Company: GDSTR
Filing Date: 2025-01-30
Form Type: S-4
Source: 0001213900-25-008051
Chunk: 121

Company: Goldenstone Acquisition Ltd.
Filing Date: 2025-01-30
Form: S-4
Chunk 121
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 discussions with approximately 30 potential target businesses and/or substantial stockholders thereof. Upon further discussions, we sent non -bindingLOIs to 15 of these companies and signed non -bindingLOIs with 5 companies. The potential valuations discussed for these potential targets ranged from $80 million to $3.5 billion. Prior to executing the Business Combination Agreement with Infintium, Goldenstone had also entered into a binding LOI with a few other parties which were terminated. The decisions not to pursue the alternative acquisition targets were generally the result of one or more of the following factors: (i) a difference in valuation expectations between Goldenstone, on the one hand, and the target, on the other hand; (ii) Goldenstone’s assessment of the target company’s ability to execute, scale its business, and achieve its targeted financial projections; (iii) the long -termviability of the target business or its industry or the target’s ability to compete long -term; (iv) the amount of capital that would need to be raised in connection with the closing of a business combination to support the target’s business over the near -termand the likelihood of raising such capital at a valuation mutually agreeable to Goldenstone and the target; (v) material negative items surfacing during extensive due diligence efforts; or (vi) Goldenstone’s assessment of limited interest from institutional investors in the target or relevant industry. Goldenstone had either terminated discussions with each of these potential targets prior to meeting with Infintium or prior to its decision to focus exclusively on the business combination with Infintium. During the course of this process, Goldenstone management team kept the members of the Goldenstone Board apprised of the various target businesses, the discussions with such businesses during periods when exclusivity restrictions had lapsed, and the status thereof to discuss material issues as they arose. Beginning shortly after completion of the IPO, Goldenstone began discussions with Roxe Holding Inc., a Delaware corporation (“Roxe”). On March 29, 2022, a letter of intent (LOI) was signed between Goldenstone and Roxe. Roxe is a blockchain payment company. During this period, cryptocurrency was gaining significant popularity 55 in the market, and the business model was centered around utilizing crypto. On June 21, 2022, we entered into a Merger Agreement (the “Merger Agreement”) by and among Roxe, Goldenstone, Goldenstone Merger Sub, Inc., a Delaware corporation (“Merger Sub”) and wholly