Company: GDSTR
Filing Date: 2025-08-20
Form Type: 10-Q
Source: 0001213900-25-078650
Chunk: 103

Company: Goldenstone Acquisition Ltd.
Filing Date: 2025-08-20
Form: 10-Q
Item: Item 8
Chunk 103
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 Combination. In addition, the holders have certain “piggy-back”
registration rights with respect to registration statements filed subsequent to the consummation of a Business Combination. The Company
will bear the expenses incurred in connection with the filing of any such registration statements.

19

Underwriters Agreement

The underwriters will be entitled to a deferred
fee of 3.5% of the gross proceeds of the Initial Public Offering, or $2,012,500 until the closing of the Business Combination. The deferred
fee can be paid in cash, stock or a combination of both (at the underwriter’s discretion). Any stock issued as a part of the deferred
fee will be issued to the underwriters at the value per share in the Company’s Trust Account, subject to any additional increases
in the amount in trust per the Company’s trust extensions. Stock to be issued to the underwriters will have unlimited piggyback
registration rights and the same rights afforded other holders of the Company’s common stock.

The underwriters have agreed to waive their rights to the deferred
underwriting commission of 3.5% of the gross proceeds of the Initial Public Offering, or $2,012,500, held in the Trust Account in the
event the Company does not complete a Business Combination within the Combination Period. This amount is included as a liability in the
accompanying condensed consolidated balance sheets.   

Unit Purchase Option

The Company also sold to Maxim for $100 a Unit Purchase Option (“UPO”)
to purchase 270,250 Units exercisable at $11.00 per Unit, an aggregate exercise price of $2,972,750, commencing on the later of the first
anniversary the effective date of the registration statement related to the Initial Public Offering and the consummation of a Business
Combination. The unit purchase option may be exercised for cash or on a cashless basis, at the holder’s option, and expires five
years from the effective date of the registration statement related to the Initial Public Offering. The Units issuable upon exercise of
the option are identical to those offered in the Initial Public Offering. The Company accounted for the unit purchase option, inclusive
of the receipt of $100 cash payment and the fair value of $208,093, or $0.77   per Unit, as a cost of the Initial Public Offering
resulting in a charge directly to stockholders’ equity. The fair value of the UPO granted to Maxim was estimated as of the date