Northann Corp. CFO Appointed, CEO Resigns
Ticker: NCL · Form: 8-K · Filed: Apr 17, 2024 · CIK: 1923780
| Field | Detail |
|---|---|
| Company | Northann CORP. (NCL) |
| Form Type | 8-K |
| Filed Date | Apr 17, 2024 |
| Risk Level | medium |
| Pages | 3 |
| Reading Time | 3 min |
| Key Dollar Amounts | $0.001 |
| Sentiment | neutral |
Sentiment: neutral
Topics: leadership-change, executive-appointment, resignation
TL;DR
Northann's CFO is now also the CEO, but the old CEO (who was also the CFO) resigned from the board.
AI Summary
Northann Corp. announced on April 15, 2024, the appointment of Mr. Jianjun Li as Chief Financial Officer and the resignation of Mr. Jianjun Li from his role as Chief Executive Officer. The company also reported the resignation of Mr. Jianjun Li as a director. These changes are effective immediately.
Why It Matters
A change in top financial and executive leadership can signal shifts in company strategy or operational focus, potentially impacting investor confidence and future performance.
Risk Assessment
Risk Level: medium — Leadership changes, especially involving the CEO and CFO simultaneously, introduce uncertainty about the company's direction and stability.
Key Players & Entities
- Northann Corp. (company) — Registrant
- Jianjun Li (person) — Appointed CFO, resigned CEO and Director
FAQ
Who has been appointed as the new Chief Financial Officer of Northann Corp.?
Mr. Jianjun Li has been appointed as the Chief Financial Officer of Northann Corp.
What other roles has Jianjun Li held at Northann Corp.?
Mr. Jianjun Li has resigned from his role as Chief Executive Officer and as a director of Northann Corp.
When were these changes effective?
The changes were effective as of April 15, 2024.
What is the principal executive office address for Northann Corp.?
The principal executive office address is 9820 Dino Drive, Suite 110, Elk Grove, CA 95624.
What is the state of incorporation for Northann Corp.?
Northann Corp. is incorporated in Nevada.
Filing Stats: 768 words · 3 min read · ~3 pages · Grade level 10.4 · Accepted 2024-04-17 16:54:42
Key Financial Figures
- $0.001 — on which registered Common Stock, $0.001 par value NCL NYSE American LLC I
Filing Documents
- ncl-20240415.htm (8-K) — 91KB
- 0001575872-24-000370.txt ( ) — 234KB
- ncl-20240415.xsd (EX-101.SCH) — 4KB
- ncl-20240415_cal.xml (EX-101.CAL) — 1KB
- ncl-20240415_def.xml (EX-101.DEF) — 12KB
- ncl-20240415_lab.xml (EX-101.LAB) — 16KB
- ncl-20240415_pre.xml (EX-101.PRE) — 13KB
- ncl-20240415_htm.xml (XML) — 4KB
01 Entry into a Material Definitive Agreement
Item 1.01 Entry into a Material Definitive Agreement. On April 15, 2024, Mr. David M. Kratochvil resigned from Northann Corp. (the "Company") as the Company's Chief Financial Officer ("CFO"). In connection with Mr. Kratochvil's resignation, the Company entered into a separation agreement (the "Separation Agreement") with Mr. Kratochvil setting forth the terms of his separation from service with the Company on April 15, 2024, which will take effect on April 23, 2024 ("Effective Date"). Pursuant to the Separation Agreement, the agreement constitutes the complete understanding between the Company and Mr. Kratochvil, and supersedes any and all agreements, understandings, and discussions, whether written or oral, between Mr. Kratochvil and the Company regarding the subject matter thereof, except as specifically set forth therein. Notwithstanding the foregoing, any post-employment restrictive covenants (such as, without limitation, covenants of confidentiality, non-solicitation or non-competition) contained in any other agreement between Mr. Kratochvil and the Company, including, without limitation, those in the employment agreement dated April 18, 2023 between the Company and Mr. Kratochvil, shall remain in full force and effect. The foregoing description of the Separation Agreement is qualified in its entirety by reference to the Separation Agreement, which is filed with this Current Report on Form 8-K as Exhibit 10.1. Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. As reported under Item 1.01 above, Mr. David M. Kratochvil resigned as CFO of the Company effective as of April 15 , 2024 . The Board of Directors of the Company intends to conduct a search of potential internal and external candidates to replace Mr. Kratochvil. In the interim, the Company has appointed Mr. Sunny S. Prasad as the interim CFO of the Company . Mr . Prasad has over 3
01 Financial Statements and Exhibits
Item 9.01 Financial Statements and Exhibits. (a) Not applicable (b) Not applicable (c) Not applicable (d) Exhibits 10.1 Separation Agreement, dated April 15, 2024, among Northann Corp. and David M. Kratochvil (incorporated by reference to Exhibit 10.18 to the Annual Report on Form 10-K filed on April 1 6 , 2024). 104 Cover Page Interactive Data File (embedded with the Inline XBRL document). 2
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Date: April 1 7 , 2024 Northann Corp. By: /s/ Lin Li Name: Lin Li Title: Chairman of the Board, Chief Executive Officer, President, Secretary, Treasurer 3