Company: GDSTR
Filing Date: 2025-08-20
Form Type: 10-Q
Source: 0001213900-25-078650
Chunk: 114

Company: Goldenstone Acquisition Ltd.
Filing Date: 2025-08-20
Form: 10-Q
Item: Item 8
Chunk 114
---
 case to our obligations
under Delaware law to provide for claims of creditors and the requirements of other applicable law.

25

We cannot assure you that
our plans to complete our initial business combination will be successful.

Termination of Roxe Merger Agreement

On June 21, 2022, we entered
into a Merger Agreement (the “Merger Agreement”) by and among Roxe Holding Inc., a Delaware corporation (the “Roxe”),
the Registrant, Goldenstone Merger Sub, Inc., a Delaware corporation (“Merger Sub”) and wholly-owned subsidiary of the Registrant,
and Amazon Capital Inc., solely in its capacity as representative, agent and attorney-in-fact of 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-owned subsidiary of the Company.

Subsequently, on December
31, 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. The termination was by mutual agreement of the Company and
Roxe pursuant to Section 10.1(c) of the Merger Agreement, and no termination fee or other payment is due to either party from the other
as a result of the termination.

By virtue of the termination
of the Merger Agreement, the Additional Agreements (as defined in the Merger Agreement) were terminated in accordance with their terms.

Business Combination Agreement 

On January 12  , 2024, the Company entered into a nonbinding
LOI for a potential business combination with Infintium Fuel Cell Systems, Inc., a Delaware corporation (“Infintium”) and
Infintium made a non-refundable earnest money deposit of $200,000 (“Earnest Money”) to proceed with the Company for the potential
business combination. Such deposit is intended to cover the business combination expenses of the Company for which Infintium is responsible.
If the potential business combination fails to occur and the LOI or the LOI or any subsequent definitive agreements are terminated by
either party due to reasons not attributable to Infintium, the Company will be required to return the Earnest Money to Infintium.

On June 26, 2024,