Stardust Power, the startup lithium mining company that broke ground earlier in the year on a site in Muskogee, has been notified it no longer meets standards and rules to be listed for trading on the Nasdaq Stock Market and if it doesn’t take corrective action, it will be delisted.
Notification came April 3 from the Listing Qualifications Department of the Nasdaq Stock Market LLC. A Stardust Filing with the Securities and Exchange Commission explained the notication was: Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.
Nasdaq indicated that based on the market value of the previous 30 consecutive business days, the listing of Stardust’s common stock was not in compliance with Nasdaq Listing rule 5450 (b)2)(A) to maintain a minimum market value of listed securities of at least $50 million.
Stardust was informed that in accordance with Nasdaq rules, the firm had 180 calendar days or until Sept. 30, 2025 to regain compliance with the MVLS Requirement. The SEC filing and notification further explained in order to regain compliance, Stardust’s market value of listed securities must meet or exceed $50 million for a minimum of ten consecutive business days. The notification received has no immediate effect on the listing of Stardust’s securities on The Nasdaq Global Market.
Stardust had previously received deficiency letters from Nasdaq on March 18, 2025 and March 19, 2025 notifying the firm it is not in compliance with (i) Nasdaq Listing Rule 5450(b)(2)(C) requiring a listed company to maintain a minimum Market Value of Publicly Held Shares, as defined by Nasdaq, of $15 million and (ii) Nasdaq Listing Rule 5450(a)(1) requiring a listed company to maintain a minimum bid price of $1.00 per share, respectively (such requirements, the “Listing Requirements”).
In accordance with Nasdaq rules, Stardust was given a period of 180 calendar days (or until September 15, 2025) to regain compliance with the Listing Requirements.
Stardust, based in Connecticut, was warned that if it fails to regain compliance prior to the expiration of the respective 180-day compliance periods, it will receive notification from Nasdaq that its securities are subject to delisting. Alternatively, Stardust may transfer the listing of its securities to The Nasdaq Capital Market, provided that Stardust then meets the continued listing requirements on The Nasdaq Capital Market.
In its SEC filing, Stardust indicated it will “continue to monitor its market value of listed securities and consider its available options to regain compliance with the MVLS Requirement and the Listing Requirements.”
In Monday’s trading, Stardust Power recorded a gain of 0.021 or 3.32% to settle at 64 cents a share.
