Company: GDSTR
Filing Date: 2025-06-20
Form Type: S-4/A
Source: 0001213900-25-055744
Chunk: 158

Company: Goldenstone Acquisition Ltd.
Filing Date: 2025-06-20
Form: S-4/A
Chunk 158
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 been calculated based on the cost of debt and cost of equity using an assumed 98% equity to 2% debt ratio, based on current capital structure that was expected to continue. The after -taxcost of debt was approximately 5%. The cost of equity was calculated to be a range of 11.01% to 26.01% based on a risk premium range of approximately 0% to 15% which was assigned to the Company based on EntrepreneurShares’ evaluation of the particular risk profile given various factors such as stage of business, expected liquidity, size of the company, nature of industry, geographic location of business operations among other factors which may require an additional risk premium over the risk -freerate and equity risk premium. The valuation range under this method was calculated to be between $19 million to $ 192 million. Based on the derived valuation range of approximately $19 million to $192 million, the transaction based on a pre -moneytotal enterprise value of $130 million fell within the derived valuation range and was deemed to be fair from a financial point of view under this methodology. Miscellaneous The foregoing summary of certain financial analyses does not purport to be a complete description of the analyses or data presented by EntrepreneurShares. In connection with the evaluation of the Business Combination. EntrepreneurShares performed a variety of financial and comparative analyses for the purpose of rendering its opinion. The preparation of a fairness opinion is a complex process and is not necessarily susceptible to partial analysis or summary descriptions. Selecting portions of the analyses or of the summary described above, without considering the analyses as a whole, could create an incomplete view of the processes underlying EntrepreneurShares’ opinion. In arriving at its fairness determination, EntrepreneurShares considered the results of all the analyses and did not draw, in isolation, conclusions from or with regard to any one analysis or factor considered by it for purposes of its opinion. Rather, EntrepreneurShares made its determination as to fairness on the basis of its experience and professional judgment after considering the results of all the analyses. In addition, EntrepreneurShares may have given certain analyses and factors more or less weight than others and may have deemed certain assumptions more or less probable than others. As a result, the range of valuations resulting from any particular analysis or combination of analyses described above should not be taken to be the view of EntrepreneurShares with respect to the actual value of the potential future value of Infintium. Further, EntrepreneurShares’ analyses involve complex considerations and judgments concerning financial and operating characteristics and other factors that could affect the acquisition, public trading