Company: NCL
Filing Date: 2025-09-26
Form Type: S-1
Source: 0001575872-25-000602
Chunk: 56

Company: Northann Corp.
Filing Date: 2025-09-26
Form: S-1
Chunk 56
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 of Finance of China.
The terms of the Statement of Protocol would grant the PCAOB complete access to audit work papers and other information so that
it may inspect and investigate PCAOB-registered accounting firms headquartered in China and Hong Kong. On December 15, 2022, the
PCAOB announced that it was able to secure complete access to inspect and investigate PCAOB-registered public accounting firms headquartered
in mainland China and Hong Kong completely in 2022. The PCAOB vacated its previous 2021 determinations that the PCAOB was unable to inspect
or investigate completely registered public accounting firms headquartered in mainland China and Hong Kong.

Our current auditor, LAO Professionals, and our previous auditor, WWC,
P.C., both of which are independent registered public accounting firm that issued the audit reports for the fiscal years ended December
31, 2024 and 2023 respectively, included elsewhere in this prospectus, are auditors of companies that are traded publicly in the United
States and are both registered with the PCAOB. LAO Professionals is headquartered in Lagos, Nigeria, and WWC, P.C. is headquartered in
Mateo, CA. Both firms are subject to laws in the United States pursuant to which the PCAOB conducts regular inspections to assess its
compliance with the applicable professional standards. Neither LAO Professionals nor WWC, P.C. are headquartered in China or Hong Kong.
Notwithstanding the foregoing, if the PCAOB determines that it cannot inspect or fully investigate our auditor at such future time,
trading in our common stock will be prohibited under the HFCA Act and NYSE American may determine to delist our common stock.

Moreover, the recent
developments would add uncertainties to the listing of our common stock, and we cannot assure you whether SEC, NYSE American or regulatory
authorities would apply additional and more stringent criteria to us after considering the effectiveness of our auditor’s audit
procedures and quality control procedures, adequacy of personnel and training, or the sufficiency of resources, geographic reach or experience
as it relates to the audit of our financial statements.

| 23 |

The purchase price for our common stock may not be indicative of prices that will prevail in the trading market and such market prices may be volatile.

The purchase price for our common stock does not
bear any relationship to our earnings, book value or any other indicia of value. We cannot assure you that the market price of our common
stock will not decline significantly below the purchase price. The financial