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In a recent transaction, Das Paramita, the Chief Strategy Officer of Stardust Power Inc. (NASDAQ:SDST), sold 12,596 shares of the company’s common stock. The shares were sold at a weighted average price ranging between $0.60 and $0.61 per share, resulting in a total transaction value of approximately $7,565. The transaction occurs as SDST, currently valued at $31.3 million, trades near its 52-week low of $0.53. According to InvestingPro analysis, the stock appears overvalued at current levels, with shares down over 94% in the past year. This sale was conducted to cover tax withholding obligations related to the vesting and settlement of Restricted Stock Units, as per a Rule 10b5-1 trading plan adopted in December 2024.
Following this transaction, Paramita holds 17,404 shares directly, while an additional 104,748 shares are held indirectly through DRE Chicago LLC.
In other recent news, Stardust Power Inc. has announced a preliminary agreement with Sumitomo Corporation of Americas for a potential 10-year lithium carbonate supply deal, with an option to extend for an additional five years. This agreement, still under negotiation, could see Sumitomo purchasing up to 25,000 metric tons of lithium carbonate annually, contingent on Stardust Power’s production meeting quality standards. Additionally, Stardust Power has launched a public offering expected to raise approximately $5.75 million before fees, with proceeds earmarked for working capital and advancing their lithium refinery project in Oklahoma.
The company has also completed the acquisition of a 66-acre site in Muskogee, Oklahoma, for the construction of a lithium refinery, which is set to be one of the largest in North America. This site acquisition is bolstered by a $27 million Tax Increment Financing district established by the City and County of Muskogee to support infrastructure improvements. Stardust Power has secured necessary permits for construction, emphasizing compliance with environmental standards. The planned refinery aims to produce up to 50,000 metric tons of battery-grade lithium annually, aligning with Stardust Power’s goals of enhancing domestic production capabilities.
These developments reflect Stardust Power’s strategic efforts to establish a robust supply chain for battery-grade lithium in the United States.
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