Company: NCL
Filing Date: 2025-11-14
Form Type: 424B3
Source: 0001575872-25-000688
Chunk: 20

Company: Northann Corp.
Filing Date: 2025-11-14
Form: 424B3
Chunk 20
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 of this prospectus.) |

| · | Fluctuations in exchange rates could have a material adverse effect on our results of operations and the value of your investment. (See page 20 of this prospectus.) |

| · | Under the EIT Law, we may be classified as a PRC “resident enterprise” for PRC enterprise income tax purposes. Such classification would likely result in unfavorable tax consequences to us and our non-PRC stockholders and have a material adverse effect on our results of operations and the value of your investment. (See page 20 of this prospectus.) |

| · | We face uncertainty with respect to indirect transfers of equity interests in PRC resident enterprises by their non-PRC holding companies. (See page 21 of this prospectus.) |

| · | The M&A Rules and certain other PRC regulations establish complex procedures for some acquisitions of Chinese companies by foreign investors, which could make it more difficult for us to pursue growth through acquisitions in China. (See page 22 of this prospectus.) |

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. (See page 22 of this prospectus.) |

| · | The purchase price for our common stock may not be indicative of prices that will prevail in the trading market and such market prices may be volatile. (See page 24 of this prospectus.) |

| · | You may experience extreme stock price volatility, including any stock-run up, unrelated to our actual or expected operating performance, financial condition or prospects, making it difficult for prospective investors to assess the rapidly changing value of our common stock. (See page 24 of this prospectus.) |

| · | Raising additional capital by issuing securities may cause dilution to existing shareholders and/or have other adverse effects on our operations. (See page 24 of this prospectus.) |

| · | We do not intend to pay dividends for the foreseeable future. (See page 24 of this prospectus.) |

| · | If