ASP Isotopes raises equity after nuclear deal with Gates-backed TerraPower; shares surge

ASP Isotopes

01/11/2024 13:23

** Shares of ASP Isotopes  ASPI.O  up 7.2% at $7.49 before the
bell as advanced materials firm's follow-on offering prices
** Washington, D.C.-based firm sells ~2.4 mln shares at $6.75
for ~$16.2 mln gross proceeds
** It intends to use net offering proceeds for working capital,
opex and capex, including accelerating construction of
enrichment facilities in South Africa and Iceland
** Early Weds, Bill Gates-backed reactor co TerraPower and ASPI
struck a deal to produce nuclear fuel currently only made in
commercial amounts in Russia
    ** Shares on Weds jumped 20%, and rose another 1.3% on Thurs
to record high close of $6.99
    ** ASPI has 68.4 mln shares outstanding for $478 mln market
cap, and ~43 mln shares of public float, per LSEG
    ** Stock ended 2023 at $1.79
  
    ** Canaccord Genuity acting as sole bookrunner for offering,
while Cantor Fitzgerald acting as financial advisor

(Lance Tupper is a Reuters market analyst. The views expressed
are his own)
((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-646-279-6380))