Northann Corp received written notification from NYSE Regulation on August 21, 2026, that its common stock is not suitable for continued listing under Sections 1001, 1002(e), 1003, and 1007 of the NYSE American Company Guide. Consequently, the Exchange suspended trading effective immediately and commenced delisting proceedings. The company expects to begin quotation on OTC Markets under the symbol “NCLX” as soon as August 24, 2026. This transition to a less liquid market could depress the stock price and impair the ability to raise equity financing or provide employee incentives. Northann Corp is evaluating whether to appeal the determination to the Listings Qualifications Panel.

Northann Corp announced that Lin Li resigned as CEO, President, Secretary, and Treasurer on August 13, 2026, effective immediately, with his board membership ending on August 18, 2026. The Board appointed François Vachon as the new CEO and director, effective August 13 and 18 respectively, while Kurtis W. Winn assumed the roles of President, Secretary, and Treasurer. Mr. Vachon’s compensation includes a base salary starting at $7,000 per month for three months, increasing to $10,000 monthly thereafter, with no equity awards or bonuses initially granted. Northann Corp operates in the cannabis industry.

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.

Northann Corp. has regained compliance with the NYSE American LLC continued listing standards under Section 1003(a)(i) of the Company Guide after demonstrating compliance for two consecutive quarters. The company's non-compliance indicator will be removed from the exchange's website and it will return to normal continued listing monitoring. Northann Corp. operates in the financial services industry and provides various financial services.