Company: NCL
Filing Date: 2025-12-04
Form Type: 424B3
Source: 0001575872-25-000746
Chunk: 50

Company: Northann Corp.
Filing Date: 2025-12-04
Form: 424B3
Chunk 50
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 this time either the persons who will receive awards under the 2023 Plan or the amount or types of any
such awards.

Required Vote of Stockholders

The approval of the adjournment
of 2023 Plan Amendment Proposal requires the affirmative vote of at least a majority of the total number of votes cast at the Annual
Meeting in person or by proxy and entitled to vote.

Recommendation of the Board of Directors

OUR BOARD unanimously recommends a vote “ FOR”THE APPROVAL OF THE 2023 PLAN AMENDMENT PROPOSAL.

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<div align='center'>PROPOSAL FIVE

APPROVAL OF THE ISSUANCE OF 12,500,000 SHARES OF COMMON STOCK TO DESIGNEE OF KINGSFORD</div>

The Company’s Board of Directors
is asking stockholders to approve the issuance of 12,500,000 additional shares of the Company’s common stock in accordance with
the terms of the Asset Purchase Agreement pursuant to which the Company agreed to acquire certain assets of Kingsford. The Company’s
Board of Directors approved such stock issuance on November 23, 2025.

Background and Description of Asset Purchase Agreement with Kingsford

On November 23, 2025, the Company
entered into an asset purchase agreement (the “Asset Purchase Agreement”) with Kingsford.

Pursuant to the Asset Purchase
Agreement, Kingsford agreed to provide to the Company certain proprietary software assets relating to a supply chain management system,
including all related intellectual property rights therein (the “Software”), pursuant to the terms of the Asset Purchase Agreement.

As consideration for the
Software, the Company agreed to pay $5,000,000 as the purchase price, by issuing 12,500,000 shares of the Company’s common
stock (the “Kingsford Shares”), i.e. $0.40 per share, to a designee to be designated by Kingsford.

The closing of the Asset Purchase Agreement is required to occur no later than three business days after all closing conditions are
satisfied or waived, or at such other times as the parties may agree. The closing conditions include but not limited to, the approval
of the issuance of the Kingsford Shares by the Company’s stockholders and the NYSE American. Kingsford represented and warranted,
amongst others, that neither Kingsford nor its designee is an affiliate of the Company, and that the Kingsford Shares are being acquired
for investment purposes only, without a view to distribution, and