EXCLUSIVE: Lithium Refiner Stardust Power Expects SPAC Deal Completion In June
Written by Emily J. Thompson, Senior Investment Analyst
Updated: May 21 2024
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Source: Benzinga
- Stardust Power Going Public: Lithium refining company Stardust Power is set to start trading on Nasdaq in June after finalizing a $490 million blank-check deal.
- Lithium Refinery Development: The company is constructing a lithium refinery in Oklahoma to produce battery-grade lithium from American brine sources.
- EV Industry Outlook: Despite tempered expectations, there is optimism about EV growth as more states and countries plan to phase out internal combustion engine vehicles.
- Market Dynamics: Lithium prices have fluctuated, with expectations for strong EV demand driving record highs in 2022, but major automakers adjusting production forecasts.
- Supply Chain Concerns: Efforts are being made to diversify the supply chain for critical minerals like lithium, with Stardust Power aiming to reduce reliance on Chinese processors.
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Analyst Views on GPAC
Wall Street analysts forecast GPAC stock price to rise over the next 12 months. According to Wall Street analysts, the average 1-year price target for GPAC is USD with a low forecast of USD and a high forecast of USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
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Current: 9.920
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Current: 9.920
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About GPAC
General Purpose Acquisition Corp. is a blank check company. The Company is formed for the purpose of effecting a merger, amalgamation, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. The Company has not selected any specific business combination target, and the Company has not engaged in any substantive discussions, directly or indirectly, with any business combination target with respect to an initial business combination with the Company. The Company is not engaged in any business operations and has not generated any revenue.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
Usha Resources Congratulates Stardust Power on NASDAQ Listing, Provides Update on LOI to Sell Up to 90% of the Jackpot Lake Project for Total Consideration of up to US$26,025,000
Usha Resources and Stardust Power Partnership: Usha Resources Ltd. has entered into a Letter of Intent with Stardust Power, allowing Stardust to earn up to a 90% interest in Usha's Jackpot Lake Lithium Brine Project for $26 million over five years, contingent on Stardust's successful listing on Nasdaq.
Stardust Power's Lithium Refinery Development: Stardust Power is developing a lithium refinery in Oklahoma with a capacity to produce 50,000 tons per year of battery-grade lithium carbonate, aimed at supporting the electric vehicle market while promoting sustainability.
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Stardust Power Closes Business Combination and Set to Begin Trading on Nasdaq
- Stardust Power Business Combination: Completed a business combination with Global Partner Acquisition Corp II, becoming a publicly traded company.
- Trading on Nasdaq: Stardust Power's shares of Class A common stock and public warrants will trade on Nasdaq under the ticker symbols "SDST" and "SDSTW," respectively.
- Expansion Plans: Company plans to advance the development and construction of a lithium refinery in Muskogee, Oklahoma, aiming to produce up to 50,000 tonnes per annum of battery-grade lithium.
- Sustainability Focus: Stardust Power aims to power its facility using sustainable local sources like solar and wind power while leveraging proven DLE technologies.
- Key Quotes: Statements from Roshan Pujari, Founder and CEO of Stardust Power, and Chandra R. Patel, Managing Partner of Antarctica Capital, highlight excitement for the future and commitment to U.S. energy independence.
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