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Stardust Power Inc. (SDST-8.07%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing outlines the company's strategy to develop a lithium refinery in Muskogee, Oklahoma, with a planned capacity of up to 50,000 metric tons per annum of battery-grade lithium carbonate once fully operational.
The company completed a business combination with Global Partner Acquisition Corp II on July 8, 2024, resulting in Stardust Power becoming a publicly traded entity on the Nasdaq Global Market under the symbol SDST.
Stardust Power reported a net loss of $23,753,863 for the year ended December 31, 2024, compared to a net loss of $3,793,585 for the period from March 16, 2023 (inception) to December 31, 2023.
The company has not yet generated any revenue and is focused on securing capital to fund its operations and the development of its lithium refinery.
Stardust Power's strategy includes entering into strategic partnerships and securing supply agreements for lithium brine feedstock, as well as obtaining government incentives and grants.
The company faces risks related to its development stage, including the need for significant capital investment, potential delays in construction, and uncertainties in securing supply and offtake agreements.
Stardust Power's management has identified conditions that raise substantial doubt about the company's ability to continue as a going concern, citing the need to raise additional capital to fund ongoing operations.
The filing details various financial agreements, including a common stock purchase agreement with B. Riley Principal Capital II and short-term loans from related parties.
Stardust Power aims to become a leading producer of battery-grade lithium in the United States, with a focus on sustainability and minimizing environmental impact through the use of direct lithium extraction technology.
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. annual 10-K report dated March 27, 2025. To report an error, please email earnings@qz.com.