Northann closes $8.1M private placement of 40M shares; CEO voting power drops below 50%

Northann Corp.

Issued 40M shares at $0.2033/share to Oneflow LLC and four other investors, raising $8.1M gross proceeds.
Proceeds to be used as working capital; post-issuance shares outstanding rise to 95.46M.
CEO Lin Li's voting power reduced from majority to 44.3%, ending controlled company status under NYSE American.
Closing occurred March 31, 2025 after stockholder approval on Dec 31, 2024 and NYSE approval on Jan 13, 2025.

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