Growth-focused SPAC Goldenstone Acquisition files for a $50 million IPO

Goldenstone Acquisition, a blank check company targeting growth-oriented businesses, filed on Monday with the SEC to raise up to $50 million.

The Aurora, IL-based company plans to raise $50 million by offering 5 million units at $10. Each unit consists of one share of common stock, one warrant to purchase one-half of a share exercisable at $11.50, and one right to receive one-tenth of a share upon the completion of an initial business combination. At the proposed deal size, Goldenstone Acquisition would command a market value of $66 million.

The company is led by CEO and Director Eddie Ni, who currently serves as the CEO of Windfall Group; CFO and Director Ray Chen, who currently serves as the investor relation officer for Scienjoy (SJ) and previously was the CEO of Fortissimo Film International; and COO Yongsheng Liu, who previously served as the CEO of Royal China Holdings Limited (HKEx: 1683). Chen and Liu are also current or former executives of SPACs Goldebridge Acquisition (GBRGU; +4% from $10 offer price) and Wealthbridge Acquisition (now Scienjoy).

Goldenstone Acquisition plans to target growth-oriented businesses with enterprise values between $150 million and $500 million.

Goldenstone Acquisition was founded in 2020 and plans to list on the Nasdaq under the symbol GDSTU. The company filed confidentially on May 6, 2021. Maxim Group LLC is the sole bookrunner on the deal.