S&P 500 slips, but losses kept in check as Nvidia climbs ahead of results
In a turbulent market environment, SDST stock has tumbled to a 52-week low, reaching a price level of just $0.66. According to InvestingPro data, the stock’s RSI indicates oversold territory, while the company’s financial health score stands at a concerning 0.59, labeled as "WEAK." This significant downturn reflects a broader trend for Global Partner Acquisition II, which has seen a staggering 1-year change of -93.99%. With a market capitalization of just $36.17 million and currently trading below its Fair Value, investors are closely monitoring the stock as it struggles at this low point. InvestingPro subscribers can access 12 additional key insights about SDST’s financial position and market performance. The company’s performance and future outlook remain under scrutiny as it hits this new low watermark.
In other recent news, Stardust Power Inc. has announced a preliminary agreement with Sumitomo Corporation of Americas for a potential long-term lithium carbonate supply deal. The agreement outlines a 10-year offtake arrangement, with an option to extend, involving the purchase of up to 25,000 metric tons annually. In addition, Stardust Power has launched a public offering expected to raise approximately $5.75 million, which will support their central lithium refinery project. This offering includes shares and warrants priced at $1.20 each, with A.G.P./Alliance Global Partners (NYSE:GLP) acting as the exclusive placement agent.
Furthermore, Stardust Power has completed the acquisition of a 66-acre site in Muskogee, Oklahoma, for a new lithium refinery. The site is intended to become one of North America’s largest lithium refineries, with a planned capacity of up to 50,000 metric tons annually. The company has secured necessary environmental permits to begin construction, supported by a $27 million Tax Increment Financing district established by local authorities. These developments reflect Stardust Power’s strategic moves to enhance its production capabilities and establish a resilient supply chain for battery-grade lithium in the United States.
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