Company: NCL
Filing Date: 2025-01-29
Form Type: S-1/A
Source: 0001575872-25-000097
Chunk: 58

Company: Northann Corp.
Filing Date: 2025-01-29
Form: S-1/A
Chunk 58
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 broad discretionary authority over the continued listing of securities in NYSE American and NYSE American may use such
discretion to apply additional or more stringent criteria for the continued listing of particular securities, or suspend or delist particular
securities based on any event, condition, or circumstance that exists or occurs that makes continued listing of the securities on NYSE
American inadvisable or unwarranted in the opinion of NYSE American, even though the securities meet all enumerated criteria for continued
listing on NYSE American. In addition, NYSE American has used its discretion to deny continued listing or to apply additional and more
stringent criteria in the instances, including but not limited to: where the company engaged an auditor that has not been subject to an
inspection by the PCAOB, an auditor that PCAOB cannot inspect, or an auditor that has not demonstrated sufficient resources, geographic
reach, or experience to adequately perform the company’s audit. Our public offering will be relatively small and the insiders of
our Company will hold a large portion of the company’s listed securities. NYSE American might apply additional and more stringent
criteria for our initial and continued listing, which might cause a delay or even denial of our listing application.

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As a “controlled company” under the rules of the NYSE American Company Guide, we may choose to exempt our Company from certain corporate governance requirements that could have an adverse effect on our public stockholders.

Lin Li, our Chairman of the Board, Chief Executive
Officer, President, Secretary, and Treasurer, currently owns a majority of the voting power of our issued and outstanding common stock.
Under the NYSE American Company Guide Section 801(a), a company of which more than 50% of the voting power is held by an individual, group
or another company is a “controlled company”. A “controlled company” may elect not to comply with certain corporate
governance requirements, including the requirement that a majority of our directors be independent, as defined in the NYSE American Company
Guide, the requirement that our director nominees must be selected or recommended to the Board for determination, by either a Nomination
Committee comprised solely of independent directors or by a majority of the independent directors, the requirement that we have a formal
written charter or board resolution, as applicable, addressing the nominations process and such related matters as may be required under
the federal securities laws, and the requirement that compensation of the chief executive officer must be determined, or recommended to
the Board for determination