Company: NTCL
Filing Date: 2025-10-20
Form Type: F-1
Source: 0001104659-25-100526
Chunk: 120

Company: NetClass Technology Inc
Filing Date: 2025-10-20
Form: F-1
Chunk 120
---
000,000 Class A ordinary shares of par value of US$0.00025 each and (b) 10,000,000 Class B ordinary shares of par value of US$0.00025 each. Concurrently, Dragonsoft Holding Limited, Lang Wide Investment INC and Yovole Data Group (HONG KONG) LIMITED surrendered 17,182,500, 9,517,500 and 300,000 ordinary shares to the Company and the Company issued 2,000,000 Class B ordinary shares of par value of US$0.00025 each in the Company to Dragonsoft Holding Limited. These shares were issued in reliance on the exemption under Section 4(a)(2) and/or Regulation S of the Securities Act. No underwriters were involved in these issuances of the Class A or Class B ordinary shares.

On September 20, 2023, the Company entered into a private placement subscription agreement with Dragonsoft Holding Limited, a company wholly owned by Mr. Jianbiao Dai (Chief Executive Officer and Chairman of the Company), pursuant to which the Company issued 760,000 Class A Ordinary Shares of the Company of par value US$0.00025 each to Dragonsoft Holding Limited, for an aggregate purchase price of $1,900,000. No underwriters were involved in this issuance. The above issuance was exempt from registration under the Securities Act in reliance on Regulation S under the Securities Act or pursuant to Section 4(a)(2) of the Securities Act regarding transactions not involving a public offering.

On December 13, 2024, we consummated our initial public offering of 2,070,000 ordinary shares at $5.00 per share. On December 31, 2024, the underwriters exercised the over-allotment option in full to purchase the additional 270,000 Class A ordinary shares. The closing for the sale of the over-allotment option took place on January 3, 2025. As a result, the gross proceeds of the Company’s initial public offering, including the proceeds from the exercise of the over-allotment option, totaled US10,350,000, before deducting underwriting discounts and other related expenses.

On August 1, 2025, the Company entered into a securities purchase agreement with the Selling Shareholder for the issuance and sale of (1) a convertible promissory note in the principal amount of $2,200,000, at a purchase price of $2,000,