(Note: ASP Isotopes Inc. (ASPI) downsized its IPO at pricing on Nov. 9, 2022, to 1.25 million shares – down from 1.5 million in the prospectus – and priced the IPO at $4.00 – the low end of its $4.00 to $5.00 range – to raise $5.0 million.)

We are a pre-commercial stage advanced materials company dedicated to the development of technology and processes that, if successful, will allow for the enrichment of natural isotopes into higher concentration products, which could be used in several industries. (Incorporated in Delaware)

We were incorporated in Delaware in September 2021 to acquire assets and license intellectual property rights related to the production of isotopes using Aerodynamic Separation Process (“ASP technology”), originally developed and licensed to us by Klydon Proprietary Ltd (“Klydon”). We have an exclusive license to use the ASP technology for the production, distribution, marketing and sale of all isotopes.

Our initial focus is on the production and commercialization of enriched Molybdenum-100 (“Mo-100”). Klydon has agreed to provide us a first commercial-scale Mo-100 enrichment plant located in South Africa with a manufacturing capacity of 20 kg/year of 95% enriched Mo-100 when fully operational. We believe that the Mo-100 we may develop using the ASP technology has significant potential advantages for use in the preparation of nuclear imaging agents by radiopharmacies and others in the medical industry.

We intend to demonstrate the capability to produce Mo-100 at a scale that can support anticipated customer demand for Mo-100 as alternative and potentially more convenient production route for Tc-99m used in nuclear medical diagnostic procedures. Mo-99’s decay product, technetium-99m (Tc-99m), is used in medical procedures to diagnose heart disease and cancer, to study organ structure and function, and to perform other important medical applications. We intend to offer our Mo-100 to customers that may convert Mo-100 into Mo-99 or directly into Tc-99m, and we believe that the use of Mo-100 in this way will be an attractive alternative route to production of Tc-99m for a number of reasons.

We also intend to use the ASP technology to produce enriched Uranium-235 (“U-235”). We believe that the U-235 we may develop using the ASP technology may be commercialized as a nuclear fuel component for use in the new generation of HALEU-fueled small modular reactors that are now under development for commercial and government uses.

We operate principally through subsidiaries: ASP Isotopes Guernsey Limited (the holding company of ASP Isotopes South Africa (Proprietary) Limited), which will be focused on the development and commercialization of high value, low volume isotopes for highly specialized end markets (such as Mo-100 and others, including Silicon-28); Enriched Energy LLC, which will be focused on the development and commercialization of uranium for the nuclear energy market; and ASP Isotopes UK Ltd, which is the licensee of the ASP technology under the exclusive license agreement with Klydon.

**Note: ASP Isotopes is a pre-commercial company with no revenues; net losses from its inception on Sept. 13, 2021, through June 30, 2022, are $4.3 million, according to the prospectus.

(Note: ASP Isotopes Inc. cut the size of its IPO – to 1.5 million shares at $4.00 to $5.00 – to raise $6.75 million, in an S-1/A filing dated Oct. 31, 2022. That change represents a reduction of 43.75 percent from its original terms of 2.0 million shares at $5.00 to $7.00 each to raise $12.0 million. ASP Isotopes Inc. filed its S-1 on Sept. 12, 2022; confidential filing in April 2022.

(Note: In its updated filing on Oct. 31, 2022, the company says that the selling stockholders are offering an additional 2,057,500 shares of its common stock: “We will not receive any proceeds from the sale of selling stockholder shares. The selling stockholder shares will not be purchased by the underwriters or otherwise included in the underwritten offering of our common stock in this initial public offering. The selling stockholders may sell or otherwise dispose of their shares in a number of different ways and at varying prices but will not sell any selling stockholder shares until after the closing of this offering. “)