Renergen shareholders approve acquisition by ASP Isotopes

ASP Isotopes (ASPI) announced that at a general meeting of shareholders of Renergen held on July 10, Renergen shareholders voted overwhelmingly in favor of the acquisition of Renergen by ASP Isotopes through a scheme of arrangement in accordance with Sections 114 and 115 of the South African Companies Act, No. 71 of 2008. The Scheme received support from 99.80% of voting shareholders. The implementation of the Scheme remains subject to and will only become operative upon the fulfilment or, if applicable, waiver of a number of conditions, including various regulatory approvals and third party consents, by no later than September 30, unless extended. If all remaining conditions are fulfilled or, if applicable, waived, the Scheme is expected to become effective in 3Q25. Renergen is a public company incorporated under the laws of the Republic of South Africa, focused on production of liquefied helium and liquefied natural gas and is funded by the United States government given helium’s strategic significance. The combination of Renergen and ASP Isotopes aims to create a global leader in the production of critical and strategically important materials, including electronic gases such as helium, various fluorinated products and isotopically enriched gases. The combination is expected to create a vertically and horizontally integrated supply chain with significant geographic and customer overlap with substantial synergies expected from 2026. The transaction is expected to be highly accretive to ASP Isotopes’s revenue, EBITDA, earnings per share and cash flow per share, starting from 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 businesses strategies.