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 closed the previously announced private placement of 9,952,510
shares of common stock to certain institutional and other
accredited investors and certain directors of the Company for
aggregate cash consideration of approximately $9.1 million.
The Company intends to use the net proceeds from
this private placement for working capital and other general
corporate purposes.
The private placement of 9,649,332 shares of
common stock to institutional and other accredited investors was
priced at “At the Market” (or at the “Minimum Price” as defined
under the Listing Rule 5635(d) of The Nasdaq Stock Market LLC,
which 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 private
placement of 303,178 shares of common stock to certain independent
directors of the Company was priced at the consolidated closing bid
price per share immediately preceding the signing of the binding
agreement to issue the securities.
Ocean Wall Limited acted as the sole placement
agent for the private placement and is entitled to receive a fee,
payable in shares, equal to 5.0% of the aggregate gross proceeds
from the shares sold to investors at the applicable closing.
The securities 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 entered into with the
investors at the closing, the Company has agreed to file a
registration statement with the Securities and Exchange Commission
("SEC") covering the resale of the securities issued to the
investors in the private placement within 30 days after the closing
date.
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.
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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