ASP Isotopes Inc. Announces Receipt of Regulatory Approvals for Acquisition of Renergen Limited

Rhea-AI Summary

ASP Isotopes (NASDAQ: ASPI) announced it has obtained all required regulatory approvals for its proposed acquisition of JSE-listed Renergen via a South African scheme of arrangement.

Renergen shareholders will receive 0.09196 ASP Isotopes shares per Renergen share. The scheme is unconditional and implementation awaits a compliance certificate from the South African Takeover Regulation Panel, anticipated on or about December 18, 2025. Final dates will follow the certificate.

The combination targets an integrated supply chain for helium, LNG, fluorinated products and isotopically enriched gases, with synergies expected from 2026. A production update on Renergen’s Virginia Gas Project is expected at the end of January 2026. Renergen is noted as being funded by the U.S. government for helium’s strategic significance.

Positive

• Scheme is now unconditional
• Exchange ratio: 0.09196 ASP shares per Renergen share
• Synergies expected to begin in 2026
• Production update scheduled for end of January 2026

Negative

• Implementation depends on a Takeover Panel compliance certificate
• Transaction will issue new ASP shares at 0.09196 per Renergen share

Key Figures

Share exchange ratio 0.09196 ASPI shares Per Renergen share under Scheme of arrangement

Compliance certificate date On or about December 18, 2025 Expected South African Takeover Regulation Panel certificate

Synergy timing From 2026 Substantial synergies expected after completion of the combination

Production update timing End of January 2026 Expected Renergen Virginia Gas Project production update

Market Reality Check

$5.76 Last Close

Volume Volume 4,144,517 is below 20-day average of 6,127,933 (relative volume 0.68). low

Technical Shares at $5.69 are trading below the 200-day MA of $7.71 and 60.73% under the 52-week high.

Peers on Argus

Peers in Chemicals show mixed moves today: TROX -0.9%, GPRE -1.25%, WLKP +0.52%, LXU -0.79%, REX -0.63%, suggesting this acquisition news is stock-specific rather than part of a broad sector rotation.

Historical Context

Date	Event	Sentiment	Move	Catalyst
Dec 02	Leadership update	Positive	+0.0%	CEO Paul Mann scheduled to return from temporary health-related leave.
Nov 28	Strategic donation	Positive	+5.1%	Three-year endowment for Photonics Chair to support quantum enrichment talent.
Nov 17	Investor call notice	Neutral	-10.7%	Announcement of quarterly business update call and webcast schedule.
Nov 12	IPO preparation	Positive	+1.6%	QLE confidentially files Form S-1 for proposed IPO of Class A stock.
Nov 07	Subsidiary financing	Positive	+17.5%	QLE launches private placement of $64.3M convertible notes for enrichment build-out.

Pattern Detected

Recent news with clear strategic or financing angles (subsidiary notes, asset acquisitions) often saw positive alignment, while leadership or routine update news showed weaker or negative price follow-through.

Recent Company History

Over the last few months, ASP Isotopes has combined capital raising, M&A, and corporate updates. A QLE convertible notes placement on Nov 7, 2025 coincided with a 17.49% gain, and an acquisition of One 30 Seven assets on Oct 21, 2025 preceded a 7.13% move. By contrast, an upcoming business update call on Nov 21, 2025 saw a -10.73% reaction. Today’s unconditional regulatory approvals for the Renergen transaction extend this acquisition-driven trajectory.

Market Pulse Summary

This announcement confirms all required regulatory approvals for ASP Isotopes’ acquisition of Renergen, making the Scheme unconditional and setting up implementation after the expected compliance certificate around December 18, 2025. It advances a multi-step transaction first outlined in prior acquisition releases and targets operational synergies from 2026 onward. Investors may watch the January 2026 Virginia Gas Project production update and future filings for integration progress and capital needs.

Key Terms

scheme of arrangement regulatory

"pursuant to a scheme of arrangement under South African law pursuant to which"

A scheme of arrangement is a legal agreement between a company and its shareholders or creditors to reorganize or settle debts, often to avoid bankruptcy or make big changes. It’s like a carefully planned handshake that everyone agrees to, helping the company stay afloat or improve its financial health.

liquefied helium technical

"focused on production of liquefied helium (LHe) and liquefied natural gas"

Liquefied helium is helium gas cooled to extremely low temperatures so it becomes a liquid, used to achieve and maintain very cold conditions for medical scanners, scientific instruments, and semiconductor manufacturing. For investors, it matters because supplies are limited, transport and storage are specialized, and price or availability shifts can act like a sudden shortage of a key ingredient—raising costs, interrupting production, or creating advantage for suppliers with reliable access.

liquefied natural gas technical

"production of liquefied helium (LHe) and liquefied natural gas (LNG)"

Liquefied natural gas (LNG) is natural gas that has been cooled into a liquid so it can be shipped and stored more easily—think of it like condensing a bulky gas into a compact, refrigerated form for transport. It matters to investors because LNG supply, shipping capacity, and long-term contracts influence energy prices, company revenues, and exposure to geopolitical or infrastructure risks, much like how a clogged highway can delay deliveries and raise costs.

takeover regulation panel regulatory

"once the South African Takeover Regulation Panel issues the requisite compliance"

An independent authority that sets and enforces the rules for bids to buy controlling stakes in listed companies, acting like a referee to make sure all shareholders are treated fairly and that takeover offers are transparent and orderly. Investors care because the panel’s rulings shape the price, timing and legal certainty of takeover offers—affecting whether shareholders get a fair deal, how quickly a transaction completes, and how the market reacts.

electronic gases technical

"including electronic gases such as helium, various fluorinated products"

Electronic gases are specialized industrial gases used to make and process electronic devices—think of them as precision ingredients in the factory recipes for chips, LEDs and other components. They matter to investors because their availability, price and regulation directly affect production costs, factory output and supply chains; shortages, safety or environmental rules can slow manufacturing and change a maker’s profitability, much like a missing spice can ruin a dish.

AI-generated analysis. Not financial advice.

Positive progress in operations at Renergen’s Virginia Gas Project with a production update expected at the end of January 2026

WASHINGTON, Dec. 17, 2025 (GLOBE NEWSWIRE) -- ASP Isotopes Inc. NASDAQ: ASPI ("ASP Isotopes” or the “Company”), an advanced materials company dedicated to the development of technology and processes for the production of isotopes for use in multiple industries, today announced that all required regulatory approvals and clearances have been obtained for ASP Isotopes’ proposed offer to acquire all of the issued ordinary shares of JSE-listed Renergen Limited (“Renergen”), pursuant to a scheme of arrangement under South African law pursuant to which Renergen shareholders will receive 0.09196 new ASP Isotopes shares for each Renergen share held on the record date (the “Scheme”).

Accordingly, all remaining conditions precedent have been fulfilled or, where applicable, waived and the Scheme has become unconditional. Implementation of the Scheme will begin once the South African Takeover Regulation Panel issues the requisite compliance certificate, which is anticipated to be received on or about December 18, 2025.   Upon receipt of the compliance certificate, ASP Isotopes and Renergen will publish the finalization announcement, containing the remaining salient dates and times for implementation of the Scheme.

Renergen is a public company incorporated under the laws of the Republic of South Africa, focused on production of liquefied helium (LHe) and liquefied natural gas (LNG) 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.

ASP Isotopes has been advised of positive progress in operations at Renergen’s Virginia Gas Project and expects to provide a production update at the end of January 2026 following implementation of the Scheme.

About ASP Isotopes Inc.

ASP Isotopes Inc. is a development stage advanced materials company dedicated to the development of technology and processes to produce isotopes for use in multiple industries. The Company employs proprietary technology, the Aerodynamic Separation Process (“ASP technology”). The Company’s initial focus is on producing and commercializing highly enriched isotopes for the healthcare and technology industries. The Company also plans to enrich isotopes for the nuclear energy sector using Quantum Enrichment technology that the Company is developing. The Company has isotope enrichment facilities in Pretoria, South Africa, dedicated to the enrichment of isotopes of elements with a low atomic mass (light isotopes).

There is a growing demand for isotopes such as Silicon-28, which will enable quantum computing, and Molybdenum-100, Molybdenum-98, Zinc-68, Ytterbium-176, and Nickel-64 for new, emerging healthcare applications, as well as Chlorine-37, Lithium-6, and Uranium-235 for green energy applications. We believe the ASP technology (Aerodynamic Separation Process) is ideal for enriching low and heavy atomic mass molecules. For more information, please visit www.aspisotopes.com.

Forward Looking Statements

This press release contains “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations, and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy, and other future conditions. Forward-looking statements can be identified by words such as “goal”, “target”, “believes,” “plans,” “anticipates,” “expects,” “aims”, “intends”, “estimates,” “projects,” “will,” “may,” “might,” “seeks”, “sees”, “should,” “would,” “expect,” “positioned,” “strategy,” and words of a similar nature. Examples of forward-looking statements include, among others but are not limited to, statements relating to the completion of the transactions in the anticipated timeframe or at all, the subsequent integration of ASP Isotopes’s and Renergen’s businesses and the ability to recognize the anticipated synergies and benefits of the transactions, the access to available financing (including financing in connection with the transactions) on a timely basis and on reasonable terms, the plans for a listing of Quantum Leap Energy as a standalone public company, the anticipated market demand for future products of ASP Isotopes and Renergen, the future of the company’s enrichment technologies as applied to uranium enrichment, the outcome of the company’s initiative to commence enrichment of uranium in South Africa and the company’s discussions with nuclear regulators, and statements we make regarding expected operating results, such as future revenues and prospects from the potential commercialization of isotopes, future performance under contracts, and our strategies for product development, engaging with potential customers, market position, and financial results. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks, and changes in circumstances that are difficult to predict, many of which are outside our control. Our actual results, financial condition, and events may differ materially from those indicated in the forward-looking statements based upon a number of factors. Forward-looking statements are not a guarantee of future performance or developments. You are strongly cautioned that reliance on any forward-looking statements involves known and unknown risks and uncertainties. Therefore, you should not rely on any of these forward-looking statements. There are many important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements, including, but not limited to, risks related to: (i) the implementation of the Scheme in the anticipated timeframe or at all; (ii) the satisfaction of the Scheme conditions; (iii) the failure to obtain necessary regulatory approvals and third party consents; (iv) the ability to realize the anticipated benefits of the proposed acquisition of Renergen; (v) the ability to successfully integrate the businesses; (vi) disruption from the proposed acquisition of Renergen making it more difficult to maintain business and operational relationships; (vii) the negative effects of this announcement or the consummation of the proposed acquisition of Renergen on the market price of Renergen’s or ASPI’s securities; (viii) significant transaction costs and unknown liabilities; (ix) litigation or regulatory actions related to the proposed acquisition of Renergen; and (x) and the factors disclosed in Part I, Item 1A. “Risk Factors” of the company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024 and any amendments thereto and in the company’s subsequent reports and filings with the U.S. Securities and Exchange Commission. Any forward-looking statement made by us in this press release is based only on information currently available to us and speaks only as of the date on which it is made. We undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise. No information in this press release should be interpreted as an indication of future success, revenues, results of operation, or stock price. All forward-looking statements herein are qualified by reference to the cautionary statements set forth herein and should not be relied upon.

Contacts

Jason Assad– Investor relations
Email: Jassad@aspisotopes.com

FAQ

What exchange ratio did ASP Isotopes (ASPI) offer for Renergen in the December 17, 2025 scheme?

Renergen shareholders will receive 0.09196 new ASP Isotopes shares for each Renergen share.

When will the ASP Isotopes and Renergen scheme implementation begin for ASPI shareholders?

Implementation begins after the South African Takeover Regulation Panel issues the compliance certificate, anticipated on or about December 18, 2025.

When will ASP Isotopes provide the production update for Renergen’s Virginia Gas Project (ASPI)?

ASP Isotopes expects to provide a production update at the end of January 2026.

What strategic products will the combined ASP Isotopes (ASPI) and Renergen business focus on?

The combined company targets helium, LNG, fluorinated products, and isotopically enriched gases.

Are there expected financial benefits from the ASPI acquisition of Renergen and when?

The announcement states substantial synergies are expected from 2026.