Company: NTCL
Filing Date: 2025-12-29
Form Type: F-3
Source: 0001104659-25-124826
Chunk: 54

Company: NetClass Technology Inc
Filing Date: 2025-12-29
Form: F-3
Chunk 54
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 financial 
 results or prevent fraud.                                                                                                                  |

| · | You may have difficulty enforcing judgments obtained against us. |

| · | Potential disruptions in the capital and credit markets may adversely affect our business, including the                                  
 availability and cost of short-term funds for liquidity requirements, which could adversely affect our results of operations, cash flows, 
 and financial condition.                                                                                                                  |

| · | We are subject to governmental regulations and other legal obligations related to privacy, information                                   
 security, and data protection, and any security breaches, and our failure to comply with our legal obligations could harm our reputation 
 and business.                                                                                                                            |

| · | A severe or prolonged downturn in the global or Chinese economy could materially and adversely affect 
 our business and our financial condition.                                                             |

Risks Related to our Ordinary Shares

| · | We are a holding company, and will rely on dividends paid by our subsidiaries for our cash needs. Any                                 
 limitation on the ability of our subsidiaries to make dividend payments to us, or any tax implications of making dividend payments to 
 us, could limit our ability to pay our parent company expenses or pay dividends to holders of our Class A ordinary shares.            |

| · | The dual class share structure will concentrate a majority of voting power in our Chief Executive Officer,                                     
 who beneficially owns 79.83% of the aggregate power of our total issued and outstanding share capital and will limit your ability to influence 
 corporate matters and could discourage others from pursuing any change of control transactions that holders of our Class A ordinary            
 shares may view as beneficial.                                                                                                                 |

| · | We are an “emerging growth company,” and we cannot be certain if the reduced reporting requirements         
 applicable to emerging growth companies will make our Class A ordinary shares less attractive to investors. |

| · | We are a “foreign private issuer,” and our disclosure obligations differ from those of U.S.                                            
 domestic reporting companies. As a result, we may not provide you the same information as U.S. domestic reporting companies or provide 
 information at different times, making it more difficult for you to evaluate our performance and prospects.                            |

| 20 |

| · | Because we are a foreign private issuer and are exempt from certain Nasdaq corporate governance standards   
 applicable to U.S. issuers, you will have less protection than you would have if we were a domestic issuer. |

| · | You may face difficulties in protecting your interests, and your ability to protect your rights through 
 U.S. courts may be limited because we