Company: GDSTR
Filing Date: 2025-02-14
Form Type: 10-Q
Source: 0001213900-25-014248
Chunk: 143

Company: Goldenstone Acquisition Ltd.
Filing Date: 2025-02-14
Form: 10-Q
Item: Item 2
Chunk 143
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ing to $1,195,000.

For the nine months ended December 31, 2023, there
was $7,009,801 of cash used in financing activities resulting from the redemption of common stock of $8,157,801, offset by the proceeds
from working capital and extension loans from our Sponsor amounting to $1,148,000.

In addition, in order to finance transaction costs in connection with
searching for a target business or consummating an intended initial business combination, the initial stockholders, officers, directors
or their affiliates may, but are not obligated to, loan us funds as may be required. In the event that the initial business combination
does not close, we may use a portion of the working capital held outside the Trust Account to repay such loaned amounts, but no proceeds
from our Trust Account would be used for such repayment. Such loans would be evidenced by promissory notes. The notes would either be
paid upon consummation of our initial business combination, without interest, or, at the lender’s discretion, up to $600,000 of
the notes may be converted upon consummation of our business combination into private units at a price of $10.00 per unit.

We had until 12 months from the closing of the Initial Public Offering
to consummate an initial Business Combination. However, if we anticipate that it may not be able to consummate our initial Business Combination
within 12 months, we may extend the period of time to consummate a Business Combination up to three times, each by an additional three
months (for a total of up to 21 months to complete a Business Combination). Pursuant to the terms of our amended and restated certificate
of incorporation and the trust agreement to be entered into between us and the trustee, in order to extend the time available for us to
consummate our initial Business Combination, our sponsor or its affiliates or designees, upon ten days advance notice prior to the applicable
deadline, must deposit into the Trust Account $575,000 ($0.10 per share) on or prior to the date of the applicable deadline, for each
three month extension (or up to an aggregate of $1,725,000, or $0.30 per share if the Company extends for the full nine months). On September
21, 2023, our stockholders approved the amendment to our Amended and Restated Certificate of Incorporation to extend the date by which
we have