Udaychandra Devasper, serving as the Chief Financial Officer for Stardust Power Inc. (NASDAQ: SDST), completed a divestment of 3,554 shares of the company's common equity on June 15, 2026. The transaction realized proceeds of $6,930, executed at a per-share price of $1.95. This sale activity is directly linked to tax withholding obligations that arose from the vesting and settlement of restricted stock units (RSUs). On the identical date, Devasper acquired 8,245 shares of common stock as a result of the vesting of these RSUs. These acquired shares were obtained at no cost, as each restricted stock unit confers the right to receive one common share upon vesting.
Devasper's initial allocation of 98,948 RSUs was granted in connection with the closing of the business combination. These units are scheduled to vest quarterly over a three-year term, with the vesting period commencing on July 8, 2024. Following the recent transactions, Devasper maintains a direct holding of 126,302 shares of Stardust Power common stock, alongside 16,494 restricted stock units. The stock's recent performance has shown a downward trajectory, declining to $1.81 and trading near its 52-week low of $1.43. This represents a 44% decline in the stock price over the past six months.
Financial reporting for the first quarter of 2026 revealed a net loss of $5.2 million for Stardust Power, marking a 37% increase compared to the previous year. Despite the net loss, the company achieved a 27.6% improvement in operating cash flow usage, attributed to disciplined cost controls. In operational developments, Stardust Power initiated site engineering activities at its lithium refinery located in Muskogee, Oklahoma. The company engaged Brown & Root to perform geotechnical work at the site.
Furthermore, Stardust Power has joined a U.S. Department of Energy-funded research program focused on extracting lithium from domestic waste streams. This initiative is led by Ohio University's Institute for Sustainable Energy and the Environment, with the objective of developing new electrochemical technology for lithium extraction. These activities indicate the company's ongoing efforts to advance its lithium refining capabilities and participate in innovative research projects.