Company: GDSTR
Filing Date: 2025-02-14
Form Type: 10-Q
Source: 0001213900-25-014248
Chunk: 7

Company: Goldenstone Acquisition Ltd.
Filing Date: 2025-02-14
Form: 10-Q
Item: Item 1
Chunk 7
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year end. As of December 31, 2024 and March 31, 2024, the Company had not commenced any operations. For the period from September 9, 2020
(inception) to December 31, 2024, the Company’s efforts have been limited to organizational activities as well as activities related
to the Initial Public Offering (as defined below) and to consummate a Business Combination. The Company will not generate any operating
revenues until after the completion of a Business Combination, at the earliest. The Company will generate non-operating income in the
form of interest income from the proceeds derived from the Initial Public Offering.

On March 21, 2022, the Company closed its initial
public offering of 5,750,000 units, which includes the full exercise of the underwriters’ over-allotment option. The units were
sold at a price of $10.00 per unit, resulting in total gross proceeds of $57,500,000. Each unit consists of one share of common stock,
one redeemable warrant and one right to receive one-tenth (1/10) of one share of common stock. Each redeemable warrant entitles the holder
thereof to purchase one-half (1/2) of one share of common stock, and each ten (10) rights entitle the holder thereof to receive one share
of common stock at the closing of a Business Combination. The exercise price of the warrants is $11.50 per full share.

Simultaneously with the closing of the Initial Public Offering, the
Company completed the private sale of 351,250 units (the “Private Units”) to the Sponsor as defined below, Ray Chen, our former
Chief Financial Officer, and Yongsheng Liu, our former Chief Operating Officer, each through their respective affiliated entities. Each
Private Unit consists of one share of common stock, one warrant (“Private Warrant”) and one right (each, a “Private
Right”). Each Private Warrant entitles the holder to purchase one-half of one share of common stock at an exercise price of $11.50
per whole share. Each Private Right entitles the holder to receive one-tenth of one share of common stock at the closing of a Business
Combination. The Private Units were sold at a purchase price of $10.00 per Private Unit, generating gross proceeds to the Company of $3,512,500.
The Private Units are identical to the Public Units sold in the