Northann Corp.'s common stock trading on NYSE American was halted on June 25, 2026, after the exchange determined the company filed its 2025 Annual Report without the required consent from independent auditor LAO Professionals. The auditor resigned on June 8, 2026, stating it had not completed its audit or authorized the filing, leading management to conclude investors should not rely on previously issued financial statements for 2024 and 2025. The Board formed an Oversight Committee to investigate these matters and engage new legal counsel and a replacement auditor. CEO Lin Li resigned as Chairman but remains Chief Executive Officer and President; Bradley C. Lalonde was elected as the new Chairman. Director Umesh Patel resigned on April 14, 2026, citing unpaid compensation and lack of D&O insurance. The company operates in the cannabis industry.
