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Goldenstone Acquisition Ltd. (NASDAQ:GDST), an electrical industrial apparatus manufacturer with a market capitalization of $39.83 million, received a notice from The Nasdaq Stock Market LLC on March 19, 2025, warning of a potential delisting. The notice indicated that Goldenstone had not completed a business combination within the required 36-month period following its initial public offering, violating Nasdaq’s listing rules. According to InvestingPro data, the stock is currently trading near its 52-week low at $11.87.
The company, which has securities including common stock (GDST), units (GDSTU), redeemable warrants (GDSTW), and rights (GDSTR) listed on the Nasdaq, is now at risk of having these securities suspended from trading. InvestingPro analysis reveals concerning financial metrics, including a low current ratio of 0.05, indicating significant liquidity challenges. The deadline for Goldenstone to appeal the delisting notice and request a hearing is March 26, 2025. If the company fails to appeal by this date, trading of its securities will be suspended at the start of business on March 26, and a Form 25 NSE will be filed with the SEC to formally remove the securities from listing and registration on Nasdaq.
In the event of a delisting, Goldenstone’s securities are expected to be traded over-the-counter. The company has expressed intentions to reapply for Nasdaq listing in conjunction with the closing of a pending business combination, although details of this transaction have not been disclosed.
Investors and market participants are closely monitoring the situation, as the transition to over-the-counter trading could affect the liquidity and value of Goldenstone’s securities. The company’s management, led by CEO Eddie Ni, is tasked with navigating this regulatory challenge while maintaining shareholder confidence. For investors seeking comprehensive analysis of companies facing similar challenges, InvestingPro offers detailed financial health scores and real-time metrics to help assess investment risks.
This report is based on a statement released in a Form 8-K filing with the Securities and Exchange Commission.
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