Company: GDSTR
Filing Date: 2025-07-18
Form Type: S-4/A
Source: 0001213900-25-065671
Chunk: 159

Company: Goldenstone Acquisition Ltd.
Filing Date: 2025-07-18
Form: S-4/A
Chunk 159
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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/Revenue) multiple range of 13.18x to 60.91x was selected as the comparable valuation metric. EntrepreneurShares derived a multiple range based on the min and max multiples of the GTM Guideline Transactions and applied the multiple range to the Company’s FY2024 Revenue forecasts resulting in an implied valuation range of $93 million to $ 431 million. The implied valuation range of $93 million to $431 million was discounted using a discount rate of 18% calculated as the WACC, resulting in a valuation range of $85 million to $394 million. The FY2024 Revenue forecasts were based on the operational forecasts provided by Company Management. Based on the derived valuation range of approximately $85 million to $394 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. Guideline Companies Analysis The Guideline Companies Method (“GCM”) is a market indicator used to value a business, based on trading multiples derived from publicly traded companies that are similar to the target i.e. Infintium. EntrepreneurShares reviewed and compared certain financial information of Infintium to corresponding trading multiples and financial ratios for the following selected publicly traded peers in selected segments of the Energy, Materials and Industrials industry such as Hydrogen. (referred to in this section as the “Comparable Companies”): Comparable Companies:

| •   Plug Power Inc.                                             
 •   PowerCell Sweden AB                                         
 •   Voltalia SA                                                 
 •   SunHydrogen, Inc.                                           
 •   Beijing SinoHytec Co., Ltd.                                 
 •   Loop Energy Inc.                                            
 •   HydrogenPro ASA                                             
 •   Heliogen, Inc.                                              
 •   ReFuels N.V.                                                
 •   Sino-Synergy Hydrogen Energy Technology (Jiaxing) Co., Ltd. |     | •