Altisource signs purchase agreement for offering of convertible notes

ASP Isotopes announced that its wholly-owned subsidiary, Quantum Leap Energy, has entered into a purchase agreement with investors for the issuance of QLE’s convertible notes. The offering of QLE Notes was oversubscribed and is expected to result in gross proceeds to QLE of greater than $20 million. The QLE Notes will be unsecured and may be convertible into common equity securities of QLE prior to maturity upon the occurrence of certain events, including an initial public offering, direct listing or a future equity financing, in each case at a price per share equal to the lower of 80% of the per share price in the applicable transaction or the per share value of one share of QLE’s common equity based on a set valuation cap. The QLE Notes will mature on the fifth anniversary of the initial closing, unless converted in accordance with their terms prior to such date. QLE may not repay the QLE Notes prior to maturity, unless a change of control transaction occurs. QLE intends to use the net proceeds from the QLE Notes offering for the planning for, building and development of laser enrichment production facilities, as well as general corporate purposes. The closing of the QLE Notes offering is subject to the fulfillment or waiver of certain conditions contained in the purchase agreement.