ASP Isotopes Inc. (NASDAQ:ASPI) ("ASPI", the "Company", "us", "we"
or "our"), an advanced materials company dedicated to the
development of technology and processes designed to produce
isotopes for use in multiple industries, today announced that it
has entered into a definitive securities purchase agreement with
certain institutional and other accredited investors, under which
the Company agreed to issue an aggregate of approximately 9 million
shares of its common stock at a purchase price of $0.9105 per share
in a private placement transaction. The oversubscribed private
placement was priced “At the Market.” The gross proceeds to the
Company from the private placement are expected to be approximately
$8 million before deducting the offering expenses payable by the
Company. The closing of the private placement is subject to the
satisfaction of customary closing conditions.
Ocean Wall Limited is acting as the sole
placement agent for the private placement.
The Company is delighted to announce that
well-known Uranium and Critical Resource investor Tees River,
through its Tees River Critical Resources Fund, intends to add to
its existing equity stake by taking a significant percentage of the
placement. As a result, at the closing of the transaction, Tees
River Critical Resources Fund is expected to have a total ownership
of approximately 14% of the issued and outstanding shares of common
stock. In addition, multiple members of the Company’s board of
directors are participating in the transaction.
Paul Mann, Chairman and CEO of ASP Isotopes
Inc., said, “We are delighted to welcome the Tees River Fund as a
strategic institutional shareholder in this placement. We are also
excited that several large hedge funds have taken stakes, and we
see this interest from institutions and funds as extremely
positive. With this additional capital, we believe that we have the
required resources to achieve first revenues while also being able
to accelerate some high ROI projects, including the initial phases
of HALEU enrichment in our newly formed subsidiary, Quantum Leap
Energy (QLE)”
Nick Lawson, CEO of Ocean Wall, commented,
“For over four years, Ocean Wall has believed uranium to be the
most misunderstood yet strongest investment opportunity for the
next decade. We have written extensively on the severe supply
issues that every part of the nuclear fuel chain faces right now
and, in particular, the urgent need for Western enrichment supply
capability. Via this PIPE deal we are delighted to be
supporting ASP Isotopes, a marquee company in this sector, whom
Ocean Wall believe can be the future of HALEU supply to the West
and remove the reliance on Russian enriched fuel.”
The Company intends to use the net proceeds from
this placement for working capital and other general corporate
purposes. With additional capital the Company is expected to have
the balance sheet strength required to not only reach first revenue
generation but also accelerate several high return-on-investment
growth projects.
“At the Market” or the “Minimum Price” as
defined under the Listing Rule 5635(d) of The Nasdaq Stock Market
LLC, is the lower of: (1) the closing price (as reflected on
Nasdaq.com) immediately preceding the signing of the binding
agreement and (2) the average closing price of the common stock (as
reflected on Nasdaq.com) for the five trading days immediately
preceding the signing of the binding agreement).
The securities to be issued in the private
placement have not been registered under the Securities Act of
1933, as amended (the "Securities Act"), or applicable state
securities laws, and may not be reoffered or resold in the United
States except pursuant to an effective registration statement or an
applicable exemption from the registration requirements of the
Securities Act and such applicable state securities laws.
Under an agreement with the investors, the
Company has agreed to file a registration statement with the
Securities and Exchange Commission ("SEC") covering the resale of
the securities to be issued to the investors in the private
placement within 30 days after the date of the definitive
agreement.
This press release does not constitute an offer
to sell or the solicitation of an offer to buy these securities,
nor shall there be any sale of these securities in any state in
which such offer, solicitation or sale would be unlawful prior to
the registration or qualification under the securities laws of such
state.
About ASP Isotopes Inc.
ASP Isotopes Inc. is an advanced materials
company dedicated to developing technology and processes to produce
isotopes in multiple industries. The Company employs proprietary
technology, the Aerodynamic Separation Process (“ASP technology”),
for the production of all isotopes. The Company’s initial focus is
on producing and commercializing highly enriched isotopes for the
healthcare and technology industries. The Company also plans to
enrich isotopes for the nuclear energy sector. The Company has
isotope enrichment facilities in Pretoria, South Africa, dedicated
to the enrichment of isotopes of elements with a low atomic mass
(light isotopes).
There is a growing demand for isotopes such as
Silicon-28, which will enable quantum computing, and
Molybdenum-100, Molybdenum-98, Zinc-68, Ytterbium-176, and
Nickel-64 for new, emerging healthcare applications, as well as
Chlorine-37, Lithium-6, and Uranium-235 for green energy
applications. The ASP Technology (Aerodynamic Separation Process)
is ideal for enriching low and heavy atomic mass molecules. For
more information, please visit www.aspisotopes.com.
About Ocean
Wall
Ocean Wall was established in 2019, by Nick
Lawson and Ian Ross, to provide a traditional, trustworthy and
comprehensive advisory business for the very best in class managers
and companies involved in sectors or industries where we have
conviction on the underlying economics. Our Corporate Advisory
business represents a portfolio of companies within sectors we have
identified as being underpinned by fundamentally strong trends
which are backed up by strong in-house research. We look to advise
these select companies on matters of corporate finance, M&A,
corporate governance, investor relations, roadshows and
communications. We identify the best possible opportunities for
deals and asset raising aiming to design and deliver tailored
transaction structures based on our client’s objectives. To deliver
this we have a close network of Institutional, Family Office and
UHNW investors who provide stable, long-term capital to the right
opportunities. For more information, please visit
www.oceanwall.com.
Forward Looking Statements
This press release contains “forward-looking
statements” within the meaning of the safe harbor provisions of the
U.S. Private Securities Litigation Reform Act of 1995, including,
without limitation, statements relating to the expected closing of
the private placement, the adequacy of resources required to
achieve first revenues and the acceleration of high
return-on-investment, growth projects. Forward-looking statements
are neither historical facts nor assurances of future performance.
Instead, they are based only on our current beliefs, expectations,
and assumptions regarding the future of our business, future plans
and strategies, projections, anticipated events and trends, the
economy, and other future conditions. Forward-looking statements
can be identified by words such as “believes,” “plans,”
“anticipates,” “expects,” “estimates,” “projects,” “will,” “may,”
“might,” and words of a similar nature. Examples of forward-looking
statements include, among others but are not limited to, statements
we make regarding expected operating results, such as future
revenues and prospects from the potential commercialization of
isotopes, future performance under contracts, and our strategies
for product development, engaging with potential customers, market
position, and financial results. Because forward-looking statements
relate to the future, they are subject to inherent uncertainties,
risks, and changes in circumstances that are difficult to predict,
many of which are outside our control. Our actual results,
financial condition, and events may differ materially from those
indicated in the forward-looking statements based upon a number of
factors. Forward-looking statements are not a guarantee of future
performance or developments. You are strongly cautioned that
reliance on any forward-looking statements involves known and
unknown risks and uncertainties. Therefore, you should not rely on
any of these forward-looking statements. There are many important
factors that could cause our actual results and financial condition
to differ materially from those indicated in the forward-looking
statements, including: our reliance on the efforts of third
parties; our ability to complete the construction and commissioning
of our enrichment plants or to commercialize isotopes using the ASP
technology or the Quantum Enrichment Process; our ability to obtain
regulatory approvals for the production and distribution of
isotopes; the financial terms of any current and future commercial
arrangements; our ability to complete certain transactions and
realize anticipated benefits from acquisitions; contracts,
dependence on our Intellectual Property (IP) rights, certain IP
rights of third parties; and the competitive nature of our
industry. Any forward-looking statement made by us in this press
release is based only on information currently available to us and
speaks only as of the date on which it is made. We undertake no
obligation to publicly update any forward-looking statement,
whether as a result of new information, future developments or
otherwise. This press release includes market and industry data and
forecasts that we obtained from internal research, publicly
available information and industry publications and surveys.
Industry publications and surveys generally state that the
information contained therein has been obtained from sources
believed to be reliable. Unless otherwise noted, statements as to
our potential market position relative to other companies are
approximated and based on third-party data and internal analysis
and estimates as of the date of this press release. We have not
independently verified this information, and it could prove
inaccurate. Industry and market data could be wrong because of the
method by which sources obtained their data and because information
cannot always be verified with certainty due to the limits on the
availability and reliability of raw data, the voluntary nature of
the data-gathering process and other limitations and uncertainties.
In addition, we do not know all of the assumptions regarding
general economic conditions or growth that were used in preparing
the information and forecasts from sources cited herein. No
information in this press release should be interpreted as an
indication of future success, revenues, results of operation, or
stock price. All forward-looking statements herein are qualified by
reference to the cautionary statements set forth herein and should
not be relied upon.
Contacts
Jason Assad– Investor relationsEmail:
Jassad@aspisotopes.comTelephone: 561-709-3043
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