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Devasper Udaychandra, the Chief Financial Officer of Stardust Power Inc. (NASDAQ:SDST), recently executed several transactions involving the company’s common stock. The company, currently valued at $35.33 million, has seen its stock price decline by 90% over the past six months to $0.69. On March 6 and 7, Udaychandra sold a total of 77,799 shares, valued at approximately $52,911. The shares were sold at prices ranging from $0.6789 to $0.6813. These transactions were part of a plan to cover tax withholding obligations related to the vesting and settlement of restricted stock units (RSUs), pursuant to a Rule 10b5-1 trading plan adopted in September 2024. Following these transactions, Udaychandra holds 204,927 shares directly. According to InvestingPro, the company currently shows weak financial health with rapid cash burn, and investors can access 13 additional key insights about SDST’s performance and outlook through the platform.
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 outlines a potential 10-year offtake arrangement, with an option to extend for an additional five years. This deal would have Sumitomo purchasing 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 $5.75 million public offering, with plans to offer shares of common stock and warrants. The proceeds are intended to advance the company’s central lithium refinery project to the final investment decision stage. In another development, Stardust Power has secured a 66-acre site in Muskogee, Oklahoma, for its new lithium refinery, marking a crucial step towards construction. The site acquisition includes a General Permit for Stormwater Discharges from Construction Activities, essential for compliance with environmental standards. Local support for the project includes a $27 million Tax Increment Financing district to aid infrastructure improvements.
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