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Pablo Cortegoso, the Chief Technical Officer of Stardust Power Inc. (NASDAQ:SDST), a company currently valued at $31.7 million and trading near its 52-week low, recently sold shares worth $1,581. According to InvestingPro analysis, the stock has declined over 94% in the past six months. This transaction, filed on March 18, 2025, involved the sale of 2,550 shares at an average price ranging from $0.62 to $0.63 per share. Following this sale, Cortegoso retains ownership of 4,679,356 shares in the company. The sale was conducted to cover tax withholding obligations related to the vesting of Restricted Stock Units, as per a pre-established Rule 10b5-1 trading plan. InvestingPro data indicates the company’s overall financial health score is weak at 0.41, with 12 additional key insights available to subscribers.
In other recent news, Stardust Power Inc. has 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 for 20,000 metric tons annually, with an option to extend the contract and increase the quantity to 25,000 metric tons. The agreement’s initiation depends on the qualification of Stardust Power’s lithium carbonate for Sumitomo’s clients, with pricing tied to spot market rates. 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 priced at $1.30 per share, exercisable immediately and expiring in five years. The funds will support the company’s central lithium refinery project and other corporate purposes. A.G.P./Alliance Global Partners (NYSE:GLP) is the exclusive placement agent for the offering. Stardust Power is advancing its strategic plans, including developing a large lithium refinery in Muskogee, Oklahoma, with a projected annual capacity of 50,000 metric tons.
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