Company: NCL
Filing Date: 2025-01-14
Form Type: S-1/A
Source: 0001575872-25-000059
Chunk: 67

Company: Northann Corp.
Filing Date: 2025-01-14
Form: S-1/A
Chunk 67
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 initial public offering.
In connection with its incorporation, in April 2022, we completed a share swap transaction and issued common stock and Series A Preferred
Stock of Northann to the then existing stockholders of NBS, based on their then respective equity interests held in NBS. NBS then became
our wholly owned subsidiary.

On July 5, 2023, we effected a 2-for-1 reverse
split of our issued and outstanding shares of common stock and Series A Preferred Stock.

In October 2023, the Company consummated
the initial public offering of 1,380,000 shares of common stock (including overallotment to underwriters), par value $0.001 per share,
at an offering price of $5.00 per share.

The following diagram illustrates our
current corporate structure.

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<div align='center'>DESCRIPTION OF CAPITAL STOCK</div>

Authorized Stock

The Company is authorized to issue 500,000,000 shares
of capital stock, consisting of 400,000,000 shares of common stock, par value US$0.001 per share, and 100,000,000 shares of preferred
stock, par value US$0.001 per share. 20,000,000 shares were designated to be series A preferred stock (the “Series A Preferred Stock”)
out of the 100,000,000 shares of blank check preferred stock. Each share of common stock is entitled to one vote and each share of Series
A Preferred Stock is entitled to ten votes on any matter on which action of the stockholders of the corporation is sought. The Series
A Preferred Stock will vote together with the common stock. Common stock and Series A Preferred Stock are not convertible into each other.
Holders of Series A Preferred Stock are not entitled to receive dividends. The Series A Preferred Stock does not have liquidation preference
over the Company’s common stock, and therefore ranks pari passu with the common stock in the event of liquidation.

Common Stock

Each share of common stock entitles the holder
to one vote, in person or proxy, on any matter on which action of the stockholders of the corporation is sought. The holders of our common
stock possess all voting power. Generally, all matters to be voted on by stockholders must be approved by a majority (or, in the case
of election of directors, by a plurality) of the votes entitled to be cast by all shares of our common stock that are present in person