Exhibit 10.5


 


Goldenstone Acquisition Limited


4360 E New York St.


Aurora, IL 60504


 


Ladies and Gentlemen:


 


Goldenstone Acquisition Limited
(the “Company”), a blank check company formed for the purpose of acquiring one or more businesses or entities (a “Business
Combination”), intends to register its securities under the Securities Act of 1933, as amended (“Securities Act”), in
connection with its initial public offering (“IPO”), pursuant to a registration statement on Form S-1 (“Registration
Statement”).


 


The undersigned hereby commits
that it will purchase 275,000 units of the Company (“Private Units”), each Private Unit consisting of one share of common
stock of the Company, $0.0001 par value (the “Common Stock”), one warrant (the “Warrants”) entitling its holder
to purchase one-half (1/2) of one share of common stock, and one right to receive one-tenth (1/10) of a share of common stock (each a
“Right”), at $10.00 per Private Unit, for a purchase price of $2,750,000 (the “Private Unit Purchase Price”).


 


The undersigned hereby agrees
that it will purchase an additional amount of units of the Company (“Over-Allotment Units”), up to a maximum of 18,750 Over-Allotment
Units, or a maximum purchase price of $187,500 (“Over-Allotment Unit Purchase Price”, together with the Private Unit Purchase
Price, the “Purchase Price”), in the event that Maxim Group LLC (the “Underwriter”) exercises its over-allotment
option, such that the amount held in the trust account (as described in the Registration Statement, the “Trust Account”) does
not fall below $10.00 per share for each share of Common Stock sold in the IPO.


 


At least twenty-four (24) hours
prior to the pricing of the IPO, the undersigned will cause the Purchase Price to be delivered to an escrow account with Loeb & Loeb
LLP (“Loeb”), counsel for the Company, by wire transfer as set forth in the instructions attached as Exhibit A to hold
in a non-interest bearing account until the Company consummates the IPO.


 


The consummation of the purchase
and issuance of the Private Units shall occur simultaneously with the consummation of the IPO. Simultaneously with the consummation of
the IPO, Loeb shall deposit the Purchase Price, without interest or deduction, into the trust fund (“Trust Fund”) established
by the Company for the benefit of the Company’s public stockholders as described in the Registration Statement. If the Company does
not complete the IPO within ten (10) days from the date of this letter, the Purchase Price (without interest or deduction) will be returned
to the undersigned.


 


Each of the Company, and the
undersigned acknowledges and agrees that Loeb is serving hereunder solely as a convenience to the parties to facilitate the purchase of
the Private Units and Loeb’s sole obligation under this letter agreement is to act with respect to holding and disbursing the Purchase
Price as described above. Loeb shall not be liable to the Company, Maxim or the undersigned or any other person or entity in respect of
any act or failure to act hereunder or otherwise in connection with performing its services hereunder unless Loeb has acted in a manner
constituting gross negligence or willful misconduct. The Company and the undersigned shall indemnify Loeb against any claim made against
it (including reasonable attorney’s fees) by reason of it acting or failing to act in connection with this letter agreement except
as a result of its gross negligence or willful misconduct. Loeb may rely and shall be protected in acting or refraining from acting upon
any written notice, instruction or request furnished to it hereunder and believed by it to be genuine and to have been signed or presented
by the proper party or parties.


 


The Private Units will be identical
to the units to be sold by the Company in the IPO. Additionally, the undersigned agrees:


 


		●	to vote the Common Stock included in the Private Units in favor of any proposed Business Combination;



 


		●	not to propose, or vote in favor of, an amendment to the Company’s Amended and Restated Certificate
of Incorporation that would affect the substance or timing of the Company’s obligation to redeem 100% of the Company’s Common
Stock sold in the IPO if the Company does not complete an initial Business Combination within 12 months from the closing of the IPO (or
up to 21 months, as applicable), unless the Company provides the holders of Common Stock sold in the IPO with the opportunity to redeem
their Common Stock upon approval of any such amendment at a per-share price, payable in cash, equal to the aggregate amount of the Trust
Fund, including interest earned on Trust Fund and not previously released to the Company to pay the Company’s franchise and income
taxes, divided by the number of then outstanding Common Stock sold in the IPO;



 






     


    


    

 


		●	not to convert any Common Stock included in the Private Units into the right to receive cash from the
Trust Fund in connection with a stockholder vote to approve either a Business Combination or an amendment to the provisions of the Company’s
Amended and Restated Certificate of Incorporation and not to tender the Private Units in connection with a tender offer conducted prior
to the closing of a Business Combination;



 


		●	the undersigned will not participate in any liquidation distribution with respect to the Private Units
(but will participate in liquidation distributions with respect to any units or Common Stock purchased by the undersigned in the IPO or
in the open market) if the Company fails to consummate a Business Combination;



 


		●	that the Private Units and underlying securities will not be transferable until after the consummation
of a Business Combination except (i) to the Company’s pre-IPO stockholders, or to the Company’s officers, directors, advisors
and employees, (ii) transfers to the undersigned’s affiliates or its members upon its liquidation, (iii) to relatives and trusts
for estate planning purposes, (iv) by virtue of the laws of descent and distribution upon death, (v) pursuant to a qualified domestic
relations order, (vi) by private sales made in connection with the consummation of a Business Combination at prices no greater than the
price at which the Private Units were originally purchased or (vii) to the Company for cancellation in connection with the consummation
of a Business Combination, in each case (except for clause vii) where the transferee agrees to the terms of the transfer restrictions;
and



 


		●	the Private Units will include any additional terms or restrictions as is customary in other similarly
structured blank check company offerings or as may be reasonably required by the underwriters in the IPO in order to consummate the IPO,
each of which will be set forth in the Registration Statement.



 


The undersigned acknowledges
and agrees that the purchaser of the Private Units will execute agreements in form and substance typical for transactions of this nature
necessary to effectuate the foregoing agreements and obligations prior to the consummation of the IPO as are reasonably acceptable to
the undersigned, including but not limited to an insider letter.


 


The undersigned hereby represents
and warrants that:


 


		(a)	it has been advised that the Private Units have not been registered under the Securities Act;



 


		(b)	it will be acquiring the Private Units for its account for investment purposes only;



 


		(c)	it has no present intention of selling or otherwise disposing of the Private Units in violation of the
securities laws of the United States;



 


		(d)	it is an “accredited investor” as defined by Rule 501 of Regulation D promulgated under the
Securities Act of 1933, as amended;



 


		(e)	it has had both the opportunity to ask questions and receive answers from the officers and directors of
the Company and all persons acting on its behalf concerning the terms and conditions of the offer made hereunder;



 






    2


    


    

 


		(f)	it is familiar with the proposed business, management, financial condition and affairs of the Company;



 


		(g)	it has full power, authority and legal capacity to execute and deliver this letter and any documents contemplated
herein or needed to consummate the transactions contemplated in this letter; and



 


		(h)	this letter constitutes its legal, valid and binding obligation, and is enforceable against it.



  


This letter agreement constitutes the entire
agreement between the undersigned and the Company with respect to the purchase of the Private Units, and supersedes all prior and contemporaneous
understandings, agreements, representations and warranties, both written and oral, with respect to the same.


 


	 	Very truly yours,
	 	 	 
	 	GOLDENSTONE HOLDING, LLC
	 	 	 
	 	By:	 
	 	Name:   	Eddie Ni
	 	Title:	Director 
	 	 	 
	 	Asia Pacific Capital Management Limited
	 	 	 
	 	By:	 
	 	Name: 	Yongsheng Liu
	 	Title:	Director 
	 	 	 
	 	Raymond Charles Holding, LLC
	 	 	 
	 	By:	 
	 	Name: 	Ray Chen
	 	Title:	Director 



 


	Accepted and Agreed:	 
	 	 	 	 
	GOLDENSTONE ACQUISITION LIMITED 	 
	 	 	 	 
	By:	 	 
	 	Name:   	Eddie Ni	 
	 	Title:	Chief Executive Officer	 


 




    3


    


    

 


Exhibit A


 


Wire Instructions


 


Bank Name: Citigroup Private Bank


		Bank Address:	153 East 53rd Street



 New York, NY 10022


Account Name: Loeb & Loeb LLP – Trust Account


Account Number: 24576266


Routing/ABA Number (Domestic Wires): 021000089


Swift Code (Foreign Wire): CITIUS33


Note: Goldenstone 236454/10001


 


 


4