ASP Isotopes, which is developing isotope enrichment facilities for medical and energy applications, lowered the proposed deal size for its upcoming IPO on Monday.
The Boca Raton, FL-based company now plans to raise $7 million by offering 1.5 million shares at a price range of $4 to $5. The company had previously filed to offer 2 million shares at a range of $5 to $7. At the midpoint of the revised range, ASP Isotopes will raise -44% less in proceeds than previously anticipated.
Concurrently, selling shareholders have registered 2.1 million shares, which may be offered and sold from time to time after the closing of the offering.
ASP Isotopes is a pre-commercial stage advanced materials company with an exclusive license for the Aerodynamic Separation Process (ASP) of isotope enrichment. In 2021, it acquired a partially-constructed isotope facility in South Africa, which it expects to be operational by year-end. ASP Isotopes will initially focus on the production and commercialization of enriched Molybdenum-100 ("Mo-100"), to be used in the preparation of nuclear imaging agents by radiopharmacies. It also plans to produce enriched Uranium-235 ("U-235') as a component of nuclear fuel, including in HALEU-fueled small modular reactors.
ASP Isotopes was founded in 2021 and plans to list on the Nasdaq under the symbol ASPI. Revere Securities is the sole bookrunner on the deal.
