What changed in this filing

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Item 5. Market for Registrant’s Common Equity

2026-03-25 compared with 2025-03-27 · 28 added, 19 removed, 9 unchanged (84% of the section changed)

1 unchanged sentence

Information for Common Stock

Common Stock and Public Warrants have been traded on The Nasdaq Global Select Market under the symbols “SDST” and “SDSTW,”

respectively, since July 8, 2024.

of March 25, 2025, there were approximately 57 holders of record of our Common Stock and 32 holders of record of our Public

Because many of our Public Warrants and shares of Common Stock are held by brokers and other institutions on behalf of

stockholders, we are unable to estimate the total number of beneficial owners of our Common Stock and Public Warrants represented by these record

On July 8, 2024, we commenced the trading of our Common Stock and Public

Warrants under the symbols “SDST” and “SDSTW,” respectively, on the Nasdaq Global Market.

Starting October 27,

2025, our Common Stock and Public Warrants began trading on the Nasdaq Capital Market.

As of March 24, 2026, there were approximately 68 holders of record

of our Common Stock and 31 holders of record of our Public Warrants.

Because many of our Public Warrants and shares of Common Stock

are held by brokers and other institutions on behalf of stockholders, we are unable to estimate the total number of beneficial owners

of our Common Stock and Public Warrants represented by these record holders.

have never declared or paid cash dividends on our capital stock.

5 unchanged sentences

Sales of Unregistered Securities

Purchases of Equity Securities

issued shares of common stock related to exercises of unvested stock options, or early exercised stock options.

The shares of common

stock issued in connection with the early exercised stock options are subject to our repurchase right at the original purchase price.

The proceeds are initially recorded as a liability and reclassified to common stock and additional paid-in capital as our repurchase

right lapses.

the year ended December 31, 2024, we repurchased shares related to unvested early exercised stock options due to termination in the below

Shares Repurchased

as Part of Publicly

Announced Plans

Number of Shares Pending Repurchase Pursuant to Publicly Announced Plans or Program

(1) Represents

shares of Common Stock repurchased in connection with the exercise of the Company’s

repurchase right of options upon the termination of certain employees.

On October 30, 2025, the Company entered into a Warrant Exchange Agreement

with a certain institutional investor (the “Investor”) pursuant to which the Investor agreed to irrevocably exchange all of

its warrants to purchase shares of the Company’s Common Stock originally issued on March 16, 2025, representing the right to purchase

an aggregate of 958,400 shares of Common Stock, for newly issued shares of common stock at an exchange ratio of 1.31 warrant shares for

1 share of Common Stock, resulting in the issuance to the Investor of 730,689 shares of Common Stock at closing.

The shares of Common Stock were issued on October 31, 2025 in reliance upon the exemption from registration provided

by Section 3(a)(9) of the Securities Act of 1933.

On December 23, 2025, the

Company entered into a Securities Purchase Agreement with Lind Global Asset Management XIII LLC (“Lind”) providing for

up to $15,000,000 in senior secured convertible debt financing.

Simultaneously, the Company initially drew down gross proceeds of

approximately $4,000,000 in exchange for the issuance to Lind of a Senior Secured Convertible Promissory Note in the amount of

$4,800,000 and a Common Stock Purchase Warrant, for the purchase of approximately 411,245 shares.

The issuance of the Promissory

Note and Common Stock occurred on December 23, 2025 in reliance upon the exemption from registration provided by Section 4(a)(2) of

the Securities Act of 1933.

On October 30, 2025, we

granted 65,000 shares of common stock to a consultant, in exchange for services, in reliance on Section 4(a)(2) of Securities

Repurchases of Equity Securities

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 5. Market for Registrant’s Common Equity