ASP Isotopes Inc. Announces Changes in Boards of ASP Isotopes Inc. and Quantum Leap Energy LLC

Rhea-AI Summary

ASP Isotopes (NASDAQ: ASPI) announced significant board changes and strategic restructuring plans. Sipho Maseko, former CEO of Telkom SA and MD of Vodacom SA, has joined ASPI's board of directors, while Dr. Hendrik Strydom has transitioned from ASPI's board to Quantum Leap Energy 's (QLE) board of managers.

The company plans to separate into two independent public companies during 2H 2025: the Nuclear Fuels business (QLE) and the Specialist Isotopes and Related Services business. The separation aims to address different regulatory landscapes, supply chains, and funding requirements. QLE's board currently includes Paul Mann as Chairman and CEO, Michael Gorley, Ph.D., Duncan Moore, Ph.D., and Dr. Strydom.

Additionally, ASPI granted restricted stock awards to three new non-executive employees, totaling 250,000 shares vesting over four years in eight semi-annual installments.

Positive

• Strategic separation into two public companies could unlock shareholder value
• Addition of experienced executive Sipho Maseko to board strengthens leadership
• Successful commissioning of first Quantum Enrichment facility
• Commencement of commercial Ytterbium-176 production

Negative

• Complex regulatory approvals required for business separation
• Potential execution risks in completing the separation by 2H 2025
• 250,000 shares of restricted stock grants may cause minor dilution

Insights

Corporate Restructuring Analyst

ASP Isotopes' planned separation into two independent public companies represents significant strategic restructuring with implications for shareholders and operations. The company intends to spin out Quantum Leap Energy (QLE), focused on nuclear fuels like HALEU and Lithium-6, as a separate publicly traded entity in 2H 2025, while maintaining its specialist isotopes business.

The company has explicitly stated the separation rationale: "different regulatory landscapes, supply chains and funding requirements for the production of nuclear fuel and medical and industrial isotopes." This separation would allow each entity to operate with focused strategic plans, business models, and capital allocation priorities while maintaining some commercial agreements between them.

The board changes align with this restructuring strategy. Moving Dr. Strydom, who has 40 years of isotope enrichment experience, to QLE's board strategically positions technical expertise where it's most relevant. Meanwhile, adding Sipho Maseko, with his extensive South African business experience, to ASP Isotopes' board strengthens leadership in a key operational market.

While the company is working toward this separation in 2H 2025, the transaction remains contingent on market conditions, regulatory approvals, and listing requirements. The board is also continuing to evaluate alternative separation options that might maximize shareholder value, indicating some flexibility in execution approach.

The operational progress mentioned—successful commissioning of the laser system and commencement of Ytterbium-176 production—suggests the core technology is advancing, which could strengthen each entity's positioning post-separation.

Corporate Governance Specialist

The board reconfiguration at ASP Isotopes reveals a methodical approach to governance ahead of the planned corporate separation. The transition of CTO Dr. Hendrik Strydom from ASP Isotopes' board to Quantum Leap Energy's board represents strategic talent alignment rather than a typical departure. His technical expertise in isotope enrichment, particularly his background with nuclear fuel programs, provides QLE with valuable specialized knowledge as it prepares to become an independent entity.

The appointment of Sipho Maseko to ASP Isotopes' board brings substantial South African business leadership experience, critically important given the company's operational focus in that region. His background as CEO of Telkom SA and Managing Director of Vodacom SA demonstrates experience managing complex regulated businesses, which is relevant to ASP's regulatory environment. The company noted they've already been working with him for three years, suggesting this formalized appointment builds on an established relationship.

The current QLE board composition—Paul Mann, Michael Gorley, Duncan Moore, and now Hendrik Strydom—maintains leadership continuity through the transition period. However, the announcement that "additional independent directors" will be named later signals continued governance evolution as the separation approaches.

The employee inducement awards, covering 250,000 shares with four-year vesting periods, indicate efforts to secure talent commitment through the transition period, though these represent a relatively small portion of the company's equity.

- Highly respected South African Businessman, Mr Sipho Maseko, former CEO of Telkom SA Soc Ltd and MD of Vodacom SA, Has Joined the Board of Directors of ASP Isotopes Inc.

- Dr. Hendrik Strydom, PhD, Chief Technology Officer of ASP Isotopes Inc., is transitioning from the Board of Directors of ASP Isotopes Inc. to the Board of Managers of Quantum Leap Energy LLC.

- The Company Intends to pursue the Separation of its Nuclear Fuels Business, Quantum Leap Energy LLC, and Specialist Isotope Products and Related Services Business in Two Independent Companies during 2H 2025.

WASHINGTON, April 15, 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 Mr. Sipho Maseko has joined the board of directors of ASP Isotopes, and Dr. Hendrik Strydom, PhD, Chief Technology Officer of ASP Isotopes, has transitioned from the board of directors of ASP Isotopes to the board of managers of Quantum Leap Energy LLC, the Company’s subsidiary that is pursuing an initiative to produce advanced nuclear fuels, such as HALEU and Lithium-6, in South Africa.

Sipho Maseko is a well respected and highly experienced executive and serves as a director and advisor to a number of companies. Mr. Maseko has served as an independent non-executive director of KAP Limited, a South African diversified industrial group consisting of industrial, chemical and logistics businesses, since March 2024, and he has served as an independent non-executive director of Shoprite Holdings Ltd, Africa’s largest retail group, since June 2023. Mr. Maseko previously served as Chief Executive Officer of Telkom SA SOC Ltd, a South African wireline and wireless telecommunications provider, from April 2013 to June 2022. Prior to joining Telkom, Mr. Maseko served as Managing Director of Vodacom SA and Group Chief Operating Officer of Vodacom after serving almost 14 years at BP Africa Limited where he held a number of senior positions, including Chief Executive Officer and Chief Operating Officer for BP Downstream activities. Mr. Maseko joined BP in 1997 after being with Werksmans Attorneys and the Financial Services Board. Mr. Maseko received a bachelor’s degree from the University of the Witwatersrand and a law degree (LLB) from the University of KwaZulu-Natal.

Paul Mann, Chairman and CEO of ASP Isotopes said, “We are pleased to welcome Sipho to the board of directors of ASP Isotopes. We have been working closely with Sipho for three years now and he has already been instrumental in helping ASP Isotopes advance its business in South Africa and navigating the complex political environment.”

Mr. Maseko commented, “South Africa has huge potential with regards to its ability to produce critical materials that the world needs for industries such as advanced next generation semiconductors, nuclear medicine and green energy. I look forward to working with ASP Isotopes to help the Company bring solutions for these industries to market over the next several years.”

Quantum Leap Energy LLC

As previously announced, the board of directors of ASP Isotopes intends to pursue the separation of the Company’s Nuclear Fuels business and Specialist Isotopes and Related Services business in two independent companies. The Company plans to effect the separation through a spin-out of Quantum Leap Energy LLC (“QLE”), the Company’s subsidiary that is pursuing the development and commercialization of advanced nuclear fuels such as HALEU and Lithium-6, in a transaction that results in QLE as a separate public company with shares listed on a U.S. national securities exchange and a portion of QLE’s common equity distributed to ASPI’s stockholders as of a to-be-determined future record date, in each case subject to obtaining applicable approvals and consents and complying with applicable rules and regulations and public market trading and listing requirements.

As the Company progresses its plan to implement a spin-out of QLE as a separate public company, the board of directors of ASP Isotopes is evaluating the optimal composition of the QLE board of managers. Dr. Hendrik Strydom, PhD, Chief Technology Officer of ASP Isotopes, has stepped down as a director of ASP Isotopes and joined QLE as a board member and a member of the management team. Dr. Strydom has a forty year career in isotope enrichment starting his career and previously working on nuclear fuel programs at AEC (Atomic Energy Corporation) and UCOR (Uranium Enrichment Corporation). Dr Strydom has conducted extensive research on the laser separation of heavy isotopes (AVLIS, MLIS, SILEX) and has a PhD (Physics) from the University of Natal (Durban).

After the addition of Dr. Strydom, the board of managers of QLE is now comprised of Paul Mann (Chairman and CEO of QLE), Michael Gorley, Ph.D. and Duncan Moore, Ph.D., who are also independent directors of ASP Isotopes, and Dr. Strydom. Additional independent directors of QLE will be named later.

Paul Mann, Chairman and CEO of ASP Isotopes and CEO of QLE said, “The creation of two independent companies is driven by the different regulatory landscapes, supply chains and funding requirements for the production of nuclear fuel and medical and industrial isotopes. We believe that ASP Isotopes and QLE will be better served operating independently from each other, with separate strategic plans, business models and capital investments. However, there will be a number of ongoing commercial agreements between the two companies.”

Dr. Hendrik Strydom, PhD, Chief Technology Officer of ASP Isotopes and QLE said, “Following the successful commissioning of the laser system at the Company’s first Quantum Enrichment facility and the commencement of production of commercial samples of highly enriched Ytterbium-176, I am excited to pursue the Company’s HALEU enrichment initiative in South Africa and apply our technologies to the enrichment of uranium.”

Although no assurance can be given, the Company is aiming to execute the spin-out of QLE as a separate public company during the 2H25, subject to market conditions and obtaining applicable approvals and consents and complying with applicable rules and regulations and public market trading and listing requirements. While the Company currently expects that a spin-out of QLE as a separate public company is the most likely separation transaction, the board of directors of ASP Isotopes remains committed to maximizing shareholder value creation, and will continue to evaluate other options for separation to maximize shareholder value.

Inducement Awards.

In connection with commencing employment, on April 14, 2025, three new non-executive employees of ASP Isotopes Inc. were granted awards of restricted stock covering an aggregate of 250,000 shares of ASP Isotopes Inc.’s common stock, par value $0.01 per share. The shares of restricted stock will vest, based on continued service to ASP Isotopes Inc., in eight equal semi-annual installments over a four-year period. The restricted stock awards were approved by the Company’s Compensation Committee and Board of Directors and were granted under the Company’s 2024 Inducement Equity Incentive Plan as employment inducement awards pursuant to Nasdaq Listing Rule 5635(c)(4).

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. 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 “believes,” “plans,” “anticipates,” “expects,” “estimates,” “projects,” “will,” “may,” “might,” and words of a similar nature. Examples of forward-looking statements include, among others but are not limited to, statements relating to the plans for a spin-out of Quantum Leap Energy as a standalone public company, 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 our reliance on the efforts of third parties; our ability to complete the construction and commissioning of our enrichment plants or to commercialize isotopes using the ASP technology or the Quantum Enrichment Process; our ability to obtain regulatory approvals for the production and distribution of isotopes; the financial terms of any current and future commercial arrangements; our ability to complete certain transactions and realize anticipated benefits from acquisitions and contracts; dependence on our Intellectual Property (IP) rights, certain IP rights of third parties; the competitive nature of our industry; 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
Telephone: 561-709-3043

FAQ

When will ASP Isotopes (ASPI) complete its planned business separation?

ASP Isotopes aims to complete the separation of its Nuclear Fuels business (QLE) and Specialist Isotopes business during the second half of 2025, subject to market conditions and regulatory approvals.

What is the structure of Quantum Leap Energy's (QLE) current board of managers?

QLE's board consists of Paul Mann (Chairman and CEO), Michael Gorley, Ph.D., Duncan Moore, Ph.D., and Dr. Hendrik Strydom, with additional independent directors to be named later.

How will the ASPI restricted stock awards granted in April 2025 vest?

The 250,000 shares of restricted stock will vest in eight equal semi-annual installments over a four-year period, contingent on continued service.

What is the rationale behind ASPI's business separation?

The separation is driven by different regulatory landscapes, supply chains, and funding requirements between nuclear fuel production and medical/industrial isotopes operations.