Northann Corp. Announces Compliance with NYSE Guidelines on Audit Opinion Disclosure

Rhea-AI Summary

Northann Corp. (NYSE:NCL) has disclosed that its 2024 fiscal year audit opinion includes a going concern qualification from its independent registered public accounting firm. The company made this announcement on July 2, 2025, to comply with NYSE American Company Guide Sections 401(h) and 610(b), which mandate separate disclosure of such audit opinions.

The company emphasized that this announcement does not represent any changes or amendments to their 2024 audited financial statements or annual report on Form 10-K, which was filed on July 1, 2025, and amended on July 2, 2025.

Positive

• None.

Negative

• Receipt of a going concern qualification in audit opinion indicates substantial doubt about the company's ability to continue operations
• Potential risk to NYSE American listing status due to financial concerns

Fort Lawn, SC, July 02, 2025 (GLOBE NEWSWIRE) -- Northann Corp. (NYSE: NCL) (“Northann” or the “Company”) announced that, as disclosed in its annual report on Form 10-K for the fiscal year ended December 31, 2024, which was filed with the Securities and Exchange Commission on July 1, 2025 and amended on July 2, 2025, the audit opinion for such fiscal year contained a going concern qualification from the Company's independent registered public accounting firm. This announcement is being made solely to comply with the NYSE American Company Guide Sections 401(h) and 610(b), which require separate disclosure of receipt of an audit opinion that contains a going concern qualification. This announcement does not represent any change or amendment to the Company's 2024 audited financial statements or to its 2024 annual report on Form 10-K.

About Northann Corp.

Founded in 2022 and headquartered in Fort Lawn, South Carolina, Northann Corp. is a leader in additive manufacturing and 3D printing technologies for the building materials industry. Through its flagship brand, Benchwick, the Company provides innovative flooring, decking, and other construction products. Northann boasts a robust portfolio of over 60 granted or pending patents, underscoring its dedication to innovation and sustainability.

Forward Looking Statements

This release may contain “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as “estimate,” “plan,” “project,” “forecast,” “intend,” “will,” “expect,” “anticipate,” “believe,” “seek,” “target” or other similar expressions that predict or indicate future events or trends or that are not statements of historical facts. These forward-looking statements are inherently subject to risks, uncertainties, and assumptions. Actual results may differ materially due to several factors. Caution must be exercised in relying on these and other forward-looking statements. Due to known and unknown risks, Northann’s results may differ materially from its expectations and projections. While Northann may elect to update these forward-looking statements at some point in the future Northann specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing Northann’s assessments of any date after the date of this release. Accordingly, undue reliance should not be placed upon the forward-looking statements.

For further information, please contact:

Investor Relations
Northann Corp.
ir@northann.com 
916-573-3803

FAQ

What does the going concern qualification in Northann Corp's (NCL) 2024 audit mean?

A going concern qualification indicates that Northann's independent auditors have expressed substantial doubt about the company's ability to continue operations in the normal course of business.

When did Northann Corp (NCL) file its 2024 annual report?

Northann Corp filed its 2024 annual report on Form 10-K on July 1, 2025, with an amendment filed on July 2, 2025.

Why did Northann Corp (NCL) make this announcement about its audit opinion?

The announcement was made to comply with NYSE American Company Guide Sections 401(h) and 610(b), which require separate disclosure when receiving an audit opinion containing a going concern qualification.

Does this announcement change Northann Corp's (NCL) 2024 financial statements?

No, the company explicitly stated this announcement does not represent any change or amendment to its 2024 audited financial statements or annual report on Form 10-K.

What are the implications of a going concern qualification for Northann Corp (NCL) shareholders?

A going concern qualification can indicate significant financial risks for shareholders, as it suggests the auditors have concerns about the company's ability to continue operations in the normal course of business.