Company: NCL
Filing Date: 2025-01-29
Form Type: S-1/A
Source: 0001575872-25-000097
Chunk: 68

Company: Northann Corp.
Filing Date: 2025-01-29
Form: S-1/A
Chunk 68
---
BS in Delaware.

In December 2013, NCP was established
in China. Most of our products are manufactured through NCP.

In March 2014, Benchwick was established
in Hong Kong. All the wholesale and distribution operations are conducted through Benchwick.

In April 2014, Marco was established in
China. All the import/export of our products are conducted through Marco.

In February 2016, NDC was established
in California. NDC is a distribution center in the United States and maintains a small inventory for retail sales.

In September 2017, Ringold was established
in China. All of the raw materials are procured from third parties through Ringold.

In September 2018, Crazy Industry was
established in China. Crazy Industry is the research and development hub.

In June 2020, Dotfloor was established
in California. Dotfloor operates dotfloor.com, our online store that offers our vinyl flooring products to retail customers in the United
States.

In March 2022, Northann, our current ultimate
holding company, was incorporated in Nevada as part of the restructuring transactions in contemplation of our 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.

| 32 |

<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”)