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ASP Isotopes Inc. NASDAQ: ASPI ("ASPI," or the "Company"), an advanced materials company dedicated to the development of technology and processes designed to produce isotopes used in multiple industries, today released the following letter to stockholders from its Chairman and CEO, Paul Mann.
Dear Fellow Stockholder,
In light of the considerable progress made since my last shareholder letter approximately six months ago, and with our Annual Report on Form 10K for 2023 having just been filed, I wanted to personally communicate with you today to highlight some of our recent key milestones and discuss our future goals.
Tight control on operating expenses and strengthened balance sheet on heels of recent capital raises.
During 2023 we had $(4.7) million in operating free cash flow, slightly lower expense than the $(5) million that we had been targeting. We will continue to maintain a tight control on all expenses.
We finished the year with cash on the balance sheet of $7.9 million. In February 2024, our wholly owned subsidiary – Quantum Leap Energy LLC – raised over $20 million via a convertible note offering, with Ocean Wall Limited acting as Placement Agent. In addition, this week we received approximately $5.5 million in gross proceeds from the exercise of warrants held by an institutional investor. Thus, our current cash balance is very strong, enabling focused accelerated development of new technologies.
We have a large backlog of interest from customers for many different isotopes and we expect to fund future isotope enrichment facilities using primarily funding provided by those customers combined with additional debt. With proof of concept for the ASP process now demonstrated and revenue generation from the sale of enriched isotopes anticipated this year, we have begun discussions with multiple potential debt providers.
Posted In: ASPI