GREENWICH, Conn., Jan. 07, 2025 (GLOBE NEWSWIRE) -- Stardust Power Inc. (NASDAQ:SDST) ("Stardust Power" or the "Company"), an American developer of battery-grade lithium products, is pleased to announce the appointment of Chris Celano as Chief Operating Officer (COO), effective immediately. Mr. Celano will report directly to the Chief Strategy Officer and Senior Advisor to the Chief Executive Officer, Paramita Das. Chris has been working with the Stardust Power team since October 2024 and now begins his dut ...

Figure: 1 Above: Martyn Buttenshaw, newly appointed Stardust Power Director Above: Martyn Buttenshaw, newly appointed Stardust Power Director GREENWICH, Conn., Dec. 19, 2024 (GLOBE NEWSWIRE) -- Stardust Power Inc. (“Stardust Power” or the “Company”) (NASDAQ: SDST), an American developer of battery-grade lithium products, is pleased to announce the appointment of Mr. Martyn Buttenshaw as Independent Director to its Board of Directors, effective as of December 16, 2024. Mr. Buttenshaw brings extensive ex ...

Caption: Governor of Oklahoma, J. Kevin Stitt, and Founder and CEO, Stardust Power, Roshan Pujari, met December 2, 2024, to discuss the upcoming construction of its lithium refinery in Muskogee, Oklahoma GREENWICH, Conn., Dec. 17, 2024 (GLOBE NEWSWIRE) -- Stardust Power Inc. ("the Company" or "Stardust Power") (NASDAQ:SDST), an American developer of battery-grade lithium products, today announced the completion of the acquisition of its 66-acre site at the Southside Industrial Park in Muskogee, Oklahoma. T ...

Business Development - Stardust Power is developing a large-scale lithium refinery in Oklahoma to manufacture battery grade lithium products primarily for the electric vehicle market [136]. - The business combination with Global Partner Acquisition Corp II was completed on July 8, 2024, resulting in the renaming of the company to Stardust Power Inc. [144]. - An engineering agreement was signed with Primero USA, Inc. for approximately $4.7 million to assist in the development of the Muskogee Lithium facility [147]. - The company is in the process of conducting feasibility studies for the production of lithium products from the Liberty Lithium Brine Project in California [152]. - Stardust Power is developing a phased central refinery with an initial capacity of 25,000 tons per annum, aiming for a total capacity of 50,000 tons per annum in the second phase [157]. Financial Performance - The company has not generated any revenue since inception and has incurred an operating loss of $10,092,312 for the three months ended September 30, 2024, compared to a loss of $843,800 for the same period in 2023 [183]. - General and administrative expenses for the three months ended September 30, 2024, totaled $8,980,965, an increase of $8,202,510 compared to $778,455 for the same period in 2023 [183]. - The company incurred a net loss of $10,092,312 for the three months ended September 30, 2024, compared to a net loss of $843,800 for the same period in 2023, reflecting an increase in losses of $9,248,512 [199]. - The accumulated deficit as of September 30, 2024, was $43.0 million, up from $3.8 million as of December 31, 2023 [200]. - The company has not earned any revenue since inception and has been operating at a loss, with a stockholders' deficit of $13,304,610 as of September 30, 2024 [205]. Capital and Financing - The company received up to $257 million in performance-based incentives from the State of Oklahoma, contingent on job creation and capital expenditure projections [139]. - The total refinery cost is estimated at $1,165 million, which the company intends to finance through a mix of debt, equity, and potential government grants [201]. - The company entered into a Common Stock Purchase Agreement allowing it to sell up to $50,000,000 of newly issued shares, subject to certain conditions [206]. - The company has funded operations through sales of common stock, promissory notes, SAFE notes, and convertible equity agreements, with all promissory notes fully repaid as of September 30, 2024 [204]. - The company has a financing commitment with AIGD allowing for an additional $15 million drawdown on terms similar to existing SAFE notes [216]. Operational Challenges - Stardust Power has an accumulated deficit and stockholders' deficit, raising substantial doubt about its ability to continue as a going concern for at least the next twelve months [161]. - The success of the refinery's operations is contingent upon raising adequate capital and obtaining relevant permits in a timely manner [160]. - The company has not sourced any raw materials to date and is negotiating with multiple suppliers for brine feedstock, including from the oil and gas industry [173]. - The company expects operational expenditures to increase as it begins commercial production of battery-grade lithium and recruits more personnel [199]. - The company is subject to credit risk with respect to cash balances exceeding the FDIC insured amount of $250,000, with only one financial banking institution [269]. Strategic Plans - The company expects to generate future revenue primarily from long-term contracts for battery-grade lithium, with pricing structures that include caps and ceilings [172]. - The Company plans to enter into 10-year long-term sales contracts with EV manufacturers to address fluctuations in product pricing, implementing a cap and floor pricing strategy [256]. - The Company is negotiating fixed price off-take agreements with suppliers to mitigate commodity price risk associated with lithium hydroxide and lithium carbonate [254]. - The company plans to differentiate its refinery by screening for a broader set of contaminants compared to other lithium refineries [158]. - The fair value of common stock is estimated based on third-party valuations and various financial performance factors due to the absence of an active market [238].

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): November 13, 2024 | --- | --- | --- | |---------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------|-----------------------------------------------------| ...

Business Updates and Operational Highlights - Completion of the business combination with Global Partner Acquisition Corp II and subsequent listing on the Nasdaq Global Market [2] - Strengthened senior management team with the appointment of Paramita Das as Chief Strategy Officer and Adam Johnson as Chief Commercial Officer [2] - Selection of Primero USA to complete a Front-End Loading-3 (FEL-3) engineering design and cost study for the lithium refinery in Muskogee, Oklahoma [2] - Entered into a 90-day exclusivity period with KMX Technologies, Inc to negotiate the exclusive use of lithium brine concentration technology [2] - Entered into a common stock purchase agreement with B Riley Principal Capital II LLC allowing the company to sell up to $50 million of newly issued shares [2] Financial Performance - Cash and cash equivalents of $1.6 million as of September 30, 2024 [4] - Zero long-term debt as of September 30, 2024 [4] - Net loss of $10.0 million for Q3 2024 compared to $0.8 million for Q3 2023 [4] - Loss per share of $(0.22) for Q3 2024 compared to $(0.02) for Q3 2023 [4] - Net cash used in operating activities totaled $8.5 million for the nine months ended September 30, 2024 [4] - Net cash used in investing activities was $1.3 million for the nine months ended September 30, 2024 [4] - Net cash provided by financing activities was $10.1 million for the nine months ended September 30, 2024 [4] Strategic Vision and Industry Positioning - Stardust Power is developing a lithium refinery in Muskogee, Oklahoma with an anticipated capacity of 50,000 metric tons per annum of battery-grade lithium [7] - The company aims to supply the electric vehicle (EV) industry and bolster America's energy leadership by building resilient supply chains [7] - The company is committed to sustainability at each point in the process [7] Management Commentary - The company has made significant strides in advancing strategic objectives since becoming a public company [3] - The team is focused on reaching a final investment decision and starting construction on one of the largest lithium refineries in the world [3] - The company is excited about upcoming quarters and milestones to create value for shareholders and stakeholders [3] - The company is scaling operations while maintaining efficiency with resources [5]