ASP Isotopes announces expected commencement of dual listing on JSE

ASP Isotopes (ASPI) provided an update on its application to list on the Johannesburg Stock Exchange. The JSE has approved the listing of the Company’s common stock on the Main Board of the JSE under the abbreviated name “ASPI”, share code “ISO” and international securities identification number US00218A1051, with commencement of trading expected on Wednesday, August 27, 2025. The Company will retain its primary listing on the Nasdaq Capital Market and its issued share capital will be unaffected by the secondary, or dual, listing on the JSE. The secondary listing of the Company’s common stock on the JSE is not in connection with any current capital raising effort. On May 20, 2025, the Company announced its intention to acquire Renergen, pursuant to a South African scheme of arrangement, under which Renergen shareholders will receive 0.09196 new ASP Isotopes shares for each Renergen share held on the record date, with the goal of creating a global critical materials company. Renergen shareholders approved the resolution relating to the approval of the Scheme at the Renergen general meeting held on July 10, 2025. The implementation of the Scheme however remains subject to the fulfilment or, alternatively, the waiver of the remaining offer conditions, which the Company expects to occur during 3Q 2025. The secondary listing of the Company’s common stock on the JSE is not conditional upon the Scheme being implemented, but until such time as the Scheme is implemented, the Company expects trading in its shares on the JSE to be limited. The transaction is expected to be highly accretive to ASPI’s revenue, EBITDA, earnings per share and cash flow per share during 2026. The goal of the combined group is to generate over $300 million in EBITDA in 2030, which is expected to be driven by a mix of isotopes, helium and LNG sales into the South African energy market, based on management’s current estimates, expectations and assumptions regarding the execution on ASP Isotopes’s and Renergen’s business strategies. The acquisition of Renergen is expected to close during 3Q 2025, prior to the spin out of QLE which is still expected to occur during 2H 2025.