Wrap Text
ASPI announces agreements to exchange certain QLE convertible notes for ASPI common stock
ASP ISOTOPES INC.
(Incorporated in the State of Delaware,
United States of America)
(Delaware file number 6228898)
Ticker Symbol: NASDAQ: ASPI
ISIN: US00218A1051
LEI: 6488WHV94BZ496OZ3219
JSE Share Code: ISO
("ASPI" or "the Company")
ASPI ANNOUNCES AGREEMENTS TO EXCHANGE CERTAIN QLE CONVERTIBLE NOTES FOR ASPI COMMON STOCK
Exchange reduces QLE's outstanding convertible notes by approximately 50% as QLE continues to
pursue a public listing as a separate company
DALLAS, (July 15, 2026) – ASP Isotopes Inc. (NASDAQ: ASPI) ("ASPI", the "Company" or "we") today
announced that ASPI and Quantum Leap Energy LLC ("QLE"), a wholly-owned subsidiary of ASPI
dedicated to advancing innovative technologies and processes across critical segments of the fission and
fusion nuclear fuel cycle, have entered into separate, individually negotiated private exchange agreements
(the "Exchange Agreements") with certain holders of QLE's outstanding convertible promissory notes (the
"QLE Notes").
Under the terms of the Exchange Agreements, certain holders of QLE Notes have agreed to exchange
approximately $109.2 million in aggregate principal amount of outstanding QLE Notes held by them, plus
accrued and unpaid interest thereon, for an aggregate of approximately 23.2 million shares of ASPI
common stock, representing approximately 17.8% of ASPI's common stock outstanding (collectively, the
"Exchange Transactions").
The Exchange Transactions are intended to reduce QLE's outstanding convertible notes by approximately
50% and simplify QLE's capital structure as QLE continues to pursue a public listing on a U.S. national
securities exchange as a standalone company. The Exchange Transactions are also expected to support
ASPI's position to make a potential future distribution of its QLE common equity to ASPI's stockholders as
of a to-be-determined future record date.
The Exchange Transactions are expected to close on July 16, 2026, subject to satisfaction of customary
closing conditions. Upon closing of the Exchange Transactions, the outstanding principal amount of QLE
Notes will be reduced by approximately 50%, from $219.8 million to $110.7 million in aggregate principal
amount outstanding.
"The exchange significantly strengthens QLE's balance sheet, reducing its convertible notes by
approximately 50% and simplifying its capital structure at the right moment as QLE continues its path
towards a separate public listing," said Paul Mann, Chairman and Chief Executive Officer of ASPI. "QLE is
making significant progress in executing its business plan. We structured the exchange to be broadly
economically neutral to both ASPI stockholders and QLE noteholders, and we look forward to supporting
QLE moving forward."
This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities.
Any offers, solicitations of offers to buy, or any sales of securities will be made in accordance with the
registration requirements of the Securities Act of 1933, as amended.
About Quantum Leap Energy
Quantum Leap Energy is a development stage nuclear fuels company dedicated to advancing innovative
technologies and processes across critical segments of the nuclear fuel cycle. The company focuses on
uranium conversion, enrichment of uranium-235 for nuclear fuel production (HALEU, LEU+ and LEU)*, and
isotopic separation of lithium-6 and lithium-7, as well as radioactive waste treatment technologies. Through
exclusive global rights to proprietary Aerodynamic Separation Process (ASP) and laser-based Quantum
Enrichment (QE) technologies, Quantum Leap Energy aims to address perceived gaps in the nuclear fuel
supply chain for advanced nuclear reactors, small modular reactors, and fusion systems. The company has
established strategic partnerships or commercial initiatives and relationships with industry leaders including
TerraPower, Fermi America, and the South Africa Nuclear Energy Corporation (Necsa) to accelerate the
commercialization of critical isotopes essential for next-generation nuclear energy systems. *The company
has not applied its enrichment technologies to the enrichment of U-235, nor received permission or
regulatory approval to conduct testing of our enrichment technologies on U-235, except for the activities
contemplated by the services contract with Necsa. For additional information, please visit:
https://www.qleapenergy.com/.
About ASP Isotopes Inc.
ASP Isotopes is an advanced materials company dedicated to the development of a differentiated isotope
enrichment platform to strengthen global supply chain access to critical materials used in nuclear medicine,
next-generation semiconductors, and nuclear energy. The Company's proprietary technologies, the
Aerodynamic Separation Process ("ASP technology") and Quantum Enrichment ("QE technology"), are
designed to enable the production of isotopes for a range of industrial and advanced technology
applications. ASP Isotopes operates isotope enrichment facilities in Pretoria, South Africa, focused on the
enrichment of low atomic mass elements, or light isotopes. For more information, please
visit www.aspisotopes.com.
Forward-Looking Statements
This press release contains "forward-looking statements" within the meaning of the safe harbor provisions
of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements are neither
historical facts nor assurances of future performance. Instead, they are based only on our current beliefs,
expectations, and assumptions regarding the future of our business, as well as the business of our
subsidiaries, including, without limitation, QLE, future plans and strategies, projections, anticipated events
and trends, the economy, and other future conditions. Forward-looking statements can be identified by
words such as "believes," "plans," "anticipates," "expects," "estimates," "projects," "will," "may," "might," and
words of a similar nature. Examples of forward-looking statements include, but are not limited to, statements
we make regarding the expected benefits and completion of the Exchange Transactions, including, but not
limited to, QLE's prospective future debt reduction and liquidity and capital structure improvements, the
expected timing of the closing of the Exchange Transactions, and statements we make regarding a public
listing of QLE's common equity and a potential distribution of QLE common equity owned by ASPI to ASPI's
stockholders and the implementation of ASPI's and QLE's business plans. Because forward-looking
statements relate to the future, they are subject to inherent uncertainties, risks, and changes in
circumstances that are difficult to predict, many of which are outside our control. Actual results, financial
condition, and events may differ materially from those indicated in the forward-looking statements based
upon a number of factors. Forward-looking statements are not a guarantee of future performance or
developments. You are strongly cautioned that reliance on any forward-looking statements involves known
and unknown risks and uncertainties. Therefore, you should not rely on any of these forward-looking
statements. There are many important factors that could cause actual results and financial condition to
differ materially from those indicated in the forward-looking statements, including, but not limited to: the
outcomes of various strategies and projects undertaken by the Company and QLE; the potential impact of
laws or government regulations or policies in South Africa, the United Kingdom or elsewhere; our future
capital requirements and sources and uses of cash; our ability to obtain funding for our operations and
future growth; our reliance on the efforts of third parties; our ability to complete the construction and
commissioning of our enrichment plants or to commercialize isotopes using the ASP technology or the
Quantum Enrichment Process; our ability to obtain regulatory approvals for the production and distribution
of isotopes; the financial terms of any current and future commercial arrangements; our ability to complete
certain transactions and realize anticipated benefits from acquisitions and contracts; dependence on our
Intellectual Property (IP) rights, certain IP rights of third parties; the competitive nature of our industry; and
the factors disclosed in Part I, Item 1A. "Risk Factors" of the Company's Annual Report on Form 10-K for
the fiscal year ended December 31, 2025 (as amended) and in the Company's subsequent reports and
filings with the SEC. Any forward-looking statement made by us in this press release is based only on
information currently available to us and speaks only as of the date on which it is made. We undertake no
obligation to publicly update any forward-looking statement, whether as a result of new information, future
developments or otherwise. No information in this press release should be interpreted as an indication of
future success, revenues, results of operation, or stock price. All forward-looking statements herein are
qualified by reference to the cautionary statements set forth herein and should not be relied upon.
QLE Contact
QLE@icrinc.com
ASPI Contact
IR@ASPIsotopes.com
The Company has a primary listing on the Nasdaq and a secondary listing on the Main Board of the JSE.
16 July 2026
Sponsor
Valeo Capital Proprietary Limited
Date: 16-07-2026 07:05:00
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