Northann Corp. (NCL) - Dilution Analysis
Visualizing historical and potential share dilution over time
Dilution Analysis
Risk Assessment Details
Summary
NCL currently has 53.7M outstanding shares. with limited dilution risk as only 4.14M additional shares (7.7%) are authorized for issuance. The company has significantly diluted shareholders by 494.0% over the past 2 years, indicating aggressive capital raising. Recent corporate actions include 1 stock split (positive for accessibility) and 1 reverse split (concerning signal).
Share Structure Timeline
Historical Data Points
| Date | Event | Outstanding | Supply |
|---|---|---|---|
| May 19, 2026 |
10-Q filing | 53.7M shares outstanding |
54M | 4.1M |
| Nov 24, 2025 |
8-K filing: Northann Corp. issued 12,500,000 shares of common stock to Kingsford Consultancy Ltd. and 15,000,000 shares of common stock to Asia Resource Holdings Limited as consideration for software assets and development, respectively. ($11.0M proceeds) |
23M | 4.1M |
| Nov 14, 2025 |
10-Q filing | 22.7M shares outstanding |
23M | 4.1M |
| Oct 07, 2025 |
Stock Split
8-K filing: Stock split 1-for-8 | Outstanding: 175,464,400 → 21,933,050 |
22M | 4.1M |
| Sep 09, 2025 |
8-K filing: Northann Corp. closed a private placement on September 3, 2025, issuing 80,000,000 shares of common stock to X29 Purchasers for gross proceeds of $11,427,200. ($11.43M proceeds) |
180M | 33M |
| Aug 19, 2025 |
10-Q filing | 95.5M shares outstanding |
95M | 33M |
| Jul 18, 2025 |
10-Q filing | 95.5M shares outstanding |
95M | 33M |
| Jul 01, 2025 |
10-K filing | 95.5M shares outstanding |
95M | 33M |
| Apr 04, 2025 |
8-K filing: Northann Corp. closed a private placement on March 31, 2025, issuing 40,000,000 shares of common stock at $0.2033 per share, resulting in a change in voting power and loss of "controlled company" status. ($8.13M proceeds) |
95M | 33M |
| Jan 29, 2025 |
S-1/A filing: This S-1/A filing registers for resale up to 30,084,400 shares of common stock by selling stockholders, which were previously issued in connection with acquisitions, consulting agreements, and a private placement. |
86M | 33M |
| Jan 14, 2025 |
S-1/A filing: The selling stockholders of Northann Corp. may offer and resell under this prospectus up to 30,084,400 shares of common stock. |
86M | 33M |
| Dec 23, 2024 |
8-K filing: Northann Corp. sold 9,000,000 shares of common stock at $0.15 per share in a private placement, resulting in gross proceeds of $1,350,000, and after the issuance there are 55,464,400 shares outstanding. ($1.35M proceeds) |
55M | 33M |
| Dec 23, 2024 |
S-1 filing: This S-1 filing describes a secondary offering of up to 30,084,400 shares of common stock by selling stockholders of Northann Corp. |
86M | 33M |
| Dec 06, 2024 |
8-K filing: Northann Corp. agreed to sell 40,000,000 shares of common stock to the Oneflow Purchasers and 80,000,000 shares of common stock to the X29 Purchasers in private placement transactions, subject to closing conditions, with anticipated use of proceeds as working capital. |
86M | 3M |
| Dec 05, 2024 |
8-K filing: The company issued shares of common stock to Linkun Investment LLC, CAKL Holdings Sdn Bhd, and San River International Sdn Bhd as consideration for consulting services. |
34M | 3M |
| Nov 19, 2024 |
10-Q filing | 34.4M shares outstanding |
34M | 3M |
| Nov 15, 2024 |
8-K filing: Northann Corp. issued 4,500,000 shares of common stock to Jianqun Xu in exchange for all outstanding shares of Raleigh Industries Limited, with the transaction closing on November 13, 2024, resulting in 34,364,000 shares of common stock outstanding. |
34M | 3M |
| Oct 15, 2024 |
8-K filing: Northann Corp. issued 4,484,400 shares of common stock to Chuntao Li in exchange for all outstanding shares of Cedar Modern Limited. The transaction closed on October 14, 2024, resulting in 28,977,490 shares of common stock outstanding. |
29M | 3M |
| Aug 14, 2024 |
10-Q filing | 22.9M shares outstanding |
23M | 3M |
| Jun 27, 2024 |
8-K filing: On June 22, 2024, Northann Corp. authorized the issuance of 5,000,000 shares of Series A Preferred Stock to Lin Li for $5,000, increasing Lin Li's holdings to 10,000,000 shares, representing all issued and outstanding shares of Series A Preferred Stock. ($0.01M proceeds) |
21M | 3M |
| May 20, 2024 |
10-Q filing | 21.4M shares outstanding |
21M | 3M |
| Apr 16, 2024 |
10-K filing | 20.3M shares outstanding |
20M | 3M |
| Nov 20, 2023 |
10-Q filing | 20.0M shares outstanding |
20M | 3M |
| Sep 08, 2023 |
S-1/A filing: The filing is for the initial public offering of 3,000,000 shares of common stock of Northann Corp., with an expected price between $3.00 and $5.00 per share. |
23M | 3M |
| Sep 05, 2023 |
S-1/A filing: This S-1/A filing details Northann Corp's initial public offering of 3,000,000 shares of common stock, with an expected price range of $3.00 to $5.00 per share, for a total proposed amount of $12,000,000, and outlines the company's business, risks, and corporate structure. |
23M | 3M |
| Aug 24, 2023 |
S-1/A filing: This is an S-1/A filing for the initial public offering of 3,000,000 shares of common stock of Northann Corp. |
23M | 3M |
| Jul 27, 2023 |
S-1/A filing: This S-1/A filing relates to an initial public offering of 3,000,000 shares of common stock of Northann Corp. |
23M | 3M |
| Jul 14, 2023 |
S-1 filing: Initial public offering of 3,000,000 shares of common stock of Northann Corp. |
23M | 3M |