Company: GDSTR
Filing Date: 2025-02-14
Form Type: 10-Q
Source: 0001213900-25-014248
Chunk: 9

Company: Goldenstone Acquisition Ltd.
Filing Date: 2025-02-14
Form: 10-Q
Item: Item 1
Chunk 9
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 $441,025 or $7.67 per share, and were recorded as offering costs
during the three months ended March 31, 2022.

The Company also sold to Maxim, for $100, a Unit Purchase Option (“UPO”)
to purchase 270,250 Units exercisable at $11.00 per Unit, for an aggregate exercise price of $2,972,750, commencing on the later of the
first anniversary of the effective date of the registration statement related to the Initial Public Offering and the consummation of a
Business Combination. The UPO may be exercised for cash or on a cashless basis, at the holder’s option, and expires five years from
the effective date of the registration statement related to the Initial Public Offering. The Units issuable upon exercise of the option
are identical to those offered in the Initial Public Offering. The Company accounted for the unit purchase option, inclusive of the receipt
of the $100 cash payment and the fair value of $208,093, or $7.67 per Unit, as a cost of the Initial Public Offering resulting in a charge
directly to stockholders’ equity. The fair value of the UPO granted to Maxim was estimated as of the date of grant using the following
assumptions: (1) expected volatility of 12.96%, (2) risk-free interest rate of 1.61%, (3) expected life of 5 years and (4) 85% probability
of successful combination.

Transaction costs amounted to $4,331,021, consisting of $1,150,000
of underwriting discounts and commissions, $2,012,500 of deferred underwriting discounts and commissions, $519,403 of other offering costs,
$441,025 fair value of the 57,500 representative shares and $208,093 fair value of the UPO, and were considered as part of the transaction
costs and were recognized during the three months ended March 31, 2022.

Following the closing of the Initial Public Offering and the issuance
and the sale of Private Units on March 21, 2022, $58,362,500 ($10.15 per Public Unit) from the net proceeds of the sale of the Public
Units in the Initial Public Offering and the sale of Private Units was placed in a trust account (the “Trust Account”) maintained
by Continental Stock Transfer & Trust Company, LLC as a trustee and invested in U.S. government treasury bills