Growth-focused SPAC Goldenstone Acquisition prices $50 million IPO

Goldenstone Acquisition, a blank check company targeting growth-oriented businesses, raised $50 million by offering 5 million units at $10. Each unit consists of one share of common stock, one right to receive one-tenth of a share upon the completion of an initial business combination, and one warrant to purchase one-half of a share, exercisable at $11.50.

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 (Nasdaq: 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) and Wealthbridge Acquisition (now Scienjoy).

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

Goldenstone Acquisition plans to list on the Nasdaq under the symbol GDSTU. Maxim Group LLC acted as sole bookrunner on the deal.