Goldenstone Acquisition is a SPAC — a blank check company with no operations of its own — formed solely to identify, merge with, and take public a private operating company. Goldenstone raised $57.5M in its IPO in March 2022, placing those proceeds in a trust account while it searches for a target. The company focuses on targets in industries such as AI, green energy, and electric vehicles, with enterprise values between $150M and $500M, and explicitly excludes companies headquartered in or primarily operating in China. After an earlier deal with blockchain payments company Roxe Holding fell apart in September 2022, Goldenstone signed a Business Combination Agreement in June 2024 to merge with Infintium Fuel Cell Systems, a Delaware-incorporated fuel cell company valued at $130M at closing. If the deal closes, Goldenstone would rename itself "Infintium Fuel Cell Systems Holdings." The SPAC structure works by holding IPO proceeds in trust while searching for a target; shareholders can either approve the merger and convert their shares into the combined company, or redeem their shares for roughly $10 per share plus accrued interest. The sponsor earns value through a "promote" — a low-cost equity stake in the combined company. Goldenstone's trust account has declined from $58.4M at IPO to approximately $18.7M as of March 2025 due to heavy shareholder redemptions, and the company has relied on roughly $3.0M in insider loans to fund operating costs. The Infintium deal has not yet closed, and the combination deadline runs through June 21, 2025.