10:50 AM EDT, 06/26/2024 (MT Newswires) -- Goldenstone Acquisition ( GDST ) , a blank check company, said Wednesday that it has entered into a business combination deal with Infintium Fuel Cell Systems.

The transaction values Infintium at a pre-money enterprise value of $130 million. The deal will provide about $18 million in gross cash proceeds to Infintium at closing, the company said.

The combined company will operate as Infintium Fuel Cell Systems Holdings per the agreement after the merger. The company said its common stock will be listed on the Nasdaq Stock Market.

The deal is set to close by Q1 2025, the company added.

Shares of Goldenstone fell nearly 3% in recent trading.

Price: 11.27, Change: -0.33, Percent Change: -2.84