Company: GDSTR
Filing Date: 2025-01-30
Form Type: S-4
Source: 0001213900-25-008051
Chunk: 124

Company: Goldenstone Acquisition Ltd.
Filing Date: 2025-01-30
Form: S-4
Chunk 124
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 Qian and James Tu. Subsequently, on January 12, 2024, a Letter of Intent (LOI) was signed with Infintium, establishing an acquisition price of $80,000,000 to $120,000,000. A deposit of $200,000.00 was received on February 22, 2024, making the LOI official and exclusive. During the negotiation process, Infintium secured a substantial purchase order of approximately $5,000,000 from a leading e -commercecompany. Due to this promising development, Infintium requested an increase in the acquisition price to $150,000,000. In response, Goldenstone engaged EntrepreneurShares Valuation Services as a financial advisor and to provide a fairness opinion. EntrepreneurShares which presented four scenarios with valuations ranging from $15 million to $378 million. After discussions with the Goldenstone’s directors and board members, including independent board members, determined that a fair acquisition price would be $130,000,000, which Infintium Fuel Cell System Inc. accepted. Throughout the merger process, Eddie Ni visited the South Carolina factory multiple times, gaining confidence from witnessing production and sales growth firsthand. On June 17, 2024, Goldenstone held an annual meeting of stockholders at which Goldenstone’s stockholders approved the proposal to extend the date by which Goldenstone has to consummate a business combination by 12 months from June 21, 2024 to June 21, 2025. On June 21, 2024, the Board of Directors of Goldenstone met to discuss the final draft of the Business Combination Agreement. EntrepreneurShares met with the Board and gave its presentation regarding the fairness of the transaction and issued its fairness opinion. After discussions of the terms, the Board unanimously approved entering into the Business Combination Agreement. The deal was publicly announced on June 26, 2024, coinciding with the signing of the Business Combination Agreement. Goldenstone’s Board of Directors’ Reasons for the Approval of the Business Combination As described under “ Background of the Business Combination” above, in evaluating the Business Combination, the Goldenstone Board consulted with Goldenstone’s management and financial and legal advisors. In reaching its unanimous decision to approve the Business Combination Agreement and the transactions contemplated by the Business Combination Agreement, considered a range of factors, including but not limited to, the factors discussed below. In light of the complexity of those factors, the Goldenstone Board, as a whole, did not consider it practicable to, nor