The board elected Vincent La Scala as a director, filling the vacancy left by Umesh Patel's resignation. La Scala will serve as chair of the audit committee and member of nomination and compensation committees. The company also disclosed that former CEO Lin Li has agreed to sell all his holdings, including 1,803,750 common shares and 625,000 preferred shares, to a third-party investor pending paperwork completion. Northann Corp operates in the cannabis industry.
