Stardust Power Inc. (NASDAQ: SDST), an American developer of battery-grade lithium carbonate, announced that it has entered into a securities purchase agreement with a single institutional investor providing for up to $15.0 million in senior secured convertible debt financing, subject to customary closing conditions.
The facility includes an initial $4.0 million drawdown and has a 24-month term. The financing provides for an initial repayment moratorium and permits the Company to repay outstanding amounts in cash or shares of common stock in accordance with the terms of the agreement. The proceeds are intended to support early-stage construction activities, including detailed engineering, infrastructure development, and procurement activities related to the Company’s lithium refinery project in Muskogee, Oklahoma.
The financing may serve as bridge capital as the Company advances toward project-level construction financing, which is expected to consist of a combination of asset-level equity and asset-level debt financing.
Lucosky Brookman LLP acted as counsel to Stardust Power Inc. in connection with the transaction.
