Filed
Pursuant to Rule 424(b)(3)
Registration
No. 333-281160
PROSPECTUS
SUPPLEMENT NO. 3
(to
Prospectus dated August 9, 2024)
STARDUST
POWER INC.
Up
to 55,190,875 Shares of Common Stock
Up
to 10,566,596 Shares of Common Stock Underlying Warrants
Up
to 5,566,667 Warrants to Purchase Common Stock
This
prospectus supplement supplements the prospectus dated August 9, 2024 (the “Prospectus”), which forms a part of our
registration statement on Form S-1 (No. 333-281160). This prospectus supplement is being filed to update and supplement the information
in the Prospectus with the information contained in our Current Report on Form 8-K filed with the SEC on September 20, 2024 (the “Current
Report”). Accordingly, we have attached the Current Report to this prospectus supplement.
The
Prospectus and this prospectus supplement relate to the offer and resale from time to time by the selling securityholders named in this
Registration Statement or their permitted transferees (the “Selling Securityholders”) of the following:
(i)
up to 55,190,875 shares of common stock, par value $0.0001 per share (the “Common Stock”), consisting of:
| (a) |
up
to 127,777 shares of Common Stock issued to former GPAC II Public Shareholders (as defined in the Prospectus) at Closing (as defined
in the Prospectus) pursuant to certain Non-Redemption Agreements (as defined in the Prospectus); |
| |
|
| (b) |
up
to 4,000,000 shares of Common Stock (including 1,000,000 shares that are subject to forfeiture) issued to the Sponsor at Closing
in exchange for an equivalent number of Class B ordinary shares, par value $0.0001 per share,
of GPAC II that were originally purchased for approximately $0.003 per share; |
| |
|
| (c) |
up
to 1,077,541 shares of Common Stock issued to PIPE Investors (as defined in the Prospectus) at Closing pursuant to certain PIPE Subscription
Agreements (as defined in the Prospectus) at a purchase price of $9.35 per share; |
| |
|
| (d) |
up
to 2,024,985 shares of Common Stock held by holders of vested RSU awards; |
| |
|
| (e) |
up
to 42,393,905 shares of Common Stock issued to certain third parties and affiliates of Stardust Power at Closing (which in each case
were issued as consideration in the Business Combination (as defined in the Prospectus) based on a value of $10.00 per share); and |
| |
|
| (f) |
up
to 5,566,667 shares of Common Stock issuable upon exercise of the Private Warrants (as defined in the Prospectus); and |
(ii)
up to 5,566,667 Private Warrants, which were originally purchased at a price of $1.50 per Private Warrant.
We
will not receive any proceeds from the sale of shares of Common Stock or Warrants (as defined in the Prospectus) by the Selling Securityholders
pursuant to the Prospectus or in any supplement to the Prospectus, except upon the exercise of Warrants.
The
shares of Common Stock, not including Common Stock issuable upon exercise of the Warrants, being offered for resale pursuant to the Prospectus
or in any supplement to the Prospectus by the Selling Securityholders represent approximately 99.72% of shares of Common Stock (and assuming
the exercise of all Warrants, 91.48% of Common Stock) outstanding as of July 31, 2024. Given the substantial number of shares of Common
Stock being registered for potential resale by Selling Securityholders pursuant to the Prospectus and this prospectus supplement, the
sale of shares of Common Stock or Warrants by the Selling Securityholders, or the perception in the market that the Selling Securityholders
of a large number of holders of Common Stock or Warrants intend to sell such securities, could increase the volatility of the market
price of our Common Stock or Warrants or result in a significant decline in the public trading price of our Common Stock or Warrants.
Even if our trading price of Common Stock is significantly below $10.00 per share, the offering price for the units offered in the IPO
(as defined in the Prospectus), certain of the Selling Securityholders, including the Sponsor, may still have an incentive to sell shares
of Common Stock, because they purchased the shares at prices lower than the public investors or the current trading price of our Common
Stock.
We
will only receive proceeds from the exercise of Warrants if and when the holders of the Warrants choose to exercise them. The exercise
of the Warrants, and any proceeds we may receive from their exercise, are highly dependent on the price of our Common Stock and the spread
between the exercise price of the Warrants and the price of our Common Stock at the time of exercise. If the market price of our Common
Stock is less than the exercise price of a holder’s Warrants, it is unlikely that holders will choose to exercise. There can be
no assurance that the Warrants will be in the money prior to their expiration. In addition, our Warrant holders have the option to exercise
the Warrants on a cashless basis in certain circumstances. See “Description of Securities - Warrants” in the Prospectus.
As such, it is possible that we may never generate any cash proceeds from the exercise of our Warrants.
We
will bear all costs, expenses and fees in connection with the registration of the securities. The Selling Securityholders will bear all
commissions and discounts, if any, attributable to their respective sales of the securities.
Our
registration of the securities covered by the Prospectus or in any prospectus supplement does not mean that either we or the Selling
Securityholders will issue, offer or sell, as applicable, any of the Common Stock. The Selling Securityholders may offer and sell the
securities covered by the Prospectus or in any prospectus supplement in a number of different ways and at varying prices. We provide
more information about how the Selling Securityholders may sell the shares in the section entitled “Plan of Distribution”
in the Prospectus.
You
should read the Prospectus, this prospectus supplement and any prospectus supplement or amendment carefully before you invest in our
Common Stock or Warrants.
Our
Common Stock and Warrants are listed on the Nasdaq Global Market (“Nasdaq”) under the symbols “SDST” and
“SDSTW,” respectively. On September 19, 2024, the last reported sales price of our Common Stock was $11.67 per share and
the last reported sales price of our Warrants was $0.4658 per Warrant.
Our
Chief Executive Officer, Roshen Pujari (hereinafter, Roshan Pujari) owns a majority of the voting power of our issued and outstanding
Common Stock. As a result, we qualify as a “controlled company” within the meaning of the corporate governance standards
of Nasdaq.
We
are an “emerging growth company” as defined under U.S. federal securities laws and, as such, have elected to comply with
reduced public company reporting requirements. The Prospectus and this prospectus supplement comply with the requirements that apply
to an issuer that is an emerging growth company. This prospectus supplement updates and supplements the information in the Prospectus
and is not complete without, and may not be delivered or utilized except in combination with, the Prospectus, including any amendments
or supplements thereto. This prospectus supplement should be read in conjunction with the Prospectus and if there is any inconsistency
between the information in the Prospectus and this prospectus supplement, you should rely on the information in this prospectus supplement.
Investing
in our securities involves a high degree of risk. You should review carefully the risks and uncertainties described in the section titled
“Risk Factors” beginning on page 6 of the Prospectus, and under similar headings in any amendments or supplements
to the Prospectus.
Neither
the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities, or passed
upon the accuracy or adequacy of the Prospectus or this prospectus supplement. Any representation to the contrary is a criminal offense.
The
date of this prospectus supplement is September 20, 2024.
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or Section 15(d)
of
the Securities Exchange Act of 1934
Date
of Report (Date of earliest event reported) September 17, 2024
STARDUST
POWER INC.
(Exact
name of registrant as specified in its charter)
| Delaware |
|
001-39875 |
|
99-3863616 |
(State
or other jurisdiction of
incorporation
or organization) |
|
(Commission
File
Number) |
|
(IRS
Employer
Identification
Number) |
15
E. Putnam Ave, Suite 378
Greenwich,
CT |
|
06830 |
| (Address
of principal executive offices) |
|
(Zip
Code) |
(800)
742 3095
(Registrant’s
telephone number, including area code)
Not
Applicable
(Former
name or former address, if changed since last report)
Check
the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation to the registrant under
any of the following provisions:
| ☐ |
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| |
|
| ☐ |
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| |
|
| ☐ |
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| |
|
| ☐ |
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities
registered pursuant to Section 12(b) of the Act:
| Title
of each class |
|
Trading
Symbol(s) |
|
Name
of each exchange on which registered |
| Common
Stock, par value $0.0001 per share |
|
SDST |
|
The
Nasdaq Global Market |
| Redeemable
warrants, each whole warrant exercisable for one share of Common Stock at an exercise price of $11.50 |
|
SDSTW |
|
The
Nasdaq Global Market |
Indicate
by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2
of the Securities Exchange Act of 1934.
Emerging
growth company ☒
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item
4.01 Changes in Registrant’s Certifying Accountant.
On
September 17, 2024, the board of directors (the “Board”) of Stardust Power Inc. (the “Company”) approved the
dismissal of WithumSmith+Brown, PC (“Withum”) as the Company’s independent registered public accounting firm. The termination
of the engagement of Withum was recommended by the Company’s audit committee and approved by the Board. Withum had served as the
Company’s independent registered public accounting firm, including prior to the business combination that was consummated on July
8, 2024 (the “Business Combination”), since 2020.
The
reports of Withum on the consolidated financial statements of the Company as of and for the fiscal years ended December 31, 2023 and
2022 did not contain any adverse opinion or disclaimer of opinion and were not qualified or modified as to uncertainty, audit scope or
accounting principles, with the exception of providing a qualification as to the Company’s ability to continue as a going concern.
During
the Company’s two most recent fiscal years and the subsequent interim period through September 17, 2024, there were no disagreements
with Withum on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure, which
disagreement(s), if not resolved to the satisfaction of Withum, would have caused it to make reference to the subject matter of the disagreement(s)
in connection with its report. During the Company’s two most recent fiscal years and the subsequent interim period through September
17, 2024, there were no reportable events of the type described in Item 304(a)(1)(v) of Regulation S-K.
The
Company provided Withum with a copy of the foregoing disclosure and requested Withum to furnish the Company with a letter addressed to
the U.S. Securities and Exchange Commission stating whether it agrees with the statements made therein. A copy of such letter furnished
by Withum, dated September 19, 2024 is attached hereto as Exhibit 16.1, and is incorporated herein by reference.
On
September 17, 2024, the Board approved the audit committee’s recommendation to approve the engagement of KNAV CPA LLP (“KNAV”)
as the Company’s new independent registered public accounting firm.
KNAV
previously served as the auditor of the Company’s target in the Business Combination, then-named Stardust Power Inc. During the
Company’s two most recent fiscal years, including prior to the Business Combination when the Company was named Global Partner Acquisition
Corp II, and the subsequent interim period through September 17, 2024, neither the Company nor anyone on its behalf consulted with
KNAV regarding (i) the application of accounting principles to a specified transaction, either completed or proposed; or the type of
audit opinion that might be rendered on the Company’s consolidated financial statements, and neither a written report nor oral
advice was provided that KNAV concluded was an important factor considered by the Company in reaching a decision as to the accounting,
auditing or financial reporting issue; or (ii) any matter that was either the subject of a disagreement (as defined in Item 304(a)(1)(iv)
of Regulation S-K and its related instructions) or a reportable event (as described in Item 304(a)(1)(v) of Regulation S-K), except for
the material weaknesses described in the Company’s definitive proxy statement, dated May 22, 2024 (as further amended).
Item
9.01. Financial Statements and Exhibits
(d)
Exhibits.
SIGNATURE
Pursuant
to the requirements of the Securities Exchange Act of 1934, as amended the registrant has duly caused this report to be signed on its
behalf by the undersigned hereunto duly authorized.
Date:
September 20, 2024
| |
STARDUST
POWER INC. |
| |
|
|
| |
By: |
/s/
Roshan Pujari |
| |
Name: |
Roshan
Pujari |
| |
Title: |
Chief
Executive Officer and Chairman |
Exhibit
16.1
September
19, 2024
Office
of the Chief Accountant
Securities
and Exchange Commission
100
F Street, NE
Washington,
D.C. 20549
Ladies
and Gentlemen:
We
have read Stardust Power Inc. (formerly known as Global Partner Acquisition Corp. II) statements included under Item 4.01 of its Form
8-K dated September 17, 2024. We agree with the statements concerning our Firm under Item 4.01, in which we were informed of our dismissal
on September 16, 2024, following completion of the Company’s annual audits for the periods ended December 31, 2023 and 2022 and
the Company’s quarterly review for the three months ended March 31, 2024 and the six months ended June 30, 2024, which consists
only of the accounts of the pre-Business Combination Special Purpose Acquisition Company. We are not in a position to agree or disagree
with other statements contained therein.
Very
truly yours,
WithumSmith+Brown,
PC
New
York, New York
Grafico Azioni Stardust Power (NASDAQ:SDST)
Storico
Da Dic 2024 a Gen 2025
Grafico Azioni Stardust Power (NASDAQ:SDST)
Storico
Da Gen 2024 a Gen 2025
