Northann Corp. (NCL) has provided an update.
Northann Corp. recently finalized agreements with investors Sam Yan and Hongyu Wang to settle their securities for a fraction of the initial value. The company successfully negotiated the termination of $1,000,000 worth of convertible notes and associated warrants for a total payment of $500,000, in addition to $1,200,000 paid previously in 2023. This strategic move not only cleared the debt but also extinguished related security interests, marking a savvy financial play in the company’s operations.
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