ASP Isotopes Inc. Announces Closing of an Additional Offering of Convertible Notes by Quantum Leap Energy
June 06 2024 - 8:00AM
ASP Isotopes Inc. NASDAQ: ASPI ("ASP Isotopes” or “ASPI” or the
“Company”), an advanced materials company dedicated to the
development of technology and processes for the production of
isotopes for use in multiple industries, announced today the
closing of an additional offering of convertible notes by ASPI’s
wholly-owned subsidiary, Quantum Leap Energy LLC ("QLE”).
Approximately $5.4 million aggregate principal amount of QLE’s
convertible notes (the "Notes") were sold to accredited investors
in transactions not involving any “public offering” within the
meaning of Section 4(a)(2) of the Securities Act of 1933, as
amended (the “Securities Act”), and Rule 506 of Regulation D
promulgated thereunder. The Notes have the same terms as QLE’s
convertible notes that were offered and sold by QLE in Q1 2024 in
“offshore transactions” outside the United States to non-U.S.
persons in compliance with Regulation S under the Securities
Act.
The Notes are unsecured and may be convertible into common
equity securities of QLE prior to maturity upon the occurrence of
certain events, including an initial public offering, direct
listing or a future equity financing, in each case at a price per
share equal to the lower of 80% of the per share price in the
applicable transaction or the per share value of one share of QLE’s
common equity based on a set valuation cap.
The Notes will mature on the fifth anniversary of the closing,
unless converted in accordance with their terms prior to such date.
QLE may not repay the Notes prior to maturity, unless a change of
control transaction occurs.
QLE intends to use the net proceeds from the Notes Offering for
the planning for, building and development of laser enrichment
production facilities, as well as general corporate purposes.
The Company and QLE engaged Ocean Wall Limited to
act as QLE’s sole placement agent in connection with the offering
of the Notes solely with respect to certain investors that are
non-U.S. persons outside of the United States. The Notes and the
common equity securities of QLE deliverable upon conversion of the
Notes (if any) have not been and will not be registered under the
Securities Act or any other applicable securities laws, and may not
be sold or otherwise transferred in the United States except under
an exemption from, or in a transaction not subject to, the
registration requirements of the Securities Act and in compliance
with any other applicable securities laws.
This press release shall not constitute an offer to sell or a
solicitation of an offer to purchase any securities, nor shall
there be a sale of the securities in any state or jurisdiction in
which such an offer, solicitation or sale would be unlawful.
About ASP Isotopes Inc.
ASP Isotopes Inc. is a pre-commercial stage
advanced materials company dedicated to the development of
technology and processes to produce isotopes for use in multiple
industries. The Company employs proprietary technology, the
Aerodynamic Separation Process (“ASP technology”). 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 using
Quantum Enrichment technology that the Company is developing. 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.
Forward Looking Statements
This press release may contain “forward-looking
statements.” 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. Because forward-looking statements relate to the
future, they are subject to inherent uncertainties, risks, and
changes in circumstances that are difficult to predict and many of
which are outside of our control. Our actual results and financial
condition may differ materially from those indicated in the
forward-looking statements. Factors that could cause actual results
to differ include, but are not limited to, risks and uncertainties
related to our ability to complete the construction of, commission
and successfully operate isotope enrichment plants in a
cost-effective manner; our ability to meet applicable regulatory
requirements for the use of the isotopes we may produce using the
ASP technology or the quantum enrichment process; our ability to
obtain regulatory approvals for the production and distribution of
isotopes; our ability to meet our capital requirements and obtain
funding for our operations and future growth; and statements
regarding our business strategies, use of capital, results of
operations and financial position, and plans and objectives for
future operations. These and other risks and uncertainties are
described more fully in the section captioned “Risk Factors” in the
Company’s Annual Report on Form 10-K filed with the SEC. Therefore,
you should not rely on any of these forward-looking statements. Any
forward-looking statement made by us in this 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 written or oral, that
may be made from time to time, whether as a result of new
information, future developments, or otherwise, except as may be
required under applicable law.
Contacts
Jason Assad– Investor
relationsEmail: Jassad@aspisotopes.comTelephone:
561-709-3043
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