Goldenstone Acquisition Ltd (NASDAQ: GDST) is a special purpose acquisition company (SPAC) formed for the sole purpose of completing a merger, capital stock exchange, asset acquisition, stock purchase, or similar business combination with one or more target businesses. The company generates no operating revenue. Its funding model relies on capital raised through its initial public offering, proceeds held in a Trust Account, and working capital loans from its Sponsor. As of the 10-K filed June 16, 2025, GDST had not completed a business combination and disclosed substantial doubt about its ability to continue as a going concern, with a combination deadline of June 21, 2025. A Business Combination Agreement dated June 26, 2024 was entered into with Pacifica Acquisition Corp. and Infintium Fuel Cell Systems, amended January 28, 2025. The CEO and CFO is Eddie Ni. Auditor is Marcum Asia CPAs LLP. The fiscal year ends March 31.

Revenue model

No operating revenue. The company is pre-combination and holds funds in a Trust Account from its IPO. Working capital and extension loans from the Sponsor provide operational funding.

Products and services

SPAC shell entity seeking an initial business combination. Pending target: Infintium Fuel Cell Systems, via a Business Combination Agreement dated June 26, 2024, amended January 28, 2025.

Customers and end markets

No customers or commercial end markets. The company's counterparties are prospective acquisition targets and its Sponsor.

Value-chain role

Blank-check acquisition vehicle. Sources acquisition targets, performs due diligence, and structures business combinations on behalf of public stockholders.

Geographic exposure

Incorporated in the United States. Filing discloses exposure to PRC regulatory risk, indicating potential consideration of China-linked acquisition targets.

Source: SEC 10-K, filed 2025-06-16

Industry: Electrical Industrial Apparatus