LinkedIn
WebsiteIntroduction to STARDUST POWER INC
STARDUST POWER INC (NASDAQ: SDST) is a U.S. developer of battery-grade lithium products, headquartered in Greenwich, Connecticut. On October 14, 2025, its shares traded at $6.99, an increase of 35.99% with a trading volume of 377,536 according to NASDAQ data. The company is advancing a lithium processing facility in Muskogee, Oklahoma, aimed at supporting North America’s supply chain for electric vehicle batteries.
Corporate Structure and Leadership
Founded in 2022, STARDUST POWER INC employs between 11 and 50 people. Its senior team includes:
- Roshan Pujari, Founder and Chief Executive Officer, overseeing overall strategy and capital-market engagement.
- John Riesenberg, Managing Director – Oklahoma, responsible for site development and community relations in Muskogee.
- Kenneth Pitts, appointed Construction and Subcontracts Director in October 2025, with over 25 years of experience in industrial project delivery.
Lithium processing by Thomas Jensen
Developments and News
Since June 2025, STARDUST POWER has reported progress on several fronts:
- June 18, 2025: Closed an underwritten public offering, raising approximately $4.3 million by selling 21.5 million shares at $0.20 each, with a 45-day over-allotment option for an additional 3.225 million shares.
- August 2025: Completed the Front-End Loading 3 (FEL 3) report for its proposed Muskogee lithium facility, which includes engineering details and capital-expenditure estimates.
- July 2025: Signed a Memorandum of Understanding with Ohio University to collaborate on advanced direct lithium extraction and refining technologies.
- Late July 2025: Confirmed that no industrial wastewater discharge permit is required for the Muskogee site, based on a review by the Oklahoma Department of Environmental Quality.
- September 4, 2025: The Board approved a 1-for-10 reverse stock split, effective at market open on September 8, 2025, reducing outstanding shares to approximately 8.46 million while retaining the ticker symbol “SDST.”
- October 2025: Executed a service agreement with Oklahoma Gas and Electric Company to develop an electric substation on the refinery site, facilitating construction preparations.
Financial and Strategic Analysis
The $4.3 million in gross proceeds from the June offering are allocated to complete the Definitive Feasibility Study (DFS) for Phase 1 of the Muskogee facility. The DFS will provide necessary details for project financing by outlining engineering scopes and capital requirements. In addition:
- Aegis Capital Corp. served as the sole book-running manager and holds a 45-day option to purchase additional shares, which may increase total proceeds to approximately $4.9 million.
- On September 5, 2025, a prospectus supplement (Rule 424(b)(3)) registered the resale of up to 13.0 million shares by selling stockholders, with potential gross proceeds of $17.4 million if related warrants are exercised.
- Insider transactions over the past six months include 11 sales totaling more than 235,000 shares, with no reported insider purchases based on Quiver AI data.
Market Position and Industry Context
Global policies, including California’s 2035 zero-emission mandate for new light vehicles, reflect the growth of electric vehicle (EV) markets. Lithium-ion batteries rely on substantial amounts of lithium hydroxide or carbonate, making U.S. onshore production significant for energy security. Once operational, the Muskogee refinery is anticipated to process up to 50,000 metric tons of lithium per year—sufficient for approximately five million EV batteries. The site is strategically located with access to inland waterways, rail lines, and Interstate 40, facilitating connections to feedstock suppliers and battery manufacturers across North America.
tl;dr
On October 14, 2025, SDST shares increased by 35.99% to $6.99. Recent milestones include the June 18 $4.3 million public offering, the completion of the FEL 3 report, a 1-for-10 reverse stock split effective September 8, and infrastructure agreements with OG&E. The company is advancing its Definitive Feasibility Study, preparing project financing for Phase 1, and preparing to initiate heavy construction at its Muskogee, Oklahoma lithium facility.
