Company: GDSTR
Filing Date: 2025-05-14
Form Type: S-4/A
Source: 0001213900-25-043297
Chunk: 156

Company: Goldenstone Acquisition Ltd.
Filing Date: 2025-05-14
Form: S-4/A
Chunk 156
---
 exchange. EntrepreneurShares considered these types of transactions to be similar to the proposed Business Combination, following which Infintium, is expected to be a public company with shares listed on a U.S. exchange. •Early Stage and Late Stage Investments: Among transactions falling into the Hydrogen category, EntrepreneurShares selected transactions resulting in an investment in a privately owned company being an investment in the early stages or late stages of the company. EntrepreneurShares considered these types of transactions to be similar to the proposed Business Combination, given the similarities these companies had to the Business Lines of Infintium. •Guideline Transaction Date: Among Go -PublicTransactions in the Hydrogen Category, EntrepreneurShares selected transactions consummated between January1, 2012, and the present (“Recent Guideline Transaction Dates”), as EntrepreneurShares considered these transactions to be of greater potential relevance to a GTM Analysis than transactions consummated during prior periods due to market conditions and other factors relevant to Hydrogen companies and Go -PublicTransactions generally. 72

The companies used were as follows:

| Company                  |
| Sinosynergy (HKG: 09663) |
| REFIRE                   |
| SPIC Hydrogen Energy     |
| Pragma Industries        |

Summary Statistics

| Summary Statistics |     | TEV/Total Revenues |
| High               |     | 60.9x              |
| Low                |     | 13.2x              |
| Mean               |     | 33.7x              |
| Median             |     | 30.4x              |

Based upon each of the GTM Guideline Transactions identified above, as reflected in public filings made by the companies involved in the GTM Guideline Transactions, an Enterprise Value -to-Revenue(EV/Revenue) multiple range of 13.18x to 60.91x was selected as the comparable valuation metric. EntrepreneurShares derived a multiple range based on the min and max multiples of the GTM Guideline Transactions and applied the multiple range to the Company’s FY2024 Revenue forecasts resulting in an implied valuation range of $93 million to $ 431 million. The implied valuation range of $93 million to $431 million was discounted using a discount rate of 18% calculated as the WACC, resulting in a valuation range of $85 million to $394 million. The FY2024 Revenue forecasts were based on the operational forecasts provided by Company Management. Based on the derived valuation range of approximately $85 million to $394 million, the transaction based on a