Northann Corp. Announces Pricing of $6,000,000 Initial Public Offering

Elk Grove, CA, Oct. 18, 2023 (GLOBE NEWSWIRE) -- Northann Corp. (“Northann” or the “Company”), a company specializing in 3D-printed flooring solutions, today announced the pricing of its initial public offering (the “Offering”). The IPO consists of 1,200,000 shares of common stock priced at a public offering price of $5 per share, for total gross proceeds of $6,000,000, before deducting underwriting discounts and offering expenses. The shares of common stock have been approved for listing on NYSE American and are expected to commence trading on October 19, 2023, under the ticker symbol “NCL”.

The Company has granted the underwriters an option, within 45 days from the closing date of the Offering, to purchase up to an additional 180,000 shares of common stock at the public offering price, less underwriting discounts, to cover over-allotment, if any.

The Offering is expected to close on October 23, 2023, subject to customary closing conditions.

The Offering is being conducted on a firm commitment basis. Craft Capital Management LLC, Prime Number Capital, LLC and R.F. Lafferty & Co., Inc. are acting as co-underwriters for the Offering. Ortoli Rosenstadt LLP is acting as U.S. counsel to the Company, and Hunter Taubman Fischer & Li LLC is acting as U.S. counsel to the underwriters, in connection with the Offering.

The Company intends to use the proceeds from this Offering for the acquisition of facilities and equipment in the United States, product development, sales and marketing activities, and general working capital purposes.

A registration statement on Form S-1 (File No. 333- 273246) relating to the Offering, as amended, has been filed with the U.S. Securities and Exchange Commission (the "SEC") and was declared effective by the SEC on September 29, 2023. The Offering is being made only by means of a prospectus. Copies of the final prospectus related to the Offering may be obtained, when available, from Craft Capital Management LLC by email at [e-mail] or via standard mail to Craft Capital Management LLC, 377 Oak St, Lower Concourse, Garden City, NY 11530. In addition, a copy of the final prospectus, when available, can also be obtained via the SEC's website at www.sec.gov.