ASP Isotopes’ Quantum Leap unit to offer $20 million convertibles

Chicago, Feb. 20 – ASP Isotopes Inc. announced that its wholly owned subsidiary Quantum Leap Energy LLC plans to offer up to $20 million of five-year convertible notes.

The notes will be unsecured and may be convertible into common equity securities of QLE before the maturity date upon the occurrence of certain events, including an initial public offering, direct listing or a future equity financing. Any such conversion would be at a price per share equal to the lower of 80% of the per share price or the per share value of one share of QLE’s common equity based on a set valuation cap.

In a separate press release, ASP Isotopes announced plans to spin a portion of Quantum Leap’s common equity to ASP stockholders at a future record date, in a tax efficient manner. Ocean Wall Ltd. is acting as an adviser to the company regarding the potential spinout.

There would be change-of-control protection.

Proceeds will be used for planning, building and developing laser enrichment production facilities, as well as for general corporate purposes.

Distribution will be through Regulation S. The common equity securities the convertibles are tied to are not registered.

The offering is subject to market conditions.

ASP Isotopes is a Boca Raton, Fla.-based pre-commercial stage advanced materials company dedicated to the development of technology and processes to produce isotopes for use in multiple industries.

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