Company: GDSTR
Filing Date: 2025-06-16
Form Type: 10-K
Source: 0001213900-25-054825
Chunk: 1556

Company: Goldenstone Acquisition Ltd.
Filing Date: 2025-06-16
Form: 10-K
Item: Item 11
Chunk 1556
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 selected dealer participating in
the offering and their officers or partners, registered persons or affiliates. The Company used a Black-Scholes option-pricing Model
that values the Representative Shares granted to Maxim Group LLC and/or its designees. The key inputs into the Binomial model were (i)
risk- free interest rate of 0.75%, (ii) volatility of 12.96%, (iii) expected life of 1 year, and (iv) 85% probability of business combination.
According to the Black-Scholes option-pricing model, the fair value of the 57,500 Representative Shares was approximately $441,025 or
$7.67 per share, and were recorded as offering costs during the three months ended March 31, 2022.

F-7

The
Company also sold to Maxim, for $100, a Unit Purchase Option (“UPO”) to purchase 270,250 Units exercisable at $11.00 per
Unit, for an aggregate exercise price of $2,972,750, commencing on the later of the first anniversary of the effective date of the registration
statement related to the Initial Public Offering and the consummation of a Business Combination. The UPO may be exercised for cash or
on a cashless basis, at the holder’s option, and expires five years from the effective date of the registration statement related
to the Initial Public Offering. The Units issuable upon exercise of the option are identical to those offered in the Initial Public Offering.
The Company accounted for the unit purchase option, inclusive of the receipt of the $100 cash payment and the fair value of $208,093,
or $7.67 per Unit, as a cost of the Initial Public Offering resulting in a charge directly to stockholders’ equity. The fair value
of the UPO granted to Maxim was estimated as of the date of grant using the following assumptions: (1) expected volatility of 12.96%,
(2) risk-free interest rate of 1.61%, (3) expected life of 5 years and (4) 85% probability of successful combination.

Transaction
costs amounted to $4,331,021, consisting of $1,150,000 of underwriting discounts and commissions, $2,012,500 of deferred underwriting
discounts and commissions, $519,403 of other offering costs, $441,025 fair value of the 57,500 representative shares and $208,093 fair
value of