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

Company: Goldenstone Acquisition Ltd.
Filing Date: 2025-02-14
Form: 10-Q
Item: Item 1
Chunk 10
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, bonds or notes having
a maturity of 185 days or less, or in money market funds meeting the applicable conditions under Rule 2a-7 promulgated under the Investment
Company Act of 1940 and that invest solely in United States government treasuries, so that we are not deemed to be an investment company
under the Investment Company Act. The proceeds held in the Trust Account will not be released until the earlier of: (1) the completion
of the Company’s initial Business Combination within the required time period and (2) its redemption of 100% of the outstanding
public shares if the Company has not completed a Business Combination in the required time period. Therefore, unless and until the Company’s
initial Business Combination is consummated, the proceeds held in the Trust Account will not be available for the Company’s use
for any expenses related to the Initial Public Offering or expenses which the Company may incur related to the investigation and selection
of a target business and the negotiation of an agreement in connection with its initial Business Combination.

6

The Company will provide its public shareholders
with the opportunity to redeem all or a portion of their public shares upon the shareholders meeting on extension of the time to complete
the Business Combination or upon the completion of an initial Business Combination at a per-share price, payable in cash, equal to the
aggregate amount then on deposit in the Trust Account as of two business days prior to the consummation of its initial Business Combination,
including interest earned on the funds held in the Trust Account and not previously released to the Company to pay its taxes, divided
by the number of then outstanding public shares, subject to certain limitations. The amount in the Trust Account was anticipated to be
$10.15 per public share. The per-share amount the Company will distribute to investors who properly redeem their shares will not be reduced
by deferred underwriting commissions the Company will pay to the underwriters (as discussed in Note 6). The common stock subject to redemption
was initially being recorded at a redemption value and classified as temporary equity upon the completion of the Initial Public Offering,
in accordance with Accounting Standards Codification (“ASC”) Topic 480 “Distinguishing Liabilities from Equity.”

For the nine months ended December 31, 2024 and 2023, the Company withdrew
$838,369 and $538,109 to pay for income taxes and franchise taxes, respectively.

The Company will proceed with a Business Combination if the Company
has net tangible assets of at least $