S&P 500 slips, but losses kept in check as Nvidia climbs ahead of results
Roshen Pujari, CEO and Chairman of Stardust Power Inc. (NASDAQ:SDST), a small-cap company with a market value of approximately $32 million, recently sold 10,150 shares of the company’s common stock, according to a filing with the Securities and Exchange Commission. InvestingPro analysis indicates the company’s overall financial health score is weak at 0.41. The shares were sold at a weighted average price of $0.6056, with the transaction totaling approximately $6,146. This sale was part of a Rule 10b5-1 trading plan adopted on November 29, 2024, to cover tax withholding obligations related to the vesting of Restricted Stock Units. Following the transaction, Pujari retains direct ownership of 11,790,413 shares and indirect ownership of 17,826,774 shares through various entities. The stock has experienced significant volatility, falling 95% over the past year and currently trading near its 52-week low of $0.53. InvestingPro subscribers can access 13 additional key insights about SDST’s financial performance and outlook.
In other recent news, Stardust Power Inc. has announced a preliminary agreement with Sumitomo Corporation of Americas for a significant lithium carbonate supply deal. This non-binding letter outlines a prospective 10-year offtake arrangement, with an option to extend for an additional five years. Sumitomo would commit to purchasing 20,000 metric tons of lithium carbonate annually from Stardust Power, with the potential to increase to 25,000 metric tons. The pricing will be tied to spot market rates, and the agreement’s initiation depends on the qualification of Stardust Power’s lithium carbonate for sale. Additionally, Stardust Power has set the terms for a $5.75 million public offering, involving up to 4,792,000 shares of common stock and warrants. The offering aims to support the advancement of the company’s central lithium refinery project to the final investment decision stage. A.G.P./Alliance Global Partners (NYSE:GLP) is serving as the exclusive placement agent for this offering. The proceeds are intended for working capital, general corporate purposes, and settling certain promissory notes.
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