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Nasdaq suspends trading and delists Stardust Power for failing to maintain $1.00 bid price
GPACUGeneral Purpose Acquisition Corp.
The Nasdaq Stock Market has issued a Staff Delisting Determination, suspending trading in Stardust Power Inc.'s common stock and warrants and removing them from listing effective October 23, 2026. The action was triggered because the closing bid price remained at $0.10 or less for ten consecutive trading days, violating Nasdaq Listing Rule 5810(c)(3)(A). This follows earlier notices regarding failure to meet minimum market value and bid price requirements. Concurrently, Chief Financial Officer Udaychandra Devasper resigned effective October 23, 2026. The company is considering an appeal hearing but also exploring cost reductions, strategic alternatives like a merger or sale, and potential suspension of SEC reporting obligations. Stardust Power Inc. operates in the power generation industry.