Stardust Power Inc. (NASDAQ: SDST) has successfully completed a $4.3 million underwritten public offering, with Aegis Capital Corp. acting as the sole book-running manager. The offering included 21,500,000 shares of common stock at $0.20 per share, with an additional option for Aegis to purchase up to 3,225,000 more shares, potentially raising total proceeds to approximately $4.9 million. These funds are allocated for the Definitive Feasibility Study (DFS/FEL-3) of Stardust Power's proposed lithium processing facility in Muskogee, Oklahoma, a critical step towards finalizing the investment decision and starting Phase 1 construction.
The facility's development is crucial for supplying battery-grade lithium, essential for the electric vehicle (EV) market and renewable energy storage solutions. This offering highlights investor confidence in Stardust Power's mission and the increasing significance of lithium in the shift towards sustainable energy. Aegis Capital Corp.'s role in this offering underscores its expertise in financial services, reinforcing its status as a leading investment banking firm.
This milestone is pivotal for the energy and automotive industries, as the demand for lithium and other critical minerals is projected to grow with the global transition to cleaner energy. The progress of the Muskogee facility could significantly impact the battery-grade lithium supply chain, supporting the worldwide adoption of electric vehicles and renewable energy solutions.
