Goldenstone Acquisition Ltd. Approves Major Amendments, Name Change, and Extension of Business Combination Deadline

Date: March 23, 2026

By: Financial Reporter

Key Highlights for Investors

• Extension of Business Combination Deadline Approved: Shareholders voted to extend the deadline for completing a business combination from March 21, 2026 to December 21, 2026, with the possibility of monthly extensions through that period.
• Amendment to Allow Business Combinations with Chinese Entities: Shareholders approved removing the restriction that previously prohibited the company from merging with or acquiring entities based in the People’s Republic of China, including Hong Kong and Macau.
• Company Name Change: The company will change its name from “Goldenstone Acquisition Ltd.” to “Chi Special Acquisition Company”.
• Redemption of Common Stock: 422,840 shares of common stock were redeemed by shareholders, significantly reducing the public float to just 20,156 shares outstanding.
• Charter and Trust Agreement Amendments: The company’s Charter and Investment Management Trust Agreement were amended to accommodate the new deadlines and conditions for the business combination process.

Details of the Special Meeting and Shareholder Votes

On March 17, 2026, Goldenstone Acquisition Ltd. held a Special Meeting of Stockholders with several critical proposals on the agenda. The meeting was open to shareholders of record as of February 26, 2026, when the company had 2,289,246 shares of common stock issued and outstanding.

Proposal 1: Extension of Business Combination Deadline

What was approved? The company’s amended and restated certificate of incorporation was amended to extend the time available to complete a business combination. The new deadline is December 21, 2026, with the option to extend by one month at a time from March 21, 2026 to December 21, 2026.

Vote Outcome: Unanimous approval with 1,432,998 votes in favor, 8,400 against, and zero abstentions.

Price Sensitivity: The extension allows Goldenstone more time to seek an acquisition or merger, which may be seen as a positive for shareholders expecting a value-adding transaction. However, further delays may increase uncertainty.

Proposal 2: Amendment to Trust Agreement

What was approved? The Investment Management Trust Agreement with Continental Stock Transfer & Trust Company was amended to align with the new business combination deadline. The company must now deposit \$1,500 into the trust account for each month of extension.

Vote Outcome: 1,432,998 in favor, 8,400 against, zero abstentions.

Price Sensitivity: Ensures the trust account remains funded during the extension, maintaining the value of shares and providing continued security for investors.

Proposal 3: Removal of China Business Combination Restrictions

What was approved? The Charter was amended to remove restrictions preventing the company from pursuing a business combination with an entity based in, or with a majority of operations in, the People’s Republic of China (including Hong Kong and Macau).

Vote Outcome: 1,441,398 in favor, none against or abstaining.

Price Sensitivity: This is a significant change, as it opens the potential target market to Chinese companies, which could materially affect the type and size of business combination the company may pursue. Given geopolitical and regulatory considerations, deals with Chinese companies can be both high risk and high reward.

Proposal 4: Name Change to “Chi Special Acquisition Company”

What was approved? The official name of the company will change from “Goldenstone Acquisition Ltd.” to “Chi Special Acquisition Company.”

Vote Outcome: 1,441,398 in favor, none against or abstaining.

Price Sensitivity: While rebranding alone is not usually price sensitive, it signals a strategic shift in the company’s focus, likely towards the Chinese market. This aligns with the earlier proposal to remove China-based acquisition restrictions.

Redemptions and Updated Share Count

Following the Special Meeting, 422,840 shares of common stock were tendered for redemption. As a result, only 20,156 shares of public common stock remain outstanding. This dramatic reduction in float could increase volatility in the company’s share price and may impact liquidity for remaining shareholders.

Filing of Certificate of Amendment

The Certificate of Amendment reflecting the approved changes was filed on March 23, 2026.

What Shareholders Need to Know

• All proposals passed with overwhelming approval, indicating strong shareholder support for the company’s updated strategy and structure.
• The removal of China restrictions and the name change suggest a new focus or potential deal in the Chinese market. Such deals can be lucrative but also carry regulatory and geopolitical risks.
• The substantial reduction in public float could lead to increased share price volatility and low liquidity.
• Ongoing monthly contributions to the trust account will be required during the extension period. This may impact the company’s cash position but is necessary to keep the business combination option alive.

Conclusion

These changes are likely to be significant for the company’s future direction and may substantially affect the share price, especially if a Chinese business combination is pursued. Investors should closely monitor any announcements regarding potential deals or changes in strategy.

Disclaimer: This article is for informational purposes only and does not constitute investment advice. Investors should conduct their own due diligence before making any investment decision. The author and publisher are not responsible for any losses resulting from investment actions based on this article.

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