Muskogee, Oklahoma – The city’s effort to host one of the nation’s largest lithium refineries continues, even after Stardust Power was removed from the Nasdaq exchange. Mayor Ryan Lowe emphasized that Muskogee has not committed any public funds yet and that the project still holds key regulatory approvals.
Company background and recent market setback
Stardust Power, which announced its Nasdaq debut two years ago under the ticker SDST, saw its shares initially trade at $11.80. The company was delisted last Friday when its stock price fell below ten cents for ten consecutive days and its market value dropped below the required $35 million threshold.
Local incentives and site selection
Despite the market setback, Stardust’s CEO Roshan Pujari highlighted a 66‑acre parcel in the greater Tulsa area that the company believes is ideal for a lithium refinery. The site, located near the Port of Muskogee, would allow the company to produce up to 50,000 tons per year of battery‑grade lithium products, a capacity that could help shore up the domestic supply chain for electric‑vehicle batteries.
The city has prepared a $27 million tax‑increment financing (TIF) district to support the project, but Mayor Lowe clarified that no money has been drawn from the fund at this stage. “We’re really not on the hook for anything at this juncture,” he said.
Project permits and staffing
Stardust Power has already secured state‑level air and wastewater permits, a significant milestone in the regulatory process. According to a recent statement from Port of Muskogee staff, the company remains fully staffed except for the recent departure of its chief financial officer, who left for personal reasons.
Port staff member John Reisenburg reported that Stardust continues to pursue private investment to fund the next phases of development. “While the Nasdaq delisting presents additional financial challenges, Stardust Power remains operational and continues working to secure the investment needed to advance the Muskogee project,” Reisenburg said.
Financial challenges and corporate actions
Two weeks ago the company’s chief financial officer resigned. In its latest filing with the SEC, Stardust disclosed that its board and management are exploring measures that may include reducing operating expenses, including headcount, and evaluating strategic alternatives such as a sale, merger, or other business combination.
Mayor’s outlook
Mayor Lowe expressed cautious optimism about Muskogee’s broader industrial development, noting that the city has several projects underway. “We do have a lot of industrial development going on in Muskogee, Oklahoma that we’re happy for, but we are going to keep an eye on that,” he said.
What’s next?
The next steps for the refinery will depend on Stardust’s ability to attract private capital and finalize financing arrangements. The city will continue to monitor the company’s progress and maintain communication with its leadership, according to the Port of Muskogee.
Residents and local businesses are encouraged to stay informed through city updates and public meetings as the project evolves.
Original reporting: KTUL 8 (Sinclair) – local — read the source article.
