Stardust Power (SDST) said Thursday the underwriter of its common stock offering has exercised its option to buy an additional 1.1 million shares, for additional gross proceeds of about $220,000.
The exercise of the overallotment option boosted the offering's gross proceeds to about $4.52 million, the company said.
The company said the proceeds from the overallotment will support the completion of its definitive feasibility study, a step toward a final investment decision for the planned Oklahoma lithium processing facility.
Stardust Power shares were down over 6% in premarket activity Thursday.
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