Company: GDSTR
Filing Date: 2025-08-05
Form Type: S-4/A
Source: 0001213900-25-071731
Chunk: 147

Company: Goldenstone Acquisition Ltd.
Filing Date: 2025-08-05
Form: S-4/A
Chunk 147
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 a warrant to purchase shares of Infintium subject to this company increasing its purchases from Infintium. As the issuance of a warrant was restricted by the terms of the Business Combination Agreement without Goldenstone’s consent, Infintium asked Goldenstone to consider an amendment to the Business Combination Agreement to permit the issuance of the warrant and to provide for the conversion of the warrant upon close of the Business Combination. The parties negotiated the terms of the amendment which was executed on January28, 2025. 63 On June18, 2025, stockholders of Goldenstone approved a subsequent amendment to extend the date by which Goldenstone must complete its initial business combination to June21, 2026. Projections Provided in Connection with Business Combination In connection with its evaluation of a potential business combination, Goldenstone was provided with projections that were prepared by the financial advisor to Infintium in conjunction with Infintium based on a number of material assumptions and estimates that reflect management’s best judgment at the time they were made. While actual results through December31, 2024 have materially differed from these projections, Infintium continues to believe that many of the underlying assumptions and long -termstrategic considerations remain relevant, particularly given that recent increase in customer demand that may potentially offset the cancelled purchase orders in 2024. However, there can be no assurance that these assumptions will be realized, and investors should not place undue reliance on the projections. These assumptions include the following: •Revenue Growth: Management assumed a compound annual growth rate (CAGR) of approximately 74% over the projection period, based on historical performance, expected market expansion, and new product launches. •Gross Margin: Assumed to increase from 15% to 30% based on anticipated cost efficiencies, pricing strategies, and product mix. •Operating Expenses: Projected to grow at a rate of 38% for the 7 year period from 2023 to 2029, primarily due to increases in personnel costs and marketing spend. •Capital Expenditures: Estimated at $3million annually, consistent with management’s strategic investment plans. •Macroeconomic Factors: Projections assumed moderate GDP growth, stable interest rates, and no material adverse regulatory changes. These projections are subject to a number of material factors that could affect the above assumptions, including: •Changes in market demand, •Competitive dynamics, •Supply chain disruptions, •Regulatory developments, and •Overall macroeconomic conditions. The projections are subjective in many respects. As a result, there can