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Chi Special Acquisition Corp., a Delaware-based SPAC formerly known as Goldenstone Acquisition Limited, remains in search of an initial business combination. The IPO in March 2022 raised $57.5 million from 5,750,000 units, with $58,362,500 (including over-allotment and private placement proceeds) initially deposited into a trust account for public stockholders.
As of March 31, 2026, the trust account held $18,666,931, while the company had $3,939,966 of working-capital loans outstanding and only $5,618 outside the trust. The charter has been repeatedly amended to extend the deadline to complete a business combination, now potentially to December 21, 2026 with monthly extension deposits of $1,500, and the company has funded extensions through July 21, 2026. If no deal is closed by the final deadline, public shares will be redeemed for cash from the trust and warrants and rights will expire worthless. A 2024 business combination agreement with Infintium Fuel Cell Systems, and an earlier 2022 merger agreement with Roxe Holding Inc., were both terminated. The company was delisted from Nasdaq on March 26, 2025 and now trades on the OTC Markets. Although it has no PRC operations, extensive ties of its sponsor and management to China create highlighted risks from evolving PRC regulation and potential CSRC or cybersecurity oversight, as well as possible CFIUS review constraints for U.S. targets.
Chi Special Acquisition Corp. reported changes to its board of directors. Effective June 2, 2026, directors Pin Tai and Nan Sun resigned for personal reasons. On the same date, the company appointed Chung Fu Wing and Shangwei Chen to fill the resulting vacancies.
Chung Fu Wing, age 54, brings 30 years of multi-asset investment and management consulting experience in Asia, including prior roles in strategy and financial advisory. Shangwei Chen, age 41, adds more than 13 years of experience in investment advisory, corporate restructuring, and healthcare management, including founding SJ Investment and serving as Director and Executive Partner at NIEN TAI MEDICAL INSTRUMENTS.
Goldenstone Acquisition Limited reported a board change. Effective March 10, 2026, director Ray Chen resigned from the board for personal reasons. On the same date, the company appointed Mr. Wong Chi Kit (“Carson”) to fill the resulting vacancy on the Board of Directors.
Mr. Wong is the founder of Sigma Global Fund and a responsible officer at a Hong Kong licensed asset management firm, with over 20 years of experience in asset management and capital markets. He oversees three active portfolios focused on equities, private equity, technology, media and telecommunications, and global multi-asset credit, and has experience with IPO and SPAC exits.
Goldenstone Acquisition Limited reported results of a special stockholder meeting. Stockholders approved extending the deadline to complete a business combination in one‑month increments from March 21, 2026 to December 21, 2026, and separately extended the trust agreement deadline to December 31, 2026 with deposits of $1,500 per month into the trust account.
They also approved removing restrictions on combining with businesses based in or operating primarily in the People’s Republic of China, and changing the company name to Chi Special Acquisition Company. In connection with the meeting, 422,840 shares of common stock were redeemed, leaving 20,156 shares of public common stock outstanding.
Goldenstone Acquisition Limited is asking stockholders to approve several changes to keep its SPAC alive and broaden potential deal options. The board proposes extending the business-combination deadline from June 21, 2026 to December 21, 2026 with one-month extensions funded by $1,500 deposits into the trust each month. It also seeks to remove restrictions on acquiring China-based targets, change the name to “Chi Special Acquisition Company,” and allow meeting adjournments if support is insufficient. Public holders can redeem their shares around $13.03 per share from a Trust Account holding about $5.77M as of December 31, 2025, while the sponsor and insiders control 1,788,750 votes, or about 78.13% of outstanding shares.
Goldenstone Acquisition Limited, a SPAC, reported a small net loss of $108,214 for the quarter and $523,630 for the nine months ended December 31, 2025, as it continues to search for a merger target.
Total assets fell sharply to $5.84 million from $19.06 million, mainly because public shareholders redeemed shares and cash was withdrawn from the trust. Cash and investments in the trust account declined to $5.77 million, and only $24,330 of cash remained outside the trust.
After multiple extensions and redemptions, 442,996 public shares remain redeemable at an aggregate redemption value of about $5.81 million, while working capital and extension loans from related parties increased to $3.82 million. The SPAC’s business combination agreement with Infintium was terminated on October 1, 2025, and management disclosed substantial doubt about its ability to continue as a going concern if no deal is completed by the current deadline of June 21, 2026.
Goldenstone Acquisition Limited is asking stockholders to approve several charter and trust agreement amendments so it can keep searching for a merger target and avoid liquidation. The proposals would extend the SPAC’s business combination deadline from February 21, 2026 to as late as December 21, 2026, with monthly extensions funded by $1,500 deposits into the trust account.
The company also seeks to remove its current restriction on combining with businesses based in or primarily operating in China, including Hong Kong and Macau, and to change its name to “Chi Special Acquisition Company.” Stockholders can redeem their public shares for cash in connection with these changes. The trust account held approximately $5,770,865 of marketable securities as of December 31, 2025, and 2,289,246 common shares were outstanding on the record date.
Goldenstone Acquisition Limited (GDST) reported a small operating company-style update as it continues to search for a merger partner. For the six months ended September 30, 2025, it recorded a net loss of $415,416, compared with net income of $81,219 a year earlier, driven by formation and operating costs and lower interest income from its shrinking trust.
Redemptions significantly reduced the SPAC’s cash pool: the Trust Account balance fell to $5,330,210 from $18,666,931 at March 31, 2025, after $13,510,111 was used to redeem 1,152,875 shares in July 2025. Only 442,996 public shares remain redeemable, and cash outside the trust was just $371,603, alongside a working capital deficit of $5,290,212.
The planned business combination with Infintium Fuel Cell Systems, Inc. was terminated by Infintium on October 1, 2025, leaving Goldenstone without a deal. The company has extended its deadline to complete a transaction up to June 21, 2026 via monthly sponsor-funded deposits, and management cites these conditions as raising substantial doubt about its ability to continue as a going concern. Goldenstone also recorded an excise tax liability of $600,958 related to past stock redemptions.