Company: GDSTR
Filing Date: 2025-06-20
Form Type: S-4/A
Source: 0001213900-25-055744
Chunk: 142

Company: Goldenstone Acquisition Ltd.
Filing Date: 2025-06-20
Form: S-4/A
Chunk 142
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 the Business Combination was approved. While the projections were considered by the Board, they were not the determinative factor. Infintium’s forecasts were prepared solely for internal use and not with a view toward public disclosure, the published guidelines of the SEC regarding projections or the guidelines established by the American Institute of Certified Public Accountants for preparation and presentation of prospective financial information. In evaluating the fairness of the Business Combination and determining whether continued reliance on the financial projections and the fairness opinion previously rendered by EntrepreneurShares remained appropriate, Infintium and the Board considered that Infintium’s actual results for the fiscal year ended December31, 2024 were materially different from the projections provided to EntrepreneurShares and used in its analysis. With the assistance of their respective management teams, financial advisors, and legal counsel, Infintium and the Board reviewed the nature and magnitude of the variances, as well as the underlying reasons for the deviation from the original projections. They determined that the projections had been prepared in good faith based on reasonable assumptions at the time and continued to serve as a meaningful reference point for evaluating the transaction, particularly in light of recent changes in market conditions that have re -alignedwith the original assumptions underpinning the projections. After considering all relevant factors — including the fairness opinion, updated financial performance, prevailing market conditions, and the strategic rationale for the transaction — Infintium and the Board concluded that the fairness opinion remained valid and that reliance on the projections remained appropriate within the context of their overall evaluation of the Business Combination.

| (in 000’s of $)        |     |   2023 |    |     |   2024 |    |     |   2025 |   |     |   2026 |   |     |   2027 |   |     |   2028 |   |
| Fuel Cell Units Orders |     |    123 |    |     |    601 |    |     |  1,000 |   |     |  1,600 |   |     |  2,500 |   |     |  4,000 |   |
| Revenues               |     |  2,835 |    |     |  7,084 |    |     | 28,933 |   |     | 40,929 |   |     | 63,224 |   |     | 97,092 |   |
| Gross Margin %         |     |  (8.45 | )% |     |