Goldenstone Acquisition registered today with the SEC to offer 5 million units at $10 each. A unit consists of one share of common stock, one redeemable warrant, and one right to receive one-tenth of one share of common stock upon the consummation of an initial business combination. Whole warrants will be exercisable at $11.50.
Maxim Group is sole book-running manager for the offering. The underwriters have a 45-day option to purchase up to 750,000 additional units to cover any over-allotments.
Management in the S-1 filing did not mention any specific sectors the SPAC may target, saying the initial focus is “on companies that have achieved growth of over 25% per annum in either their revenue or net profit for the past 2 years and we primarily intend to focus on acquiring growth-oriented business with an enterprise value between $150 million and $500 million.”
Goldenstone is led by Director, President and CEO Eddie Ni, who is the chairman and CEO of Windfall Group. The Ohio-based Windfall has a portfolio involved in a variety of US industries, including real estate, building supply, construction, and import/export of construction materials and home building structures.
The SPAC intends to apply for a Nasdaq listing under GDSTU. Read more.
