Company: NCL
Filing Date: 2025-10-24
Form Type: S-1/A
Source: 0001575872-25-000638
Chunk: 92

Company: Northann Corp.
Filing Date: 2025-10-24
Form: S-1/A
Chunk 92
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, the holders of the Convertible Debentures and the
Company entered into amendments to the Convertible Debentures. Pursuant to the amendment, Northann Corp. agreed to pay the principal and
accrued interest of the Convertible Debentures in cash on or before the earlier of July 12, 2023 or the three months’ anniversary
of the completion of the Company’s IPO, and the holders agreed to not convert the Convertible Debentures. As of the date of this
prospectus, the Convertible Debentures have not been converted in any shares of common stock of the Company and the Company has not repaid
any principal or accrued interest of the Convertible Debentures.

The Warrants are exercisable from time to time
in whole or in part from the date of issuance until the five-year anniversary of the date of issuance. The Warrants can be exercised on
a cashless or a cash basis. The initial exercise price of the Warrants is $7.00 per share and shall be adjusted to the lower of (i) 70%
of the offering price in a future equity financing with gross proceeds of not less than $5,000,000, or (ii) $7.00, subject to further
adjustments thereunder, including a Price Protection Adjustment.

Univest Securities, LLC was the placement agent for
the Convertible Debentures and the Warrants offering. The Company paid Univest Securities, LLC a total cash fee equal to 7% of the aggregate
gross proceeds and a non-accountable expense allowance equal to 0.5% of the gross proceeds. Additionally, the Company issued to Univest
Securities, LLC warrants to purchase 1,072 shares of common stock, which equals to 6% of the Warrant Shares, for an exercise price equal
to 120% of the exercise price of the Warrants, as adjusted. The warrants issued to Univest Securities, LLC have a term of five years and
are first exercisable six months after the date of issuance.

The transaction was completed on May 16, 2022.
The Company received gross proceeds from the sale of the Convertible Debentures and the Warrants in the amount of $1,000,000, before deducting
placement agent fees and expenses. The Company has used the net proceeds for working capital and general business purposes.

On May 3, 2024, the Company signed final settlement
agreements