Company: NCL
Filing Date: 2025-11-24
Form Type: PRE 14A
Source: 0001575872-25-000718
Chunk: 40

Company: Northann Corp.
Filing Date: 2025-11-24
Form: PRE 14A
Chunk 40
---
 Ratio set forth in this Proposal 3. If this proposal is not approved by our stockholders, the Reverse Split will
not occur.

Treatment of Fractional Shares

No fractional shares of common
stock will be issued as a result of the Reverse Split. Instead, stockholders who otherwise would be entitled to receive fractional shares
because they hold a number of shares not evenly divisible by the Approved Split Ratio will automatically be entitled to receive an additional
fraction of a share of common stock, to round up to the next whole share. In any event, cash will not be paid for fractional shares.

Effect on“Book-Entry”
Holders of common stock

If the Reverse Split is authorized
by our stockholders and our Board elects to implement the Reverse Split, stockholders of record holding some or all of their shares of
common stock electronically in book-entry form under the direct registration system for securities will receive a transaction statement
at their address of record indicating the number of shares of common stock they hold after the Reverse Split. Stockholders holding common
stock in “street name” through a bank, broker, or other nominee should note that such banks, brokers, or other nominees may
have different procedures for processing the consolidation for fractional shares than those that would be put in place by us for registered
stockholders. If you hold your shares with such a bank, broker, or other nominee and if you have questions in this regard, you are encouraged
to contact your nominee.

| 22 |

Exchange of Stock Certificates

If the Reverse Split is authorized
by the stockholders and our Board elects to implement the Reverse Split, stockholders of record holding some or all of their shares in
certificate form will receive a letter of transmittal, as soon as practicable after the effective date of the Reverse Split. Our transfer
agent will act as “exchange agent” for the purpose of implementing the exchange of stock certificates. Holders of pre-Reverse
Split shares will be asked to surrender to the exchange agent certificates representing pre-Reverse Split shares in exchange for post-Reverse
Split shares in accordance with the procedures to be set forth in the letter of transmittal. Until surrender, each certificate representing
shares before the Reverse Split would continue to be valid and would represent the adjusted number of whole shares based on the approved
exchange ratio of the Reverse Split selected by the Board. No new post-Reverse Split share certificates will be issued to a stockholder
until such stockholder has surrendered such stockholder’s outstanding