ASP Isotopes tumbles on deep-discounted $30 mln stock offering

ASP Isotopes

12/07/2024 14:22

(Updates with pricing details)
    ** Shares of  ASP Isotopes  ASPI.O  down 22.8% premarket to
$2.75, nearly 5-mth low, as advanced materials firm's stock
offering priced
    ** Washington, D.C.-based firm announces 12 mln shares at
$2.50 for $30 mln gross proceeds with Canaccord Genuity as sole
bookrunner
    ** Offering price represents ~30% discount to stock's last
close
    ** Co plans to use net offering proceeds for working
capital, opex and capex, including accelerating construction of
enrichment facilities in South Africa and Iceland, per the SEC
prospectus
    ** With ~52.1 mln shares outstanding, co has ~$182 mln
market cap. It has ~27.6 mln shares of public float, per LSEG
data
    ** ASPI shares ended 2023 at $1.79 and were trading around
60 cents a yr ago

 (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))