Stardust Power Inc.

Snapshot

Stardust Power is a pre-revenue micro-cap trying to build a lithium refinery in Oklahoma; it has never booked a dollar of sales. FY 2025 net loss was $15.7M and free cash flow was -$8.3M, against just $540K in cash.

What's Happening Right Now

• Tue 22nd Sep '26 · ATM dilution: Stardust Power filed Amendment No. 2 on Sep 22, 2026 to raise its at-the-market share-sale capacity by $6.08M, after already selling $5.79M of stock in the trailing year against a ~$20M public float.
• Tue 22nd Sep '26 · ATM sale: Sold $793K of stock through its at-the-market program.
• Thu 17th Sep '26 · Delisting risk: Nasdaq notified Stardust Power on Sep 11, 2026 that its stock fails the $1.00 minimum bid price rule, giving it until March 10, 2027 to regain compliance, on top of a separate deficiency tied to the $35M market-value requirement due Oct 21, 2026.
• Thu 10th Sep '26 · Debt default: On Aug 17, 2026, Lind Global converted $150,000 of its defaulted note at $0.492/share; $3.43M principal remains outstanding and further forced conversions are possible.
• Wed 9th Sep '26 · Going concern: Stardust Power's Q2 2026 10-Q flags substantial doubt it can continue, with $540K cash, no revenue, an $77.48M accumulated deficit, and an automatic default triggered on its Lind convertible note after market cap stayed under $15M for ten straight days.
• Thu 20th Aug '26 · Note conversion: $150K principal converted · 304.9K shares · at $0.4920.
• Thu 13th Aug '26 · ATM sale: Sold $2.95M net / 2.08M shares through its at-the-market program, as stated for Jul 1, 2026 to Aug 13, 2026.
• Wed 5th Aug '26 · Offtake LOI: On Aug 5, 2026, Stardust Power signed a non-binding letter of intent with Charge CCCV (C4V) to supply battery-grade lithium carbonate starting at 3,000 metric tons in 2028, scaling to 20,000 metric tons by 2030.