Company: NCL
Filing Date: 2025-12-04
Form Type: 424B3
Source: 0001575872-25-000746
Chunk: 40

Company: Northann Corp.
Filing Date: 2025-12-04
Form: 424B3
Chunk 40
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 the 2023 Plan. Pursuant
to the terms of the 2023 Plan, the Board, or a designated committee thereof, as applicable, will adjust the number of shares of common
stock underlying outstanding awards, the exercise price per share of outstanding stock options, and other terms of outstanding awards
issued pursuant to the 2023 Plan to equitably reflect the effects of the Reverse Split. The number of shares subject to vesting under
restricted stock awards and the number of shares issuable as contingent consideration as part of an acquisition by the Company will be
similarly adjusted, subject to our treatment of fractional shares. Furthermore, the number of shares available for future grant under
the 2023 Plan will be similarly adjusted.

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Effect on Preferred Stock

As of the date of this proxy
statement, we had 100,000,000 authorized shares of preferred stock, among which 625,000 shares of Series A Preferred Stock are issued
and outstanding. The Company plans to conduct a reverse stock split to the Series A Preferred Stock at the same time when it effects
the Reverse Split to its common stock, with the same ratio.

The following table contains the approximate number
of issued and outstanding shares of preferred stock following a 1:3 to 1:20 Reverse Split, as of the date of this proxy statement.

After Each Reverse Split Ratio

|                                                                            |     | Current |             |     | 1:3 |             |     | 1:10 |             |     | 1:20 |             |
| Preferred Stock Authorized (1)                                             |     |         | 100,000,000 |     |     | 100,000,000 |     |      | 100,000,000 |     |      | 100,000,000 |
| Preferred Stock Issued and Outstanding                                     |     |         |     625,000 |     |     |     208,333 |     |      |      62,500 |     |      |      31,250 |
| Number of Shares of Preferred Stock Reserved for Issuance                  |     |         |           0 |     |     |           0 |     |      |           0 |     |      |           0 |
| Number of Shares of Preferred Stock Authorized but Unissued and Unreserved |     |         |  99,375,000 |     |     |  99,791,667 |     |      |  99,