SDST

In the past six months, Stardust Power's stock price has been impacted by a Nasdaq noncompliance delisting notice, which significantly eroded investor confidence. The company's annual report disclosed substantial doubt regarding the company's ability to continue as a going concern, highlighting a pressing need to raise capital. Stardust Power secured an institutional investment framework supporting up to $150 million in investment, secured up to $10.0 million in financing, and expected to receive $15 million in funding through a securities purchase agreement for senior secured convertible debt. Stardust Power announced a letter of intent for the potential supply of up to 15,000 metric tons of lithium carbonate equivalent from a California brine project, bolstering feedstock for its Muskogee refinery. The company reported preliminary 2025 results and highlighted development progress at its Muskogee Lithium Refinery, including completing FEL-3 engineering, securing feedstock arrangements, and receiving an air quality construction permit. Stardust Power joined the U.S. Lithium Regional Innovation Cluster and the Cornerstone Consortium to strengthen the American lithium supply chain and support critical minerals resilience. Stardust Power reported zero revenue for the trailing 12 months ending September 30, 2025, and for the fiscal year 2024, with a negative earnings per share of -$0.34 in Q4 2025. The stock price has been falling, with a decline of 55.82% from May 8, 2025, to May 7, 2026.