Company: GDSTR
Filing Date: 2025-02-14
Form Type: 10-Q
Source: 0001213900-25-014248
Chunk: 81

Company: Goldenstone Acquisition Ltd.
Filing Date: 2025-02-14
Form: 10-Q
Item: Item 8
Chunk 81
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 Company will not consummate
any business combination unless it (i) has net tangible assets of at least $5,000,001 upon consummation of such business combination,
or (ii) is otherwise exempt from the provisions of Rule 419 promulgated under the Securities Act of 1933, as amended (the “Securities
Act”). As a result, from September 2023 through May 2024, a total of nine deposits of $100,000 was made into to the Trust Account
established at the time of the Company’s initial public offering for the benefit of the public stockholders. Pursuant to the Third
Extension, the new deadline for completion of an initial business combination was extended to June 21, 2024, the ninth additional month
of the Third Extension.

In connection with the votes to approve the Company’s Amended
and Restated Certificate of Incorporation, 758,539 shares of Common Stock of the Company were tendered for redemption for an
aggregate payment of approximately $8.2 million in October 2023.

On June 18, 2024, the Company’s stockholders approved the amendment
to the Company’s Amended and Restated Certificate of Incorporation, as previously amended on September 21, 2023, to extend
the date by which the Company has to consummate a business combination up to twelve (12) times (the “Fourth Extension”),
each such extension for an additional one (1) month period, from June 21, 2024 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