Company: NCL
Filing Date: 2025-11-14
Form Type: 424B3
Source: 0001575872-25-000688
Chunk: 53

Company: Northann Corp.
Filing Date: 2025-11-14
Form: 424B3
Chunk 53
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 an industry subject
to the security review, in which case our future acquisitions in the PRC, including those by way of entering into contractual control
arrangements with target entities, may be closely scrutinized or prohibited. Our ability to expand our business or maintain or expand
our market share through future acquisitions would as such be materially and adversely affected.

Risks Related to Our Common Stock, this Offering, and Our Status as a Public Company

Our common stock may be delisted or prohibited from being traded on a national exchange under the Holding Foreign Companies Accountable Act (the “HFCA Act”) and the Consolidated Appropriations Act, 2023, if the Public Company Accounting Oversight Board (the “PCAOB”) is unable to inspect our auditors for two consecutive years. The delisting of our common stock, or the threat of their being delisted, may materially and adversely affect the value of your investment.

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On May 20, 2020, the
U.S. Senate passed the HFCA Act requiring a foreign company to certify it is not owned or controlled by a foreign government if the PCAOB
is unable to audit specified reports because the company uses a foreign auditor not subject to PCAOB inspection. If the PCAOB is unable
to inspect the company’s auditors for three consecutive years, the issuer’s securities are prohibited to trade on a national
exchange. On December 2, 2020, the U.S. House of Representatives approved the HFCA Act. On December 18, 2020, the HFCA Act was signed
into law.

On March 24, 2021, the
SEC announced the adoption of interim final amendments to implement the submission and disclosure requirements of the HFCA Act. In the
announcement, the SEC clarifies that before any issuer will have to comply with the interim final amendments, the SEC must implement a
process for identifying covered issuers. The announcement also states that the SEC staff is actively assessing how best to implement the
other requirements of the HFCA Act, including the identification process and the trading prohibition requirements.

On June 22, 2021, the U.S. Senate passed the Accelerating
Holding Foreign Companies Accountable Act and on December 29, 2022, legislation entitled “Consolidated Appropriations Act, 2023”
(the “Consolidated Appropriations Act”) was signed into law by President Biden, which contained, among other things, an identical
provision to the Accelerating