Chi Special Acquisition Corp.

What they do

The company is a Delaware corporation formerly known as Goldenstone Acquisition Limited, formed to merge with or acquire one or more businesses. It has no operating business and has not named a target industry or region. Its sponsor is Goldenstone Holdings, LLC, controlled by Eddie Ni.

Revenue drivers

• Trust account interest income — The only recurring economics come from income earned on the $18,666,931 held in the trust account as of March 31, 2026.
• Sponsor loans for transaction costs — Initial stockholders, officers, directors or affiliates have agreed to lend funds as required to finance transaction costs.
• IPO and private placement proceeds — The March 21, 2022 IPO raised $57,500,000 in gross proceeds, alongside $3,512,500 from 351,250 private units.

Recent performance

The company is not an operating business, so results reflect deal costs and trust income rather than sales. Net income was $145,511 in 2023 and $1.6M in 2024, then fell to $109,366 in 2025 and to a loss of $414,679 in the latest annual period. Operating cash flow has been negative every year shown, from -$45,553 in 2022 to -$248,866 in the latest year. At March 31, 2026 it reported $6.0M of assets, $13.6M of liabilities, negative shareholder equity of $7.9M and only $5,618 of cash.

Strategy

The entire stated strategy is to identify and complete an initial business combination; no industry or geographic target has been specified. Proceeds of $58,362,500 were placed in trust, and $18,666,931 remained there as of March 31, 2026. A prior agreement to merge with Roxe Holding Inc. was terminated on December 31, 2022, with no termination fee. The company has repeatedly extended its deadline through charter amendments and stockholder votes, most recently in March 2026 and July 2026. If no business combination is completed by the extended deadline, the trust will be redeemed and the company wound up.

Risks

• No deal, no company — If it fails to complete a business combination by the extended deadline, it must redeem public shares and liquidate, extinguishing public stockholders' rights.
• Thin remaining runway — It held only $5,618 of cash and equivalents at March 31, 2026 against $13.6M of liabilities and negative $7.9M shareholder equity.
• Serial extension risk — The deadline has been extended through multiple shareholder votes and charter amendments, each adding cost without a signed transaction.
• Prior deal termination — The June 2022 Roxe Holding Inc. merger agreement was terminated on December 31, 2022, leaving the company still searching for a target.

Outlook

Management's forward-looking statements focus on completing an initial business combination. The filing states plainly, "We cannot assure you that our plans to complete our initial business combination will be successful." If no deal closes by the extended deadline, the company intends to redeem the public shares and dissolve and liquidate.