Company: GDSTR
Filing Date: 2025-06-20
Form Type: S-4/A
Source: 0001213900-25-055744
Chunk: 155

Company: Goldenstone Acquisition Ltd.
Filing Date: 2025-06-20
Form: S-4/A
Chunk 155
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 that are identical to any of Business Lines (or to the Business Lines, taken as a group). The categories of transactions used by EntrepreneurShares as criteria for inclusion in the Guideline Transactions Group can be summarized as follows, based on information accessed by EntrepreneurShares through Pitchbook on June 20, 2024: •Hydrogen Sector: EntrepreneurShares focused on transactions involving companies falling in the Hydrogen category, which it considered most likely to encompass or have similarities to the Business Lines of Infintium in terms of operation characteristics and trajectories. •IPO Transactions: Among transactions falling into the Hydrogen category, EntrepreneurShares selected transactions resulting in a previously privately owned company becoming a public company through an Initial Public Offering (“IPO”) with shares listed on a U.S. national exchange. EntrepreneurShares considered these types of transactions to be similar to the proposed Business Combination, following which Infintium, is expected to be a public company with shares listed on a U.S. exchange. •Early Stage and Late Stage Investments: Among transactions falling into the Hydrogen category, EntrepreneurShares selected transactions resulting in an investment in a privately owned company being an investment in the early stages or late stages of the company. EntrepreneurShares considered these types of transactions to be similar to the proposed Business Combination, given the similarities these companies had to the Business Lines of Infintium. •Guideline Transaction Date: Among Go -PublicTransactions in the Hydrogen Category, EntrepreneurShares selected transactions consummated between January1, 2012, and the present (“Recent Guideline Transaction Dates”), as EntrepreneurShares considered these transactions to be of greater potential relevance to a GTM Analysis than transactions consummated during prior periods due to market conditions and other factors relevant to Hydrogen companies and Go -PublicTransactions generally. The companies used were as follows:

| Company                  |
| Sinosynergy (HKG: 09663) |
| REFIRE                   |
| SPIC Hydrogen Energy     |
| Pragma Industries        |

74

Summary Statistics

| Summary Statistics |     | TEV/Total Revenues |
| High               |     | 60.9x              |
| Low                |     | 13.2x              |
| Mean               |     | 33.7x              |
| Median             |     | 30.4x              |

Based upon each of the GTM Guideline Transactions identified above, as reflected in public filings made by the companies involved in the GTM Guideline Transactions, an Enterprise Value -to-Revenue(EV