Company: GDSTR
Filing Date: 2025-08-05
Form Type: S-4/A
Source: 0001213900-25-071731
Chunk: 148

Company: Goldenstone Acquisition Ltd.
Filing Date: 2025-08-05
Form: S-4/A
Chunk 148
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 be no assurance that the projections will be realized or that actual results will not be significantly higher or lower than estimated. Since the projections cover multiple years, that information by its nature becomes less predictive with each successive year. To the extent these factors differ materially from management’s expectations, actual results may differ significantly from the projections due to factors beyond Infintium’s ability to control or predict. In addition, EntrepreneurShares LLC, the financial advisor, relied upon and utilized these projections in connection with its financial analysis and in rendering its opinion as to the fairness, from a financial point of view, of the consideration to be received by Infintium’s shareholders. EntrepreneurShares LLC assumed that these projections were reasonably prepared and reflected the best currently available estimates and judgments of management. The projections were only one source of information that EntrepreneurShares used in its analysis of the fairness of the merger consideration. 64

The projections were prepared in 2023. Due to certain factors, including: (1) the cancellation of orders from customers; (2) a decrease in market demand for Infintium’s products; and (3) delays in new orders from potential customers resulting from current regulatory and macroeconomic uncertainty, Infintium’s actual results through December31, 2024, have not met the projections. Infintinum does not, as a matter of general practice, publicly disclose long -termforecasts or internal projections of its future performance, revenue, financial condition or other results. The Goldenstone Board evaluated these projections at the time the Business Combination was approved. While the projections were considered by the Board, they were not the determinative factor. Infintium’s forecasts were prepared solely for internal use and not with a view toward public disclosure, the published guidelines of the SEC regarding projections or the guidelines established by the American Institute of Certified Public Accountants for preparation and presentation of prospective financial information. In evaluating the fairness of the Business Combination and determining whether continued reliance on the financial projections and the fairness opinion previously rendered by EntrepreneurShares remained appropriate, Infintium and the Board considered that Infintium’s actual results for the fiscal year ended December31, 2024 were materially different from the projections provided to EntrepreneurShares and used in its analysis. With the assistance of their respective management teams, financial advisors, and legal counsel, Infintium and the Board reviewed the nature and magnitude of the variances, as well as the underlying reasons for the deviation from the original projections. They determined that the projections had been prepared in good faith based on reasonable assumptions at the