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Just days after its listing on the Nasdaq exchange, Stardust Power (NASDAQ:SDST) stock is skyrocketing. Indeed, SDST closed up by more than 140% today for seemingly no reason at all.
Stardust is a U.S. manufacturer of battery-grade lithium products. It’s primary lithium refinery is based in Muskogee, Oklahoma. The company expects to reach a capacity of 50,000 tonnes of lithium per year by 2030.
There hasn’t been much news related to Stardust recently, so today’s jump certainly comes as a head scratcher.
The newest development for the company is an update that Stardust provided last week on the completion of a business combination between the company and its “key stakeholders” made through several strategic agreements. The agreements essentially serve to give some stockholders additional registration rights for company stock and warrants.
Still, that’s not exactly a rally trigger by most standards.
SDST Stock Soars Just a Week After Going Public
As mentioned, Stardust is relatively new to Wall Street. Just last week, on July 11, founder and CEO Roshan Pujari rang the opening bell at the Nasdaq to celebrate the firm’s new listing. Along with expressing excitement over its new publicly traded status, Pujari shared some of the company’s promising goals and expectations going forward.
“Bolstering domestic lithium production is a critical national security priority for the United States, and we are aligned with the government to meet this demand and help our country achieve lithium independence,” Pujari said. “Already, we are expected to be eligible for up to $257 million in state incentives for our strategically central 66-acre facility build-out in Oklahoma, and there are many federal incentive programs Stardust Power may be eligible for under the Department of Energy and the Department of Defense.”
After today’s jump, SDST stock is trading for about $24.50 per share, up from about $11 at the start of the day. While it’s unclear what’s driving this upshot, fans of SDST are likely thrilled regardless.
On the date of publication, Shrey Dua did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
On the date of publication, the responsible editor did not have (either directly or indirectly) any positions in the securities mentioned in this article.
