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Two governance commitments, both unkept, drove Umesh Patel to resign from the Northann Corp. (NCL) board effective April 14, 2026.
In a letter addressed to Lin Li (Ken) and members of the board, Patel named unpaid board compensation and the company's failure to secure or maintain Directors and Officers liability insurance as the specific grounds.
The resignation arrived as Exhibit 99.1 in the same 8-K Northann Corp. filed as a Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard.
What Patel's letter states Patel described both the compensation shortfall and the D&O gap as commitments the company made at the time of his appointment and did not honor.
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