Company: NCL
Filing Date: 2025-09-26
Form Type: S-1
Source: 0001575872-25-000602
Chunk: 31

Company: Northann Corp.
Filing Date: 2025-09-26
Form: S-1
Chunk 31
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 financial reporting pursuant to the Sarbanes-Oxley Act of 2002; |

| ● | are not required to obtain a non-binding advisory vote from our stockholders on executive compensation or golden parachute arrangements (commonly referred to as the “say-on-pay,” “say-on frequency” and “say-on-golden-parachute” votes); |

| ● | are exempt from certain executive compensation disclosure provisions requiring a pay-for-performance graph and CEO pay ratio disclosure; |

| ● | are eligible to claim longer phase-in periods for the adoption of new or revised financial accounting standards under §107 of the JOBS Act; and |

| ● | will not be required to conduct an evaluation of our internal control over financial reporting until our second annual report on Form 10-K following the effectiveness of our initial public offering. |

We intend to continue to take advantage of all of these reduced reporting requirements and exemptions. Under the JOBS Act, we may take advantage of the above-described reduced reporting requirements and exemptions until we no longer meet the definition of an emerging growth company. The JOBS Act provides that we would cease to be an “emerging growth company” at the end of the fiscal year in which the fifth anniversary of our initial sale of common equity pursuant to a registration statement declared effective under the Securities Act of 1933, as amended (the “Securities Act”), occurred, if we have more than US$1.235 billion in annual revenue, have more than US$700 million in market value of our common stock held by non-affiliates, or issue more than US$1 billion in principal amount of non-convertible debt over a three-year period.

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Implications of Being a Controlled Company Our Chairman of the Board, Chief Executive Officer, President, Secretary, and Treasurer, Lin Li, beneficially owns approximately 28.0% of the aggregate voting power of our common stock and Series A Preferred Shares. We are deemed a “controlled company” for the purposes of the NYSE American Company Guide. As a controlled company, we are permitted to elect to rely on certain exemptions from the obligations to comply with certain corporate governance requirements, including:

| ● | the requirement that a majority of our board of directors must be independent directors; |

| ● | the requirement that our director nominees must be selected or recommended to the Board for determination, by either a Nomination Committee comprised solely of independent directors or by a majority of the independent directors; |

| ● | the requirement that we have a formal written