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Stardust Power Inc. (NASDAQ:SDST) recently disclosed a notable transaction involving its Chief Financial Officer, Devasper Udaychandra. According to a Form 4 filing with the Securities and Exchange Commission, Udaychandra sold 36,050 shares of Stardust Power common stock on March 17, 2025. The shares were sold at a weighted average price of approximately $0.5948 per share, totaling $21,442. The transaction comes as the stock trades near its 52-week low of $0.53, having declined over 94% in the past year, according to InvestingPro data.
The sale was conducted under a Rule 10b5-1 trading plan, which Udaychandra adopted on November 27, 2024. This plan was intended to cover tax withholding obligations related to the vesting and settlement of Restricted Stock Units (RSUs). Each RSU represents the right to receive one common share upon vesting. InvestingPro analysis indicates the company faces financial challenges, with a weak health score of 0.41 and a concerning current ratio of 0.3.
Following these transactions, Udaychandra holds 342,147 shares of Stardust Power. The company, based in Oklahoma City, operates in the primary smelting and refining of nonferrous metals sector. With a market capitalization of $31.69 million and negative free cash flow yield, InvestingPro analysis suggests the stock is currently overvalued relative to its Fair Value. Subscribers can access 14 additional ProTips and comprehensive financial metrics for deeper insight into SDST’s performance.
In other recent news, Stardust Power Inc. announced a preliminary agreement with Sumitomo Corporation of Americas for a significant lithium carbonate supply deal. The non-binding letter agreement 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’s inaugural production line, with potential to increase to 25,000 metric tons. Additionally, Stardust Power has set the terms for a public offering, aiming to raise approximately $5.75 million in gross proceeds. The offering includes 4,792,000 shares of common stock and warrants to purchase an equivalent number of shares at a combined price of $1.20 per share and accompanying warrant. The proceeds are intended for working capital, general corporate purposes, and settling amounts due under certain promissory notes. A.G.P./Alliance Global Partners (NYSE:GLP) is serving as the exclusive placement agent for this offering. Stardust Power’s CEO emphasized the importance of this funding in advancing the company’s central lithium refinery project to the final investment decision stage.
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