Company: GDSTR
Filing Date: 2025-05-14
Form Type: S-4/A
Source: 0001213900-25-043297
Chunk: 142

Company: Goldenstone Acquisition Ltd.
Filing Date: 2025-05-14
Form: S-4/A
Chunk 142
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 the warrant upon close of the Business Combination. The parties negotiated the terms of the amendment which was executed on January28, 2025. 62

Projections Provided in Connection with Business Combination In connection with its evaluation of a potential business combination, Goldenstone was provided with projections that were prepared by the financial advisor to Infintium in conjunction with Infintium based on a number of material assumptions and estimates that reflect management’s best judgment at the time they were made. These assumptions include the following: •Revenue Growth: Management assumed a compound annual growth rate (CAGR) of approximately 74% over the projection period, based on historical performance, expected market expansion, and new product launches. •Gross Margin: Assumed to increase from 15% to 30% based on anticipated cost efficiencies, pricing strategies, and product mix. •Operating Expenses: Projected to grow at a rate of 38% for the 7 year period from 2023 to 2029, primarily due to increases in personnel costs and marketing spend. •Capital Expenditures: Estimated at $3million annually, consistent with management’s strategic investment plans. •Macroeconomic Factors: Projections assumed moderate GDP growth, stable interest rates, and no material adverse regulatory changes. These projections are subject to a number of material factors that could affect the above assumptions, including: •Changes in market demand, •Competitive dynamics, •Supply chain disruptions, •Regulatory developments, and •Overall macroeconomic conditions. The projections are subjective in many respects. As a result, there can be no assurance that the projections will be realized or that actual results will not be significantly higher or lower than estimated. Since the projections cover multiple years, that information by its nature becomes less predictive with each successive year. To the extent these factors differ materially from management’s expectations, actual results may differ significantly from the projections due to factors beyond Infintium’s ability to control or predict. In addition, EntrepreneurShares LLC, the financial advisor, relied upon and utilized these projections in connection with its financial analysis and in rendering its opinion as to the fairness, from a financial point of view, of the consideration to be received by Infintium’s shareholders. EntrepreneurShares LLC assumed that these projections were reasonably prepared and reflected the best currently available estimates and judgments of management. The projections were prepared in 2023. Due to certain factors, including: (1) the cancellation of orders from customers; (2) a decrease in market demand for Infintium’s products; and (