Stardust Power LLC entered into a definitive agreement to acquire Global Partner Acquisition Corp II from Global Partner Sponsor II LLC for approximately $550 million in a reverse merger transaction.
The transaction is subject to the approval of the proposed business combination by GPAC II?s shareholders and Stardust Power?s stockholders, receipt of certain governmental and regulatory approvals, the satisfaction of the minimum trust account amount following redemptions by GPAC II?s public shareholders, all applicable waiting periods under the HSR Act in respect of the transaction shall have expired or been terminated, registration statement shall have become effective, common stock issued as consideration shall have been approved for listing on NASDAQ and execution of the ancillary agreements. The transaction has been approved by the Boards of Directors of each of GPAC II and Stardust Power. The transaction is expected to be completed during the first half of 2024. Cohen & Company Capital Markets, a division of J.V.B. Financial Group, LLC, served as an exclusive financial advisor and lead capital markets advisor to Stardust Power. Rajiv Khanna of Norton Rose Fulbright and Lauren M. Colasacco, P.C., Peter Seligson, P.C. and Jennifer R. Gasser of Kirkland & Ellis LLP served as legal counsel to Stardust Power and GPAC II, respectively.