Stardust Power Inc. 2025 Annual Report: Key Investor Insights

Overview

Stardust Power Inc. (Nasdaq: SDST) has released its Annual Report on Form 10-K for the fiscal year ended December 31, 2025. The company is listed on the Nasdaq Capital Market under the ticker SDST, with its redeemable warrants trading under the symbol SDSTW.

Key Financial and Corporate Highlights

• Common Shares Outstanding: As of March 24, 2026, Stardust Power reports 9,966,473 shares of common stock, par value \$0.0001 per share, issued and outstanding.
• Market Capitalization: As of June 30, 2025, the aggregate market value of voting and non-voting common equity held by non-affiliates was approximately \$9,770,000, based on the Nasdaq closing price.
• Warrants: The company has redeemable warrants listed, each 10 warrants exercisable for one share of common stock at an exercise price of \$115.00, also trading on Nasdaq under SDSTW.
• SEC Filing Status: Stardust Power is classified as a non-accelerated filer, a smaller reporting company, and an emerging growth company.
• Reporting Compliance: Stardust Power confirms current compliance with all SEC filing requirements, including interactive data submissions. The company is not a shell company.
• Internal Controls: The company did not file an attestation report on management’s assessment of internal control over financial reporting under Section 404(b) of Sarbanes-Oxley, as is permitted for non-accelerated filers and emerging growth companies.
• No Financial Statement Restatements: There were no corrections or restatements to previously issued financial statements.

Key Corporate Disclosures and Structure

• Business Description: Stardust Power operates in the primary smelting and refining of nonferrous metals sector, with its corporate headquarters in Oklahoma City, Oklahoma.
• Corporate History: The company previously operated as Global Partner Acquisition Corp II and changed its name to Stardust Power Inc. in 2020.
• Securities Registration: The company’s common stock and redeemable warrants are both registered under Section 12(b) of the Securities Exchange Act of 1934.
• No Section 12(g) Securities: No other securities are registered pursuant to Section 12(g) of the Act.

Important Items for Shareholders

• Low Public Float and Market Cap: With a public float of just under \$10 million, the shares may be subject to high volatility and significant price movements on relatively low trading volumes. This can create both risk and opportunity for investors.
• Emerging Growth Company Status: Stardust Power has elected to use certain reduced reporting requirements available to emerging growth companies, which may affect the type and amount of information available to investors compared to larger, more established companies.
• Warrant Structure and Potential Dilution: The structure of the redeemable warrants (10 warrants for one share at \$115.00) is unusual and may impact future dilution and investor returns, especially if the company’s stock price approaches or exceeds the exercise price.
• No Restatements or Error Corrections: The absence of financial restatements or error corrections provides some reassurance regarding the integrity of the company’s financial reporting.
• Proxy Statement Reference: Investors should note that additional information regarding directors, executive officer compensation, and corporate governance will be available in the company’s upcoming Proxy Statement, which is expected to be filed within 120 days of the fiscal year-end.

Section Index – What’s Inside the 10-K

For those seeking more details, the report includes sections on:

• Business Overview
• Risk Factors (page 30)
• Unresolved Staff Comments
• Cybersecurity
• Properties
• Legal Proceedings
• Mine Safety Disclosures
• Market for Registrant’s Common Equity
• Management’s Discussion and Analysis of Financial Condition and Results of Operations
• Quantitative and Qualitative Disclosures about Market Risk
• Financial Statements and Supplementary Data
• Corporate Governance and Executive Compensation (to be filed in the Proxy Statement)

Potential Share Price Moving Events

• Small Public Float and Thin Trading: The company’s relatively small public float means that the stock price could be more sensitive to news, results, or trading activity.
• Warrant Structure: The existence of warrants with a high exercise price (\$115.00 per share) could become relevant if the company’s business plan or market conditions result in a sharp rise in share price or new capital inflows.
• Upcoming Proxy Statement: Investors should watch for the company’s Proxy Statement for further details on executive compensation, governance, and any shareholder proposals or changes in board composition.

Conclusion

Stardust Power Inc. remains early in its growth and capital market journey. Investors should pay special attention to the company’s financial results, upcoming proxy statement, and any changes in public float or warrant exercises, as these could have an outsized effect on share price given the company’s current market capitalization and capital structure.

Disclaimer: This article is for informational purposes only and does not constitute investment advice. Investors should conduct their own due diligence and consult with professional advisers before making any investment decisions. The information is based on Stardust Power Inc.’s 2025 Annual Report and may be subject to further updates and clarifications in future filings.

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