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Stardust Power Inc. (NASDAQ:SDST) Chief Financial Officer Devasper Udaychandra reported selling shares worth $44,510 over two days, according to a recent SEC filing. The transactions occurred on March 11 and March 12, as part of a pre-arranged trading plan. The shares were sold at prices ranging from $0.60 to $0.6013, with the stock down nearly 95% over the past year and currently trading at a market capitalization of $31.32 million.
The sales were part of a strategy to cover tax withholding obligations linked to the vesting of Restricted Stock Units (RSUs). On both days, Udaychandra also acquired 82,457 shares through the vesting of RSUs, which were converted into common stock at no cost. Following these transactions, Udaychandra holds 295,741 shares directly. According to InvestingPro, the company’s financial health score is currently rated as WEAK, with analysis showing rapid cash burn and high price volatility. Subscribers can access 15+ additional ProTips and detailed metrics for deeper insights.
The report highlights Udaychandra’s active management of his holdings in Stardust Power, reflecting a mix of strategic sales and acquisitions tied to RSU vesting. Technical indicators from InvestingPro suggest the stock is currently in oversold territory.
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 agreement outlines a potential 10-year offtake arrangement, with an option to extend for an additional five years. Under the terms, Sumitomo would purchase 20,000 metric tons of lithium carbonate annually, with the possibility of increasing to 25,000 metric tons. Additionally, Stardust Power has set the terms for a public offering expected to generate approximately $5.75 million in gross proceeds. The funds are intended to advance the company’s lithium refinery project in Muskogee, Oklahoma.
Stardust Power has also secured a 66-acre site in Muskogee for the construction of a new lithium refinery, marking a significant step towards enhancing its production capacity. The site acquisition includes a General Permit for Stormwater Discharges, essential for beginning construction while ensuring environmental compliance. The project has received local support, including a $27 million Tax Increment Financing district to aid infrastructure improvements. These developments reflect Stardust Power’s commitment to establishing a robust supply chain for battery-grade lithium in the United States.
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