In This Story
Stardust Power Inc (SDST+1.13%). has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing outlines that Stardust Power is a development stage company focused on producing battery grade lithium products. The company has not yet generated any revenue.
Stardust Power reported a net loss of $10,092,312 for the three months ended September 30, 2024, and a net loss of $14,185,887 for the nine months ended September 30, 2024.
General and administrative expenses for the three months ended September 30, 2024, were $8,980,965, primarily due to professional and consulting fees, legal services, and employee-related expenses.
The company completed a business combination with Global Partner Acquisition Corp II on July 8, 2024, resulting in the issuance of new shares and warrants.
Stardust Power entered into a Common Stock Purchase Agreement with B. Riley Principal Capital II, LLC (RILY+7.14%), allowing the company to sell up to $50,000,000 of newly issued shares.
The filing details various financial agreements, including SAFE notes and convertible notes, which were converted into common stock upon the business combination.
Stardust Power has identified material weaknesses in its internal controls over financial reporting and is working on remediation efforts.
The company is in the process of developing a lithium refinery in Oklahoma and has entered into agreements for engineering and site development.
Stardust Power's liquidity and capital resources are dependent on raising additional funds through equity or debt financing to continue operations and development.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Stardust Power Inc. quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.