Company: NCL
Filing Date: 2025-11-18
Form Type: 424B3
Source: 0001575872-25-000699
Chunk: 29

Company: Northann Corp.
Filing Date: 2025-11-18
Form: 424B3
Chunk 29
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,000,000 and immediately after the reverse split was 5,000,000.

| 17. | SECURED BORROWING ARRANGEMENT |

In July 2023, the Company signed a secured borrowing
agreement with a financial institution in the United States, in which the Company borrowed $1,000,000 secured by its accounts receivable
amounted $1,491,000.

It is scheduled under the agreement that the Company
pays $49,700 per week for thirty weeks to the financial institution to repay the loan.

On January 21, 2025, 3D PRINTING entered into
an EB-5 loan agreement with 3DFLOR Chairman and controlling shareholder, Lin Li (“3DFLOR”), pursuant to which 3DFLOR agreed
to provide 3D PRINTING a loan, with an initial maximum principal amount of $24,000,000 at an interest rate of 1.00% per year.

| 18. | SUBSEQUENT EVENT |

On October 7, 2025, the Company effected a 1-for-8
reverse stock split (the “Reverse Stock Split”) of its common stock, par value $0.001 per share (the “Common Stock”)
and series A preferred stock, par value $0.001 per share (the “Preferred Stock”). As a result of the Reverse Stock Split,
every eight (8) shares of the Company’s issued and outstanding Common Stock have been converted into one (1) share of issued and
outstanding Common Stock and every eight (8) shares of the Company’s issued and outstanding Preferred Stock have been converted
into one (1) share of Preferred Stock.

| F-18 |

| 19. | UNRESTRICTED NET ASSETS |

The following presents condensed financial information
of Northann Corp:

|                                                                                                                                                                                                        |     | As of September 30, 
 2025                
 (Unaudited)         |             |   |     | As of December 31, 
 2024               |            |   |
|:-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|:----|:--------------------|------------:|:--|:----|:-------------------|-----------:|:--|
| Cash                                                                                                                                                                                                   |     | $                   |         500 |   |     | $                  |          - |   |
| Amounts due from subsidiaries                                                                                                                                                                          |     |                     |   7,350,026 |   |     |