Advanced materials company ASP Isotopes Inc ($ASPI) shares soared over 22% on Friday and ranked among the top three trending tickers on Stocktwits after the firm announced the pricing of its public offering.
ASP Isotopes has agreed to sell an aggregate of 2.395 million shares of its common stock at a public offering price of $6.75 per share.
The gross proceeds from the offering, before deducting underwriting discounts and commissions and estimated offering expenses payable by ASP Isotopes, are expected to be approximately $16.2 million.
The company currently intends to use the net proceeds from the offering for general corporate purposes, including working capital, operating expenses, and capital expenditures. This comprises accelerating the construction of enrichment facilities in South Africa and Iceland.
ASP Isotopes has also granted the underwriters a 30-day option to purchase up to 359,250 additional shares at the public offering price. The offering is expected to close on or about Nov. 4, 2024, the firm said.
Earlier this week, the firm entered into a term sheet with TerraPower, a nuclear innovation company and advanced nuclear energy developer.
The term sheet is related to the construction of a uranium enrichment facility capable of producing High Assay Low-Enriched Uranium (HALEU) and the future supply of HALEU to TerraPower, as a customer of Quantum Leap Energy LLC (QLE).
ASP Isotopes said it is also in discussions with certain financial institutions to provide additional capital for the HALEU production facility.
Following the announcement, most Stocktwits users are expressing bullish outlook on the stock.
Also See: Simon Property Reports Mixed Q3 Results But Retail Enthusiasm Soars
For updates and corrections email newsroom@stocktwits.com