Company: GDSTR
Filing Date: 2025-06-16
Form Type: 10-K
Source: 0001213900-25-054825
Chunk: 563

Company: Goldenstone Acquisition Ltd.
Filing Date: 2025-06-16
Form: 10-K
Item: Item 3
Chunk 563
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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 Units were sold at a purchase price of $10.00 per
Private Unit, generating gross proceeds to the Company of $3,512,500. The Private Units are identical to the Public Units sold in the
Initial Public Offering, except that the holders of the Private Units have agreed not to transfer, assign or sell any of the Private
Units and the underlying securities (except to certain permitted transferees) until the completion of the Company’s initial Business
Combination.

The
Company also issued 57,500 shares of Common Stock (the “Representative Shares”) to Maxim Group LLC and/or its designees (“Maxim”)
as part of representative compensation. The representative shares are identical to the Common Stock sold as part of the Public Units,
except that Maxim Group LLC has agreed not to transfer, assign or sell any such representative shares until the completion of the Company’s