Company: GDSTR
Filing Date: 2025-06-20
Form Type: S-4/A
Source: 0001213900-25-055744
Chunk: 147

Company: Goldenstone Acquisition Ltd.
Filing Date: 2025-06-20
Form: S-4/A
Chunk 147
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 internal controls, driven by compliance with public company reporting obligations, which can enhance operational discipline and corporate governance practices. Infintium board of directors carefully considered the above benefits of the Business Combination and weighed them against the following possible detriments: •dilution to Infintium’s current stockholders as a result of the Business Combination. Post -Closing, existing Infintium stockholders will own a lesser percentage of the Combined Company, a reduction from their current ownership. This dilution includes the issuance of shares to the Sponsor, Goldenstone, and any PIPE investors, which could reduce the value of their holdings, particularly if the post -Closingstock price does not perform as expected; and •the interests of Infintium’s directors and officers may conflict with those of other stockholders due to their personal financial incentives. While these interests have been disclosed, they could affect decision making in a way that is not fully aligned with the interests of the general stockholders. •In light of the foregoing, Infintium and its affiliates have considered both the potential benefits and detriments of the Business Combination and the related financing transactions. The benefits of the transaction, particularly the access to capital and public market liquidity, are expected to significantly enhance the growth prospects of the Combined Company. However, these benefits must be weighed against the potential for dilution, conflicts of interest, and integration risks. As a result, the Infintium board has carefully evaluated these factors to determine that the Business Combination is in the best interests of Infintium’s shareholders, despite the potential risks involved. Satisfaction of 80% Test At the time Goldenstone entered into the Business Combination Agreement, its securities were listed on Nasdaq. Nasdaq rules require that the business or assets acquired in Goldenstone’s initial business combination have a fair market value equal to at least 80% of Goldenstone’s assets held in the Trust Account (excluding taxes payable on the income earned on the Trust Account), which we refer to the “80% test,” at the time of the execution of a definitive agreement for such initial business combination. As of June 26, 2024, the date of the execution of the Business Combination Agreement, the fair value of marketable securities held in the Trust Account was approximately $17.8 million and 80% thereof represents approximately $14.2million. In reaching its conclusion that the Business Combination meets the 80% test, the Board reviewed the pre -moneyvaluation of approximately $130,000,000. In determining whether the pro forma total