GPAC II cuts Stardust Power deal EV to $447.5M, secures $10.1M PIPE at $9.35/share

Stardust Power Inc.

Amendment No. 2 reduces enterprise value from $450M to $447.5M; Sponsor waives 1.71M private placement warrants.
PIPE agreements with institutional and other investors total $10.075M at $9.35/share, for 1,077,541 shares.
PIPE proceeds to fund post-close operations; no more than $3M expected drawn on existing equity line.
Pro forma combined net loss of $8.5M for FY2023; basic EPS loss of $0.18-$0.19 depending on redemptions.
Post-close ownership: Stardust Power ~88-91%, Sponsor ~6%, PIPE investors ~2% under various redemption scenarios.

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