Company: GDSTR
Filing Date: 2025-07-18
Form Type: S-4/A
Source: 0001213900-25-065671
Chunk: 157

Company: Goldenstone Acquisition Ltd.
Filing Date: 2025-07-18
Form: S-4/A
Chunk 157
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 within the General Energy, Materials and Industrials Category categorized as having the following business lines, which EntrepreneurShares considered to have attributes or potential similarities to Infintium: (i) Hydrogen •Total Revenue between USD 1 Million to USD 100 Million: Among the companies within the specific hydrogen category, EntrepreneurShares focused on 89 companies with revenues between USD 1 Million to USD 100 Million, which EntrepreneurShares considered relevant to Infintium given its potential revenues upon consummation of the Transaction. •All Major Exchanges: Among the companies within the revenue range of USD 1 Million to USD 100 Million, EntrepreneurShares focused on the 65 companies with securities listed on a major national securities exchange (“Exchange Listed Category”) as relevant for the GPC analysis, given the intention for Goldenstone’s securities to become listed on a major U.S. national securities exchange in connection with the Business Combination. •Annual Revenue Growth above 20%: Among the companies with securities listed on a major national securities exchange. EntrepreneurShares chose 21 companies with annual revenue growth above 20%, which EntrepreneurShares considered relevant to Infintium given its current and potential revenue growth. 73

For each of the Comparable Companies identified above, an Enterprise Value -to-Revenue(EV/Revenue) multiple range of 2.7x to 8.36x was selected as the comparable valuation metric to determine an implied Enterprise Value range of USD 72 Million to USD 221 Million for Infintium’s consolidated potential future business. The multiples derived, were reflected in the most recent public filings made by the Comparable Companies and consensus estimates obtained from publicly available equity research analysts’ projections made available by CapitalIQ as of the date of valuation. Infintium’s implied Enterprise Value under this method was computed based on the present value of the 2025 Revenue forecasts (which Infintium management indicated would be a reasonable basis to illustrate the future potential of Infintium’s business plans, assuming the occurrence of events and circumstances underlying the assumptions incorporated in Infintium management forecasts). Guideline Transaction Analysis The Guideline Transactions Method (“GTM”) is a market method examining comparable transactions. Based on EntrepreneurShares review and analysis of publicly available data (sourced through the subscription database Pitchbook) about Early Stage Investments, Late Stage Investments and “go -public” transactions (in this case so -called“IPOs”) consummated on or after January 1, 2022 (the date the relevant guideline transaction was consummated, the “