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ASP Isotopes Announces $5 Million Private Placement Priced At-the-Market Under Nasdaq Rules
BOCA RATON, FL / ACCESSWIRE / March 15, 2023 / ASP Isotopes Inc. (NASDAQ:ASPI) ("ASPI", the "Company", "us", "we" or "our"), an advanced materials company
About this update from Asp Isotopes Inc.
[{"type":"text","content":"BOCA RATON, FL / ACCESSWIRE / March 15, 2023 / ASP Isotopes Inc. (NASDAQ:ASPI) (\"ASPI\", the \"Company\", \"us\", \"we\" or \"our\"), an advanced materials company dedicated to the development of technology and processes designed to produce isotopes for use in multiple industries, today announced that it has entered into a definitive agreement for the issuance and sale of an aggregate of 3,164,557 shares of its common stock (or common stock equivalents in lieu thereof) and warrants to purchase up to an aggregate of 3,164,557 shares of common stock, at a purchase price of $1.58 per share (or common stock equivalent) and accompanying warrant in a private placement priced at-the-market under Nasdaq rules. The gross proceeds to the Company from the private placement are expected to be approximately $5 million, before deducting the placement agent's fees and other offering expenses payable by the Company. The private placement is expected to close on or about March 17, 2023, subject to the satisfaction of customary closing conditions.H.C. Wainwright & Co. is acting as the exclusive placement agent for the private placement.The warrants will have an exercise price of $1.75 per share, will become exercisable six months from the date of issuance and have a term of five and one-half years following the date of issuance.The Company currently intends to use the net proceeds from the private placement for working capital and general corporate purposes.The offer and sale of the foregoing securities in the private placement are being made in a transaction not involving a public offering and have not been registered under the Securities Act of 1933, as amended (the \"Securities Act\"), or applicable state securities laws. Accordingly, the securities in the private placement may not be reoffered or resold in the United States except pursuant to an effective registration statement or an applicable exemption from the registration requirements of the Securities Act and such applicable state securities laws.Under an agreement with the investors, the Company is required to file an initial registration statement with the Securities and Exchange Commission (\"SEC\") covering the resale of the securities to be issued to the investors in the private placement no later than 15 days after the date of the definitive agreement and to use best efforts to ha...