GPAC II to merge with Stardust Power at $450M enterprise value; expected close H1 2024

Stardust Power Inc.

Enterprise value of $450M (excluding $50M earnout based on $10/share price targets).
Combined company to be named Stardust Power Inc., trading on Nasdaq under SDST and SDSTW.
Closing expected first half 2024, subject to shareholder approvals, HSR, and other conditions.
Sponsor forfeits 3.5M shares; 3M shares vest pre-close; 1M shares subject to price-based vesting.
GPAC II may issue up to $150M in subscription agreements for additional financing.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Stardust Power Inc. entered into Business Combination Agreement with Global Partner Acquisition Corp II, a Cayman Islands exempted company (GPAC II) valued at an enterprise value of $450,000,000 (effective 2023-11-21).

Action: entry
Agreement: merger
Counterparty: Global Partner Acquisition Corp II, a Cayman Islands exempted company (GPAC II)
Value: an enterprise value of $450,000,000
Effective: 2023-11-21

Exact text from the filing

On November 21, 2023, Global Partner Acquisition Corp II, a Cayman Islands exempted company (“GPAC II”), entered into a Business Combination Agreement (as it may be amended, supplemented or otherwise modified from time to time, the “Business Combination Agreement”), with Strike Merger Sub I, Inc., a Delaware corporation and direct wholly-owned Subsidiary of GPAC II (“First Merger Sub”), Strike Merger Sub II, LLC, a Delaware limited liability company and direct wholly-owned Subsidiary of GPAC II (“Second Merger Sub”), and Stardust Power Inc., a Delaware corporation (“Stardust Power”).

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273 material agreements filed in the last 30 days. Browse all material agreements →

Stardust Power Inc. filing history →

Source: SEC EDGAR

accession 0001213900-23-089281

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