Lithium refinery firm makes offering of shares

Stardust Power Breaks Ground on One of The Largest U.S. B...

 

Stardust Power, the company that broke ground recently for a $1.2 billion lithium refinery at Muskogee, announced a public offering for the purchase and sale of up to more than 4.7 million shares of common stock.

The Connecticut-based firm, developer of battery-grade lithium products called the pricing of its “reasonable best efforts” public offering of 4,792,000 shares of stock at a price of $1.20 per share. In announcing the offering, Stardust said it expects to receive gross proceeds of nearly $5.75 million before deducting placement agent fees and other offering expenses.

“We are proud that we have priced this round of financing with investment from a large institutional investor, representing their support for the Stardust Power story. This financing continues building on our progress towards the FID stage for our large central lithium refinery. The capital provides stability for the company to continue to execute against our business plan,” noted Stardust Power Founder and CEO, Roshan Pujari.

The closing of the Offering is expected to occur on or about January 27, 2025, subject to the satisfaction of customary closing conditions. The Company intends to use the net proceeds from this Offering for working capital and general corporate purposes, as well as to satisfy amounts due under certain existing promissory notes of the Company.

Stardust broke ground in the past week for the lithium refinery it intends to build near Muskogee. The refinery will extract lithium from oil and gas wastewater, and according to the company, will be the largest such refinery in the U.S. upon completion.