Company: NCL
Filing Date: 2025-11-24
Form Type: PRE 14A
Source: 0001575872-25-000718
Chunk: 37

Company: Northann Corp.
Filing Date: 2025-11-24
Form: PRE 14A
Chunk 37
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 holders of our common stock will not be affected by the proposed
Reverse Split (subject to the treatment of fractional shares). For example, a holder of 2% of the voting power of the outstanding shares
of our common stock immediately prior to a Reverse Split would continue to hold 2% of the voting power of the outstanding shares of our
common stock immediately after such Reverse Split. The number of stockholders of record also will not be affected by the proposed Reverse
Split, except to the extent that as described below in “Treatment of Fractional Shares”, record holders of common stock otherwise
entitled to a fractional share as a result of the Reverse Split because they hold a number of shares not evenly divisible by the Approved
Split Ratio will automatically be entitled to receive an additional fraction of a share of common stock, to round up to the next whole
share. In any event, cash will not be paid for fractional shares.

The following table contains
the approximate number of issued and outstanding shares of common stock, and the estimated per share trading price following a 1:3 to
1:20 Reverse Split, without giving effect to any adjustments for fractional shares of common stock or the issuance of any derivative
securities, as of [●], 2025.

After Each Reverse Split Ratio

|                                                                              |     | Current |             |     | 1:3 |             |     | 1:10 |             |     | 1:20 |             |
| Common Stock Authorized (1)                                                  |     |         | 400,000,000 |     |     | 400,000,000 |     |      | 400,000,000 |     |      | 400,000,000 |
| Common Stock Issued and Outstanding                                          |     |         |         [●] |     |     |         [●] |     |      |         [●] |     |      |         [●] |
| Number of Shares of Common Stock Reserved for Issuance (2)                   |     |         |         [●] |     |     |         [●] |     |      |         [●] |     |      |         [●] |
| Number of Shares of Common Stock Authorized but Unissued and                 
 Unreserved                                                                   |     |         |         [●] |     |     |         [●] |     |      |         [●] |     |      |         [●] |
| Price per Share, based on the closing