Company: GDSTR
Filing Date: 2025-05-14
Form Type: S-4/A
Source: 0001213900-25-043297
Chunk: 138

Company: Goldenstone Acquisition Ltd.
Filing Date: 2025-05-14
Form: S-4/A
Chunk 138
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 industry. Goldenstone had either terminated discussions with each of these potential targets prior to meeting with Infintium or prior to its decision to focus exclusively on the business combination with Infintium. During the course of this process, Goldenstone management team kept the members of the Goldenstone Board apprised of the various target businesses, the discussions with such businesses during periods when exclusivity restrictions had lapsed, and the status thereof to discuss material issues as they arose. Beginning shortly after completion of the IPO, Goldenstone began discussions with Roxe Holding Inc., a Delaware corporation (“Roxe”). On March 29, 2022, a letter of intent (LOI) was signed between Goldenstone and Roxe. Roxe is a blockchain payment company. During this period, cryptocurrency was gaining significant popularity in the market, and the business model was centered around utilizing crypto. On June 21, 2022, we entered into a Merger Agreement (the “Merger Agreement”) by and among Roxe, Goldenstone, Goldenstone Merger Sub, Inc., a Delaware corporation (“Merger Sub”) and wholly -ownedsubsidiary of Goldenstone, and Amazon Capital Inc., solely in its capacity as representative, agent and attorney -in-factof the Roxe Securityholders (the “Securityholder Representative”) (collectively, the “Parties), pursuant to which Merger Sub would merge with and into the Company (the “Merger”) with the Roxe as the surviving corporation of the Merger and becoming a wholly -ownedsubsidiary of the Company. A merger agreement was signed with board approval. During the 2 ndquarter of 2022, the crypto coin and NFT business market changed, with a few companies in crypto business had issues of credibility of accounting. For the purposes of due diligence, we visited the headquarter of Roxe Holdings, met with the management team and had a few special discussions with its in house legal team. However, after conducting thorough research and due diligence, it became clear that cryptocurrency was highly complex and difficult to navigate. The valuation of Roxe was also much higher than its actual company value. Subsequently, Eddie Ni initiated the termination process, with board consent granted on September 16, 2022. Subsequently, on September 30, 2022, we entered into a Joint Agreement to Terminate Merger Agreement (the “Termination Agreement”) with Roxe, pursuant to which (i) the Parties mutually agreed to terminate the Merger Agreement.