Lucosky Brookman LLP Acts as Company Counsel to Stardust Power on $15 Million Senior Secured Convertible Debt Facility
Stardust Power Inc. (NASDAQ: SDST), an American developer of battery-grade lithium carbonate, announced that it has executed a Securities Purchase Agreement with a single institutional investor providing for up to $15.0 million in senior secured convertible debt financing to support early-stage construction activities at its lithium refinery project in Muskogee, Oklahoma.
The facility includes an initial $4.0 million drawdown and provides the Company with flexible capital to advance detailed engineering, infrastructure, and procurement activities as it progresses toward construction. The 24-month term facility includes an initial repayment moratorium and provides Stardust Power with the option to repay in cash or common stock. The financing is intended to support near-term development and may serve as bridge financing as the Company advances toward project-level construction financing.
“This facility marks an important step as we prepare for construction and provides optionality and meaningful flexibility as we execute the next phase of the Muskogee project,” said Roshan Pujari, Founder and Chief Executive Officer of Stardust Power. “We are building a robust capital stack with flexibility and shareholder value in mind and are focused on keeping our capital structure aligned with upcoming project milestones.”
The Company plans to fund construction of its 50,000 metric ton per annum refinery through a combination of asset-level equity and asset-level debt financing, designed to minimize public equity dilution and maximize shareholder value, with early-stage investor engagement reflecting interest in the project’s shovel-ready status.
Lucosky Brookman LLP acted as company counsel to Stardust Power Inc.