ASP Isotopes, which is developing isotope enrichment facilities for medical and energy applications, raised $5 million by offering 1.3 million shares at $4, the low end of the downwardly revised range of $4 to $5. The company offered 0.3 million fewer shares than anticipated. It originally planned to offer 2.0 million shares at a range of $5 to $7 before lowering the terms last month.
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 plans to list on the Nasdaq under the symbol ASPI. Revere Securities acted as sole bookrunner on the deal.
