Company: GDSTR
Filing Date: 2025-02-14
Form Type: 10-Q
Source: 0001213900-25-014248
Chunk: 17

Company: Goldenstone Acquisition Ltd.
Filing Date: 2025-02-14
Form: 10-Q
Item: Item 1
Chunk 17
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4 to June 21, 2025. In connection with the
stockholders’ vote at the Annual Meeting, 3,395,590 shares of common stock were tendered for redemption. As a result,
approximately $38.0 million (approximately $11.20 per share) has been removed from the Company’s Trust Account to pay such
holders, without taking into account additional allocation of payments to cover any tax obligation of the Company, such as United States
income taxes and franchise taxes, but not including any excise tax, since that date. On June 18, 2024, the Company filed a second amendment
to its Amended and Restated Certificate of Incorporation with the Delaware Secretary of State (the “Charter Amendment”), to
extend the date to consummate a business combination until June 21, 2025, as approved by the Company’s stockholders at the Annual
Meeting. Pursuant to the Fourth Extension, through the date of this filing, the Company has deposited a total of eight payments of $50,000
in the Trust Account, to initially extend the date by which the Company can complete an initial business combination by eight months to
February 21, 2025.

9

Liquidity and Going Concern

As of December 31, 2024, the Company had $8,434
in cash held outside its Trust Account available for the Company’s payment of expenses related to working capital purposes subsequent
to the Initial Public Offering and working deficit of $4,036,215.

In connection with the Company’s assessment of going concern
considerations in accordance with Financial Accounting Standard Board’s Accounting Standards Codification Subtopic 205-40, Presentation
of Financial Statements - Going Concern,” management has determined that these conditions raise substantial doubt about the Company’s
ability to continue as a going concern. The management’s plan in addressing this uncertainty is through the Working Capital Loans,
as defined below (see Note 6). In addition, if the Company is unable to complete a Business Combination within the Combination Period
by February 21, 2025, if not further extended, the Company’s board of directors would proceed to commence a voluntary liquidation
and thereby a formal dissolution of the Company. There is no assurance that the Company’s plans to consummate a Business Combination
will be successful within the Combination Period. As a result, management has determined that such conditions raise substantial doubt
about the Company’s ability to continue as a going concern.