Company: NEGG
Filing Date: 2025-07-15
Form Type: 424B5
Source: 0001213900-25-063944
Chunk: 9

Company: Newegg Commerce, Inc.
Filing Date: 2025-07-15
Form: 424B5
Chunk 9
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 loss of control
by Mr. He over Hangzhou Lianluo, which could in turn cause a change in Newegg’s board composition.

<div align='center'>S-6</div>

Foreclosure on our Common Shares pledged by Hangzhou
Lianluo or Digital Grid could result in a change of control of our Company, with the result that BOC, a state-owned enterprise of the
People’s Republic of China, would be our majority and controlling shareholder. Even absent, or in addition to, foreclosure on our
Common Shares, if Hangzhou Lianluo experiences a change of control as a result of a reorganization, sales of its share capital, or otherwise,
we may also experience a change of control because of it is the majority shareholder of Newegg.

Our second largest shareholder, Mr. Fred Chang,
has pledged 1,937,592 Common Shares beneficially owned by him to East West Bank (“EWB”) as collateral to support loans provided
by EWB to Tekhill USA LLC (“Tekhill”), an affiliate of Mr. Chang. EWB informed us that the total principal, interest, fees
and penalties owed by Tekhill under the EWB loan as of June 30, 2025 was $8.0 million. In January 2025, EWB notified Tekhill that it was
in default under the EWB loan, and this default remained in effect as of June 30, 2025. EWB has begun to sell some or all of the Common
Shares pledged by Mr. Chang. We have been informed by Mr. Chang that on various dates in June 2025, EWB completed foreclosure sales of
a total of 662,480 Common Shares held by Tekhill. EWB has informed us that it is currently seeking foreclosure on an additional 950,000
Common Shares held by Tekhill, which it intends to sell on the open market.

If Mr. Chang or EWB sold some or all of the
Common Shares held by Mr. Chang or his affiliates, Mr. Chang and the other Legacy Shareholders (as defined in the Company’s
Amended and Restated Memorandum and Articles of Association) would hold fewer Common Shares of Newegg, which could cause them to
lose rights granted to the Minority Representative currently to appoint two board members and
approve of certain corporate actions described under Item 10.B. “Memorandum and Articles of Association” of our Annual
Report on Form 20-F under the sub