Company: GDSTR
Filing Date: 2025-04-24
Form Type: S-4/A
Source: 0001213900-25-034782
Chunk: 65

Company: Goldenstone Acquisition Ltd.
Filing Date: 2025-04-24
Form: S-4/A
Chunk 65
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ation of Strategic Alternatives to the Business Combination In connection with evaluating strategic financing alternatives, Infintium’s board of directors considered pursuing private financing rounds to raise additional capital while remaining a private company. However, after careful consideration, Infintium’s board of directors determined that private financing rounds were either unlikely to meet Infintium’s capital requirements within the desired timeframe, would not fulfill the company’s objective of becoming a publicly traded entity, or did not present comparable strategic value. The board concluded that the proposed Business Combination with Goldenstone offered the most favorable balance of speed to market, capital access, valuation certainty, and strategic alignment with Infintium’s long -termobjectives.

14 Additionally, the Infintium board of directors also considered pursuing a traditional initial public offering (IPO) as a potential path to becoming a publicly traded company. However, the board of directors determined that entering into a business combination with a SPAC offered a more favorable and executable route to accessing the public markets. In making this determination, the board considered a number of factors, including: •The potential for a more efficient and expedited path to public listing compared to the traditional IPO process; •Increased transaction certainty through pre -negotiatedterms and valuation; •The opportunity to secure additional capital through a concurrent PIPE financing; •Greater flexibility to present forward -lookingprojections in connection with the transaction, subject to applicable securities laws; and •The ability to partner with a SPAC sponsor with strategic expertise and investor relationships. In addition, Infintium recognized that market sentiment toward Chinese -affiliatedcompanies, including perceived regulatory, geopolitical, or jurisdictional risks, could limit institutional investor interest or underwriter support in a traditional IPO process. As a result, the board viewed the de -SPACroute as a more viable and timely alternative to achieve the company’s capital formation and strategic objectives. Infintium’s Board of Directors’ Reasons for the Approval of the Business Combination Infintium considered a number of factors in determining to enter into the Business Combination Agreement with Goldenstone and the transactions contemplated thereby. The factors that the Infintium board of directors viewed as generally supporting its decision included, but were not limited to, the following: • Access to additional growth capital, particularly to support the expansion and commercialization of Infintium’s hydrogen fuel cell business; • Access to public capital markets, providing flexibility to raise additional funding in the future through equity or debt offerings to support ongoing growth and operations; • Potential strategic benefits of a public equity currency, including the ability to