Lithium refiner Stardust Power to go public via $490 mln blank-check deal

Stardust Power

21/11/2023 13:13

Nov 21 (Reuters) - Stardust Power, a lithium refiner
supplying the electric-vehicle industry, on Tuesday agreed to go
public in the U.S. through a merger with a blank-check company
in a deal valued at $490 million. 
    Once a niche metal used primarily in ceramics and
pharmaceuticals, lithium is now one of the world's most
in-demand metals as traditional automakers including Stellantis
 STLAM.MI  and Ford  F.N  embrace the EV technology.
    The world's largest lithium producers have said they remain
bullish on long-term demand for the battery material, despite
recent price drops led by fears that electric vehicle adoption
is slowing. 
    Stardust Power said it is planning to construct a lithium
refining facility located in Greater Tulsa, Oklahoma with the
production capacity of 50,000 metric tonnes per year of American
battery-grade lithium. 
    The special purpose acquisition (SPAC) deal with Global
Partner Acquisition Corp II  GPAC.O  is expected to close in the
first half of next year, following which Stardust Power will
trade on the Nasdaq under the ticker symbol "SDST."
    SPACs, publicly listed vehicles raised with the intention of
merging with a private company, were once Wall Street's hottest
ticket but have lost momentum as regulatory scrutiny, high
interest rates and market volatility curb investor enthusiasm. 

 (Reporting by Manya Saini and Arunima Kumar in Bengaluru;
Editing by Shailesh Kuber)
 ((Manya.Saini@thomsonreuters.com;))