Stardust Power Secures Funding Amid Nasdaq Delisting Notice

Introduction

STARDUST POWER INC (Nasdaq: SDST) is a U.S. developer of battery-grade lithium products, headquartered in Greenwich, Connecticut. Founded in 2022, the company is constructing a lithium refinery in Muskogee, Oklahoma, with the capacity to produce up to 50,000 metric tons per annum of battery-grade lithium. As of July 14, 2025, SDST shares closed at $0.6572, reflecting a 160.79% increase on trading volume of 48,251,918 shares.

Corporate Profile

Stardust Power employs between 11 and 50 people and focuses on sustainability throughout its lithium extraction and refining processes. The firm's leadership includes Chief Executive Officer and Chairman Roshen Pujari, who, as of the July 11, 2025 Schedule 13D/A filing, beneficially owns 21,144,284 shares (35.1% of outstanding common stock). Other executive officers manage strategic partnerships, project development, and regulatory affairs.

Lithium Refinery by Mario Caruso

Recent Developments

On March 18 and 19, 2025, Nasdaq notified Stardust Power of non-compliance with minimum bid price and market value thresholds. On April 3, 2025, the company received a delisting warning for failing to maintain a $50 million market value of listed securities, with a compliance deadline of September 30, 2025.
On June 18, 2025, Stardust Power completed an underwritten public offering of 21.5 million shares at $0.20 each, generating approximately $4.3 million in gross proceeds (before fees). Aegis Capital Corp. has a 45-day over-allotment option for an additional 3,225,000 shares. Proceeds will fund the Definitive Feasibility Study for the Muskogee facility.
Also in June 2025, the Oklahoma Department of Environmental Quality determined that no industrial wastewater discharge permit is required for the planned processing site. The same month, Stardust Power signed a service agreement with Oklahoma Gas & Electric Company to develop an on-site substation. A Memorandum of Understanding with Ohio University was executed to explore advancements in Direct Lithium Extraction technology.
On July 11, 2025, the company filed an amended Form 10-K (10-K/A) for fiscal 2024 and a Schedule 13D/A detailing insider ownership changes, including share transfers into irrevocable trusts.

Financial and Strategic Analysis

The $4.3 million in offering proceeds enhances the company’s cash position prior to the Definitive Feasibility Study, which is a necessary step for securing construction financing. The amended 10-K filing on July 11, 2025, provides updated disclosures on revenue trends, net income, balance-sheet metrics, and cash-flow positions, although specific figures were not detailed in public summaries. Insider holdings remain concentrated, with the CEO retaining sole dispositive and voting power over 35.1% of shares. The permit determination and the OG&E substation agreement reduce regulatory and infrastructure risks, while the partnership with Ohio University supports advancements in Direct Lithium Extraction.

Market Position and Industry Context

Domestic lithium refining capacity is prioritized to diversify supply chains away from China and to meet U.S. electric vehicle mandates, such as California’s zero-emission requirement by 2035. Stardust Power’s Muskogee location offers multimodal logistics via Port Muskogee, positioning it as a central hub for aggregated brine sources across North America. The company operates in a developing sector where federal support—illustrated by the Department of Defense’s recent investment—indicates a growing U.S. commitment to securing critical mineral supply chains. However, market capitalization below Nasdaq thresholds and share pricing under $1 pose challenges for compliance with continued listing requirements.

tl;dr

As of July 14, 2025, SDST shares trade at $0.6572 amid a Nasdaq delisting notice associated with a market-value threshold of $50 million, with a compliance window through September 30, 2025. On June 18, 2025, the company raised $4.3 million in a public offering to advance its Muskogee, Oklahoma lithium refinery feasibility study. Regulatory approvals for wastewater discharge and a key substation agreement with OG&E have mitigated initial risks, while a joint research MOU with Ohio University supports Direct Lithium Extraction development.