Company: GDSTR
Filing Date: 2025-06-16
Form Type: 10-K
Source: 0001213900-25-054825
Chunk: 374

Company: Goldenstone Acquisition Ltd.
Filing Date: 2025-06-16
Form: 10-K
Item: Item 1C
Chunk 374
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 2 was formed in connection with the execution of the June 26, 2024 Business Combination Agreement
described below. It has not conducted any activities and is inactive.

The
Company has selected March 31 as its fiscal year end. As of March 31, 2025 and 2024, the Company had not commenced any operations. For
the period from September 9, 2020 (inception) to March 31, 2025, the Company’s efforts have been limited to organizational activities
as well as activities related to the Initial Public Offering (as defined below) and to consummate a Business Combination. The Company
will not generate any operating revenues until after the completion of a Business Combination, at the earliest. The Company will generate
non-operating income in the form of interest income from the proceeds derived from the Initial Public Offering.

On
March 21, 2022, the Company closed its initial public offering of 5,750,000 units, which includes the full exercise of the underwriters’
over-allotment option. The units were sold at a price of $10.00 per unit, resulting in total gross proceeds of $57,500,000. Each unit
consists of one share of common stock, one redeemable warrant and one right to receive one-tenth (1/10) of one share of common stock.
Each redeemable warrant entitles the holder thereof to purchase one-half (1/2) of one share of common stock, and each ten (10) rights
entitle the holder thereof to receive one share of common stock at the closing of a Business Combination. The exercise price of the warrants
is $11.50 per full share.

Simultaneously
with the closing of the Initial Public Offering, the Company completed the private sale of 351,250 units (the “Private Units”)
to the Sponsor as defined below, Ray Chen, our former Chief Financial Officer, and Yongsheng Liu, our former Chief Operating Officer,
each through their respective affiliated entities. Each Private Unit consists of one share of common stock, one warrant (“Private
Warrant”) and one right (each, a “Private Right”). Each Private Warrant entitles the holder to purchase one-half of
one share of common stock at an exercise price of $11.50 per whole share. Each Private Right entitles the holder to receive one-tenth
of one share of common stock at the closing of a Business Combination. The Private