Northann Corp. Terminates Material Definitive Agreement
Ticker: NCL · Form: 8-K · Filed: May 31, 2024 · CIK: 1923780
Sentiment: neutral
Topics: agreement-termination, material-event
TL;DR
Northann terminated a key deal, details TBD.
AI Summary
Northann Corp. filed an 8-K on May 31, 2024, reporting the termination of a material definitive agreement as of May 24, 2024. The filing does not specify the other party to the agreement or the nature of the agreement.
Why It Matters
The termination of a material definitive agreement can significantly impact a company's operations, financial standing, and future strategic direction.
Risk Assessment
Risk Level: medium — Termination of a material definitive agreement suggests a significant disruption or change in business relationships that could affect future performance.
Key Players & Entities
- Northann Corp. (company) — Registrant
- May 24, 2024 (date) — Date of earliest event reported
- May 31, 2024 (date) — Filing Date
- 9820 Dino Drive, Suite 110, Elk Grove, CA 95624 (location) — Principal Executive Office Address
FAQ
What was the material definitive agreement that Northann Corp. terminated?
The filing does not specify the nature or parties involved in the material definitive agreement that was terminated.
What is the effective date of the termination of the material definitive agreement?
The earliest event reported, the termination of the material definitive agreement, was as of May 24, 2024.
When did Northann Corp. file this 8-K report?
Northann Corp. filed this 8-K report on May 31, 2024.
What is Northann Corp.'s principal executive office address?
Northann Corp.'s principal executive office is located at 9820 Dino Drive, Suite 110, Elk Grove, CA 95624.
What is Northann Corp.'s state of incorporation?
Northann Corp. is incorporated in Nevada.
Filing Stats: 562 words · 2 min read · ~2 pages · Grade level 12.4 · Accepted 2024-05-31 16:38:42
Key Financial Figures
- $0.001 — ge on which registered Common Stock, $0.001 par value NCL NYSE American LLC I
- $1,000,000 — tes in an aggregate principal amount of $1,000,000 (the "Convertible Notes") that are conv
- $250,000 — the Convertible Notes and Warrants for $250,000 for each of the Investors, totaling $50
- $500,000, b — 000 for each of the Investors, totaling $500,000, besides an aggregate of $1,200,000 paid b
- $1,200,000 — aling $500,000, besides an aggregate of $1,200,000 paid by the Company in 2023. On May 2
Filing Documents
- ncl-20240524.htm (8-K) — 65KB
- 0001575872-24-000606.txt ( ) — 206KB
- ncl-20240524.xsd (EX-101.SCH) — 4KB
- ncl-20240524_cal.xml (EX-101.CAL) — 1KB
- ncl-20240524_def.xml (EX-101.DEF) — 12KB
- ncl-20240524_lab.xml (EX-101.LAB) — 16KB
- ncl-20240524_pre.xml (EX-101.PRE) — 13KB
- ncl-20240524_htm.xml (XML) — 4KB
02. Termination of a Material Definitive Agreement
Item 1.02. Termination of a Material Definitive Agreement. As previously disclosed, on May 16, 2022, Northann Corp. (the "Company") entered into a securities purchase agreement with Sam Yan and Hongyu Wang (collectively, the "Investors"), pursuant to which the Company sold the Investors convertible notes in an aggregate principal amount of $1,000,000 (the "Convertible Notes") that are convertible into shares of common stock of the Company with a 100% warrant coverage to purchase common stock (the "Warrants"). On May 3, 2024, the Company signed final settlement agreements with the Investors of the Convertible Notes and Warrants (together, the "Final Settlement Agreements") to settle the balances of the Convertible Notes and Warrants for $250,000 for each of the Investors, totaling $500,000, besides an aggregate of $1,200,000 paid by the Company in 2023. On May 24, 2024, in accordance with the Final Settlement Agreements, the Company paid the settlement sum of $250,000 to each Investor, and each of the Investors executed a Release of Security Interests evidencing and effecti ng the release, relinquishment, and discharge of certain security interests, including certain UCC financing statements as referenced therein. In light of the above, the Convertible Notes and the Warrants are terminated in full and rendered null and void. 2
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. NORTHANN CORP. Date: May 31, 2024 By: /s/ Lin Li Name: Lin Li Title: Chief Executive Officer 3