Company: NCL
Filing Date: 2025-10-24
Form Type: S-1/A
Source: 0001575872-25-000638
Chunk: 93

Company: Northann Corp.
Filing Date: 2025-10-24
Form: S-1/A
Chunk 93
---
 with the Investors of the Convertible Notes and Warrants (together, the “Final Settlement Agreements”) to settle
the balances of the Convertible Notes and Warrants for $250,000 for each of the Investors, totaling $500,000, besides an aggregate of
$1,200,000 paid by the Company in 2023. On May 24, 2024, in accordance with the Final Settlement Agreements, the Company paid the settlement
sum of $250,000 to each Investor, and each of the Investors executed a Release of Security Interests evidencing and effecting the
release, relinquishment, and discharge of certain security interests, including certain UCC financing statements as referenced therein.
In light of the above, the Convertible Notes and the Warrants are terminated in full and rendered null and void.

Acquisition of Cedar Modern Limited

On October 11, 2024, the Company entered into a share
purchase agreement (the “Cedar SPA”) with Chuntao Li, pursuant to which Chuntao Li has agreed to transfer to the Company all
of the outstanding shares of Cedar Modern Limited, a company incorporated under the laws of Hong Kong, in exchange for the issuance of
560,550 shares of the Company’s common stock to Chuntao Li.

Acquisition of Raleigh Industries Limited

On November 13, 2024, the Company entered into a share
purchase agreement (the “Raleigh SPA”) with Jianqun Xu, pursuant to which Jianqun Xu has agreed to transfer to the Company
all of the outstanding shares of Raleigh Industries Limited, a company incorporated under the laws of Hong Kong, in exchange for the issuance
of 562,500 shares of the Company’s common stock to Jianqun Xu.

| II-2 |

Financing and Strategic Planning Advisory Agreement with Linkun Investment LLC

On December 4, 2024, the Company entered into
a Financing and Strategic Planning Advisory Agreement with Linkun Investment LLC (“Linkun Investment”, and such agreement,
the “Linkun Investment Consulting Agreement”). Pursuant to the Linkun Investment Consulting Agreement, Linkun Investment has
agreed to provide certain strategic planning advisory services in connection with the Company’s business development during the
term of the agreement, which is for six months from the date of execution of the Linkun Investment Consulting Agreement, unless otherwise
earlier terminated by mutual agreement of the parties.

In consideration for agreeing to provide such strategic
planning advisory services under the Link