425: Global Partner Acquisition Corp II Shareholders Approve Business Combination with Stardust Power

Global Partner Acquisition Corp II (GPAC II) announces shareholder approval of the business combination with Stardust Power Inc. at an extraordinary general meeting held on June 27, 2024.

Summary

• Global Partner Acquisition Corp II (GPAC II) held an extraordinary general meeting on June 27, 2024, to vote on the proposed business combination with Stardust Power Inc.
• Shareholders approved all proposals related to the business combination, including the Business Combination Agreement, Domestication, Charter, Advisory Governing Documents, Nasdaq Proposal, Equity Plan Proposal, and Director Election Proposal.
• Approximately 91.45% of outstanding Ordinary Shares were present in person or by proxy, constituting a quorum.
• Holders of 1,660,035 Class A Ordinary Shares exercised their right to redeem their shares for cash at approximately $11.38 per share, totaling $18,893,209.48.
• Following redemptions, 134,550 Class A Ordinary Shares remain outstanding, representing $1,531,342.01 cash in trust available to the Combined Company upon closing.
• The Business Combination is expected to be consummated in the coming weeks, subject to remaining closing conditions.
• Following the consummation of the Business Combination, the Combined Company's common stock and warrants are expected to trade on the Nasdaq Capital Market under the symbols SDST and SDSTW, respectively.

Sentiment

Score: 7

Explanation: The sentiment is moderately positive as the shareholder approval clears the way for the business combination. However, the significant redemptions and the risks outlined in the forward-looking statements temper the overall optimism.

Positives

• Shareholder approval of all proposals indicates strong support for the business combination with Stardust Power.
• The business combination is expected to be consummated in the coming weeks.
• Listing on the Nasdaq Capital Market under new symbols SDST and SDSTW should increase visibility for the combined company.

Negatives

• Redemption of 1,660,035 Class A Ordinary Shares resulted in a significant cash outflow of $18,893,209.48.
• Only $1,531,342.01 cash in trust will be available to the Combined Company upon closing.

Risks

• The business combination is subject to the satisfaction or waiver of remaining closing conditions.
• Forward-looking statements are subject to risks and uncertainties, including the ability to maintain the listing of GPAC II's securities on the Nasdaq.
• The anticipated growth of the Lithium industry may not be achieved.
• There are risks associated with raising additional funds through a private placement or equity or debt raise prior to or in connection with Closing.

Future Outlook

The Business Combination is expected to be consummated in the coming weeks, and the Combined Company's common stock and warrants are expected to trade on the Nasdaq Capital Market under the symbols SDST and SDSTW, respectively.

Industry Context

This announcement reflects the ongoing trend of SPACs (Special Purpose Acquisition Companies) merging with private companies to bring them to the public market. The focus on Stardust Power, a company in the Lithium industry, aligns with the growing demand for electric vehicle batteries and energy storage solutions.

Comparison to Industry Standards

• It is difficult to compare the results of this announcement to industry standards as it is primarily focused on the procedural aspects of the business combination approval.
• However, the level of shareholder redemptions (1,660,035 shares) can be compared to other SPAC deals to assess investor confidence.
• A high redemption rate may indicate investor concerns about the valuation or future prospects of the combined company.

Stakeholder Impact

• Shareholders of GPAC II have approved the business combination, paving the way for potential value creation.
• Employees of Stardust Power may experience changes as the company transitions to a publicly traded entity.
• Customers and suppliers of Stardust Power may see changes in the company's operations and strategies following the merger.
• Creditors of both GPAC II and Stardust Power will be impacted by the financial structure of the combined company.

Next Steps

• Consummation of the Business Combination in the coming weeks.
• Commencement of trading of the Combined Company's common stock and warrants on the Nasdaq Capital Market under the symbols SDST and SDSTW, respectively.

Key Dates