Company: GDSTR
Filing Date: 2025-08-05
Form Type: S-4/A
Source: 0001213900-25-071731
Chunk: 159

Company: Goldenstone Acquisition Ltd.
Filing Date: 2025-08-05
Form: S-4/A
Chunk 159
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&P Dow Jones Indices and MSCI, as of the Access Date): •Worldwide Presence: Of the total number of companies included in the database as of the Access Date, EntrepreneurShares selected a group of 70,719 public companies with securities listed on various national exchanges globally in order to incorporate in the GPC Analysis companies with operations and foci outside as well as inside of North America (the “Worldwide Presence Category”). •All Energy, Materials and Industrials: Within the companies in the Worldwide Presence Category, EntrepreneurShares narrowed its search to the approximately 18,864 public companies that fall within the GICS general “Energy”, “Materials” and “Industrials” classification, which incorporates, among other companies, Coal and Consumable Fuels, Semiconductor Manufacturing Services and Hydroelectric Power Generation (the “General Energy, Materials and Industrials Category”). •Specific Hydrogen Category: EntrepreneurShares’ search was further narrowed to approximately 408 companies within the General Energy, Materials and Industrials Category categorized as having the following business lines, which EntrepreneurShares considered to have attributes or potential similarities to Infintium: (i) Hydrogen •Total Revenue between USD 1 Million to USD 100 Million: Among the companies within the specific hydrogen category, EntrepreneurShares focused on 89 companies with revenues between USD 1 Million to USD 100 Million, which EntrepreneurShares considered relevant to Infintium given its potential revenues upon consummation of the Transaction. •All Major Exchanges: Among the companies within the revenue range of USD 1 Million to USD 100 Million, EntrepreneurShares focused on the 65 companies with securities listed on a major national securities exchange (“Exchange Listed Category”) as relevant for the GPC analysis, given the intention for Goldenstone’s securities to become listed on a major U.S. national securities exchange in connection with the Business Combination. •Annual Revenue Growth above 20%: Among the companies with securities listed on a major national securities exchange. EntrepreneurShares chose 21 companies with annual revenue growth above 20%, which EntrepreneurShares considered relevant to Infintium given its current and potential revenue growth. 73

For each of the Comparable Companies identified above, an Enterprise Value -to-Revenue(EV/Revenue) multiple range of 2.7x to 8.36x was selected as the comparable valuation metric to determine an implied Enterprise Value range of USD 72 Million to USD 221 Million for Infintium’s consolidated potential future business. The multiples derived, were reflected in the most