Goldenstone Acquisition Limited - Business Summary

Company Overview

• Type: Delaware Blank Check Company (Special Purpose Acquisition Company - SPAC)
• Primary Purpose: To identify and complete a merger, share exchange, asset acquisition, share purchase, recapitalization, reorganization, or similar business combination with one or more target businesses, known as an "initial business combination."
• Industry Focus: No specific industry or geographic region, but explicitly will not pursue targets headquartered in or primarily conducting business in China (including Hong Kong and Macau).

Management and Key Contacts

• Sponsor: Goldenstone Holdings, LLC
• Control: Controlled by CEO Eddie Ni
• Management Team: Extensive experience in mergers and acquisitions for blank check companies, with connections across Asia and North America, and experience in business development.

Recent Financial Activities

• Initial Public Offering (IPO):
  • Date: March 21, 2022
  • Units Issued: 5,750,000 units (including 750,000 units from over-allotment)
  • Price: $10.00 per Unit
  • Gross Proceeds: $57.5 million
• Private Placement:
  • Units: 351,250 private units
  • Price: $10.00 per Private Unit
  • Total Proceeds: $3,512,500
  • Restrictions: Holders of Private Units cannot transfer them until 30 days after initial business completion; warrants in Private Units are not redeemable if held by them.
• Trust Account:
  • Total Deposited at IPO Close: $58,362,500 (including over-allotment proceeds and private placement)
  • As of March 31, 2025: $18,666,931 (funds, proceeds, and income)
• Transaction Costs:
  • Costs: Approximately $4.33 million (including underwriting discounts, deferred commissions, offering costs, issuance of shares to representatives, and unit purchase options)
  • Remaining Working Capital: About $2.98 million borrowed outside trust; roughly $14,700 outside of trust.

Business Strategy and Criteria

• Focus on acquiring companies with enterprise values between $150 million and $500 million, preferably cash-generative.
• Target companies at inflection points needing management expertise or innovation.
• Seek companies with predictable revenues, defensible market positions, and strong management teams.
• Intend to leverage U.S. public company structure for value creation and marketing benefits.
• Emphasize flexibility using cash, share capital, or debt for business combinations.
• Will not target Chinese-based companies or those primarily operating in China.

Regulatory and Geopolitical Risks

• China Regulations: No current requirement for Chinese approval to list or seek acquisitions, but regulatory environment is uncertain and can change rapidly due to China’s evolving policies.
• US Regulations: Potential review by CFIUS for foreign investments, impacting certain business combinations and investments.
• Legal and Enforcement Risks: Difficulties in enforcing judgments or service of process in China and Hong Kong, and uncertainties under PRC legal system.
• Foreign Investment: Possible restrictions or delays in US-China cross-border transactions due to geopolitical tensions.

Pending Business Combination

• Target: Infintium Fuel Cell Systems, Inc.
• Transaction: Merger with a Delaware company, with Infintium surviving as a wholly-owned subsidiary.
• Name Change: Post-merger name to be "Infintium Fuel Cell Systems Holdings, Inc."
• Valuation: Estimated at $130 million.
• Consideration: Shares of Parent stock based on valuation divided by $10.00; adjustments for options and earnout provisions.
• Further Approvals: Subject to stockholder approval and regulatory filings; no guarantee of completion.

Summary

• No current revenues, income, customer, or employee data provided.
• Corporate focus on identifying suitable private or public target companies across many industries, emphasizing U.S.-listed companies with established operations and management.
• Extensive regulatory considerations related to China and US geopolitics, without active operations or assets in China.