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Roshen Pujari, the CEO and Chairman of Stardust Power Inc. (NASDAQ:SDST), recently sold 11,350 shares of the company’s common stock. The shares were sold at an average price of approximately $0.61 per share, resulting in a total transaction value of $6,929. The transaction comes as SDST, currently valued at $31.3 million, trades near its 52-week low of $0.53, having declined over 94% in the past year. According to InvestingPro analysis, the stock’s RSI indicates oversold conditions. Following the sale, Pujari retains direct ownership of 11,800,563 shares.
According to the SEC filing, the transaction was conducted to cover tax withholding obligations related to the vesting of Restricted Stock Units (RSUs) and was executed under a Rule 10b5-1 trading plan put in place in November 2024. Additionally, Pujari holds indirect ownership of 17,826,774 shares through various entities, including Energy Transition Investors LLC and 7636 Holdings LLC.
In other recent news, Stardust Power Inc. has announced a preliminary agreement with Sumitomo Corporation of Americas for a potential 10-year lithium carbonate supply deal. This agreement outlines that Sumitomo would purchase up to 25,000 metric tons of lithium carbonate annually, contingent on certain conditions. Additionally, Stardust Power has set terms for a $5.75 million public offering, which includes shares and warrants priced at $1.20 per share. The offering aims to support the company’s lithium refinery project in Muskogee, Oklahoma. A.G.P./Alliance Global Partners (NYSE:GLP) is acting as the placement agent for this offering. Furthermore, Stardust Power has secured a 66-acre site in Muskogee for the refinery, marking a significant step towards construction. The project has received local support, including a $27 million Tax Increment Financing district to aid infrastructure development. The refinery is expected to produce up to 50,000 metric tons of battery-grade lithium annually, furthering the company’s goal of building a robust domestic supply chain.
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