Aegis Capital Corp. has announced the completion of a $4.3 million underwritten public offering for Stardust Power Inc. (NASDAQ: SDST), a developer of battery-grade lithium products. The offering consisted of 21,500,000 shares of common stock priced at $0.20 per share. Additionally, Aegis has been granted a 45-day option to purchase up to an extra 3,225,000 shares to cover over-allotments, potentially increasing the total gross proceeds to around $4.9 million.
The proceeds from this offering are earmarked for the completion of the Definitive Feasibility Study (DFS/FEL-3) for Stardust Power's proposed lithium processing facility in Muskogee, Oklahoma. This study represents a crucial milestone in advancing the project towards a final investment decision and the commencement of Phase 1 construction. The development of this facility is significant as it contributes to the growing demand for battery-grade lithium, essential for the electric vehicle (EV) industry and renewable energy storage solutions.
This funding round underscores the increasing interest and investment in the lithium sector, driven by the global shift towards electric vehicles and sustainable energy solutions. The successful completion of the public offering not only provides Stardust Power with the necessary capital to move forward with its project but also highlights the confidence investors have in the future of lithium as a critical component in the green energy transition.
