Company: NCL
Filing Date: 2025-01-14
Form Type: S-1/A
Source: 0001575872-25-000059
Chunk: 81

Company: Northann Corp.
Filing Date: 2025-01-14
Form: S-1/A
Chunk 81
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 future equity financing with gross proceeds of not less than $5,000,000, or (ii) $7.00, subject to further
adjustments thereunder, including a Price Protection Adjustment.

Univest Securities, LLC was the placement agent
for the Convertible Debentures and the Warrants offering. The Company paid Univest Securities, LLC a total cash fee equal to 7% of the
aggregate gross proceeds and a non-accountable expense allowance equal to 0.5% of the gross proceeds. Additionally, the Company issued
to Univest Securities, LLC warrants to purchase 8,572 shares of common stock, which equals to 6% of the Warrant Shares, for an exercise
price equal to 120% of the exercise price of the Warrants, as adjusted. The warrants issued to Univest Securities, LLC have a term of
five years and are first exercisable six months after the date of issuance.

The transaction was completed on May 16, 2022.
The Company received gross proceeds from the sale of the Convertible Debentures and the Warrants in the amount of $1,000,000, before deducting
placement agent fees and expenses. The Company has used the net proceeds for working capital and general business purposes.

On May 3, 2024, the Company signed final settlement
agreements with the Investors of the Convertible Notes and Warrants (together, the “Final Settlement Agreements”) to settle
the balances of the Convertible Notes and Warrants for $250,000 for each of the Investors, totaling $500,000, besides an aggregate of
$1,200,000 paid by the Company in 2023. On May 24, 2024, in accordance with the Final Settlement Agreements, the Company paid the settlement
sum of $250,000 to each Investor, and each of the Investors executed a Release of Security Interests evidencing and effecting the
release, relinquishment, and discharge of certain security interests, including certain UCC financing statements as referenced therein.
In light of the above, the Convertible Notes and the Warrants are terminated in full and rendered null and void.

Acquisition of Cedar Modern Limited

On October 11, 2024, the Company entered into
a share purchase agreement (the “Cedar SPA”) with Chuntao Li, pursuant to which Chuntao Li has agreed to transfer to the Company
all of the outstanding shares of Cedar Modern Limited