Company: NCL
Filing Date: 2025-12-04
Form Type: 424B3
Source: 0001575872-25-000746
Chunk: 54

Company: Northann Corp.
Filing Date: 2025-12-04
Form: 424B3
Chunk 54
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 immediately preceding the signing of the Development
Agreement, the Company is not issuing the shares for cash in the transactions pursuant to the Development Agreement, when it is only receiving
the Platform development services. Therefore, the exemption from stockholder approval provided for in Section 713(a) for a transaction
priced at or above the Minimum Price is not available to the Company in connection with the Development Agreement. Accordingly, Section
713(a) of the NYSE Company Guide requires that we obtain stockholder approval of the issuance of 15,000,000 shares of common stock to
the designee designated by Asia Resource. We seek your approval of Proposal 6 to issue the 15,000,000 shares of common stock under the
Development Agreement in order to satisfy the requirements of NYSE American Rule 713(a).

Effect on Current Stockholders; Dilution

The Development Agreement does
not affect the rights of the holders of outstanding common stock, but the issuance of shares to pursuant to the terms of the Development
Agreement will have a dilutive effect on our existing stockholders, including the voting power and the economic rights of the existing
stockholders.

The availability for sale of
a large amount of shares issuable under the Development Agreement may significantly depress the market price of our common stock
and, going forward, may impair our ability to raise additional capital through the public sale of our common stock. We do not have
any arrangement with the parties to the Development Agreement to address the possible effect on the price of our common stock of the
sale by such parties of the Development Agreement of their shares.

No Dissenters Rights

Our stockholders are not entitled
to dissenters’ rights with respect to this Proposal 6, and we will not independently provide stockholders with any such right.

Effect of Failure to Obtain Stockholder Approval

If the stockholders do not approve
this Proposal 6 at the Annual Meeting, the Company may hold another stockholder meeting to seek approval.

Required Vote of Stockholders

The affirmative vote of the holders
of a majority of the votes cast is required to approve Proposal 6. Abstentions will have no effect on the outcome of Proposal 6 and broker
non-votes will not be counted as votes cast and, accordingly, will not have an effect on Proposal 6. This Proposal 6 will be considered
“non-routine” by the NYSE American and, because brokers will not have discretionary authority to vote on Proposal 6, we expect
broker non-v