Asset Purchase
Agreement, Kingsford agreed to provide to the Company certain proprietary software assets relating to a supply chain management system,
including all related intellectual property rights therein (the “Software”), pursuant to the terms of the Asset Purchase Agreement.

As consideration for the
Software, the Company agreed to pay $5,000,000 as the purchase price, by issuing 12,500,000 shares of the Company’s common
stock (the “Kingsford Shares”), i.e. $0.40 per share, to a designee to be designated by Kingsford.

The closing of the Asset Purchase Agreement is required to occur no later than three business days after all closing conditions are
satisfied or waived, or at such other times as the parties may agree. The closing conditions include but not limited to, the approval
of the issuance of the Kingsford Shares by the Company’s stockholders and the NYSE American. Kingsford represented and warranted,
amongst others, that neither Kingsford nor its designee is an affiliate of the Company, and that the Kingsford Shares are being acquired
for investment purposes only, without a view to distribution, and in compliance with all applicable securities laws.

The Kingsford Shares shall be
issued pursuant to the exemption from registration provided by Section 4(a)(2) of the Securities Act. The Kingsford Shares shall constitute
restricted securities and will bear a restrictive legend as set out under the Asset Purchase Agreement.

For a further description of the
Asset Purchase Agreement, see Asset Purchase Agreement filed as Exhibit 10.1 to the Company’s current report on Form 8-K filed on
November 24, 2025.

Why Approval is Needed and Proposed Use of Funds

Our common stock is currently listed on the NYSE American. We are subject
to Section 712(b) of the NYSE Company Guide