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Pablo Cortegoso, Chief Technical Officer of Stardust Power Inc. (NASDAQ:SDST), recently executed a sale of company stock. The transaction comes as the company’s shares have declined nearly 95% over the past year, according to InvestingPro data, with the stock currently trading at $0.60, near its 52-week low of $0.53. The transaction, as reported in a recent SEC filing, involved the sale of 2,802 shares of common stock at a price of $0.62 per share, amounting to a total of $1,737. Following this sale, Cortegoso retains ownership of 4,681,906 shares of Stardust Power.
The sale was conducted as part of a pre-established trading plan under Rule 10b5-1, primarily to cover tax withholding obligations linked to the vesting and settlement of Restricted Stock Units (RSUs). The trading plan was adopted on December 13, 2024.
In other recent news, Stardust Power Inc. has announced a preliminary agreement with Sumitomo Corporation of Americas for a long-term lithium carbonate supply deal. This arrangement outlines a potential 10-year offtake agreement, with an option to extend for an additional five years, contingent on the qualification of Stardust Power’s lithium carbonate for sale. In a separate development, Stardust Power has set the terms for a public offering expected to raise approximately $5.75 million in gross proceeds. The funds are intended to advance the company’s lithium refinery project in Muskogee, Oklahoma, and cover general corporate purposes and promissory note settlements.
Additionally, Stardust Power has completed the acquisition of a 66-acre site for a new lithium refinery in Muskogee, marking a significant step toward constructing one of North America’s largest lithium refineries. The company has also secured the necessary environmental permits to begin construction. Local support has been substantial, with the establishment of a $27 million Tax Increment Financing district to assist in infrastructure improvements. These developments underscore Stardust Power’s strategic efforts to enhance domestic production capabilities and contribute to America’s energy independence.
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