Nasdaq and JSE-listed ASP Isotopes is to commence an underwritten public offering of shares of its common stock, it said on Wednesday.
The offering is subject to market conditions, and there can be no assurance as to whether or when the offering may be completed, or as to the actual size or terms of the offering, it said in a statement.
Cantor and Lucid Capital Markets are acting as joint book-running managers for the offering. Business Day has reported that the group saw its share price skyrocket this week after it announced a new plant acquisition in an encouraging trading update.
The group’s share price posted a 6.5% jump on Tuesday to R234.45, after closing 34% higher on Monday.
ASP Isotopes made its debut on the JSE in August to broaden its investor base and deepen ties with SA.
The US-based company, with a primary listing on the Nasdaq, develops isotope enrichment technologies for the medical, semiconductor and nuclear energy sectors.
The secondary listing comes as ASP Isotopes advances its planned acquisition of Renergen, a producer of liquefied helium and natural gas in SA. The deal was approved by the majority of Renergen shareholders at a meeting in early August and is expected to close by the end of the third quarter.
The deal will combine ASP Isotopes’ operations with Renergen’s helium and gas production, creating a company that spans multiple segments of the critical materials supply chain. Both isotopes and helium are regarded as strategically important due to concerns about supply security.
“While the company’s capital base originates largely from the US and Europe, the bulk of its employees (97%) and all operating facilities remain in SA,” said ASP Isotope chair and CEO Paul Mann.
ASP Isotopes uses its Pretoria facilities for isotope enrichment and plans to expand production, including a new plant outside SA. The company is also preparing to spin off Quantum Leap Energy, a related business focusing on nuclear fuel, as a separate public entity later this year.
Financially, the acquisition of Renergen is expected to boost ASP Isotopes’ revenue and earnings beginning in 2026, according to company projections. The combined group will produce a range of critical materials including helium, electronic gases and fluorinated products.
With Lindiwe Tsobo
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