ASP Isotopes Announces Agreements to Exchange Certain QLE Convertible Notes for ASPI Common Stock

ASP Isotopes Inc. (NASDAQ: ASPI) ("ASPI", the "Company" or “we”) today announced that ASPI and Quantum Leap Energy LLC ("QLE"), a wholly-owned subsidiary of ASPI dedicated to advancing innovative technologies and processes across critical segments of the fission and fusion nuclear fuel cycle, have entered into separate, individually negotiated private exchange agreements (the “Exchange Agreements”) with certain holders of QLE’s outstanding convertible promissory notes (the “QLE Notes”).

Under the terms of the Exchange Agreements, certain holders of QLE Notes have agreed to exchange approximately $109.2 million in aggregate principal amount of outstanding QLE Notes held by them, plus accrued and unpaid interest thereon, for an aggregate of approximately 23.2 million shares of ASPI common stock, representing approximately 17.8% of ASPI’s common stock outstanding (collectively, the “Exchange Transactions”).

The Exchange Transactions are intended to reduce QLE’s outstanding convertible notes by approximately 50% and simplify QLE’s capital structure as QLE continues to pursue a public listing on a U.S. national securities exchange as a standalone company. The Exchange Transactions are also expected to support ASPI’s position to make a potential future distribution of its QLE common equity to ASPI’s stockholders as of a to-be-determined future record date.

The Exchange Transactions are expected to close on July 16, 2026, subject to satisfaction of customary closing conditions. Upon closing of the Exchange Transactions, the outstanding principal amount of QLE Notes will be reduced by approximately 50%, from $219.8 million to $110.7 million in aggregate principal amount outstanding.

“The exchange significantly strengthens QLE’s balance sheet, reducing its convertible notes by approximately 50% and simplifying its capital structure at the right moment as QLE continues its path towards a separate public listing,” said Paul Mann, Chairman and Chief Executive Officer of ASPI.

About Quantum Leap Energy Quantum Leap Energy is a development stage nuclear fuels company dedicated to advancing innovative technologies and processes across critical segments of the nuclear fuel cycle. The company focuses on uranium conversion, enrichment of uranium-235 for nuclear fuel production (HALEU, LEU+ and LEU)*, and isotopic separation of lithium-6 and lithium-7, as well as radioactive waste treatment technologies. Through exclusive global rights to proprietary Aerodynamic Separation Process (ASP) and laser-based Quantum Enrichment (QE) technologies, Quantum Leap Energy aims to address perceived gaps in the nuclear fuel supply chain for advanced nuclear reactors, small modular reactors, and fusion systems. The company has established strategic partnerships or commercial initiatives and relationships with industry leaders including TerraPower, Fermi America, and the South Africa Nuclear Energy Corporation (Necsa) to accelerate the commercialization of critical isotopes essential for next-generation nuclear energy syst...