Stardust Power Inc. Announces Closing of $4.3 Million Underwritten Public Offering

GREENWICH, CONNECTICUT, June 18, 2025 (GLOBE NEWSWIRE) -- Stardust Power Inc. (NASDAQ: SDST) (the “Company”), an American developer of battery-grade lithium products, today announced the closing of its previously announced underwritten public offering. Gross proceeds to the Company were approximately $4.3 million, before deducting underwriting fees and other offering expenses payable by the Company. The offering closed on June 18, 2025.

The offering consisted of 21,500,000 shares of common stock (“Common Stock”). The public offering price per share of Common Stock was $0.20. In addition, the Company has granted Aegis Capital Corp. (“Aegis”) a 45-day option to purchase up to an additional 3,225,000 shares of Common Stock, representing 15.0% of the number of shares of Common Stock sold in the offering solely to cover over-allotments, if any.

If the over-allotment option is exercised in full, aggregate gross proceeds to the Company are expected to total approximately $4.9 million. These funds will support the completion of the Definitive Feasibility Study (DFS/FEL-3), a transformational milestone for Stardust Power. The DFS will provide detailed engineering, comprehensive capital expenditure estimates, and a clearly defined scope of build for the Company’s proposed lithium processing facility in Muskogee, Oklahoma, laying a strong foundation for final investment decision (FID) efforts and bringing the project significantly closer to securing financing for the construction of Phase 1.

Aegis Capital Corp. acted as the sole book-running manager for the offering. Thompson Hine LLP acted as counsel to the Company. Kaufman & Canoles, P.C. acted as counsel to Aegis Capital Corp.

A registration statement on Form S-1 (No. 333-287939) previously filed with the U.S. Securities and Exchange Commission (the “SEC”) on June 11, 2025 was declared effective by the SEC on June 16, 2025. The offering was made only by means of a prospectus. A final prospectus describing the terms of the proposed offering will be filed with the SEC and will be available on the SEC’s website located at www.sec.gov. Electronic copies of the preliminary prospectus supplement and the accompanying prospectus may be obtained, when available, by contacting Aegis Capital Corp., Attention: Syndicate Department, 1345 Avenue of the Americas, 27th floor, New York, NY 10105, by email at [e-mail], or by telephone at [phone]. Before investing in this offering, interested parties should read in their entirety the prospectus, which provides more information about the Company and such offering.