ASP Isotopes announces closing of additional offering of notes by Quantum Leap

ASP Isotopesannounced today the closing of an additional offering of convertible notes by ASPI‘s wholly-owned subsidiary, Quantum Leap Energy. Approximately $5.4 million aggregate principal amount of QLE’s convertible notes were sold to accredited investors in transactions not involving any “public offering” within the meaning of Section 4(a)(2) of the Securities Act of 1933, as amended, and Rule 506 of Regulation D promulgated thereunder. The Notes have the same terms as QLE’s convertible notes that were offered and sold by QLE in Q1 2024 in “offshore transactions” outside the United States to non-U.S. persons in compliance with Regulation S under the Securities Act. The Notes are 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 Notes will mature on the fifth anniversary of the closing, unless converted in accordance with their terms prior to such date. QLE may not repay the Notes prior to maturity, unless a change of control transaction occurs. QLE intends to use the net proceeds from the Notes Offering for the planning for, building and development of laser enrichment production facilities, as well as general corporate purposes.