ASP Isotopes Inc (NASDAQ:ASPI) shares are trading higher. The company on Monday wrote a letter to shareholders, providing a balance sheet update, highlighting progress on goals and announcing an investor access event.
What Happened: ASP Isotopes chairman and CEO Paul Mann highlighted several milestones for 2024 and set the stage for 2025 in a letter to shareholders on Monday.
2024 highlights include the completion of construction of two isotope enrichment facilities, completion of construction of the first quantum enrichment facility, the signing of two contracts with U.S.-based customers for the supply of highly enriched Silicon-28, a research contract and term sheet with Bill Gates-backed TerraPower and a MOU with Nesca.
Heading into 2025, ASP Isotopes said it has $51 million of cash on its balance sheet after raising approximately $84 million in debt and equity transactions finished in the third quarter.
ASP Isotopes said the global isotopes market is at an inflection point in terms of supply and demand. The company noted that it has received active interest from "a number of companies and governments." ASP Isotopes said it hopes to sign additional supply agreements for isotopes in the "coming months."
Finally, ASP Isotopes highlighted its upcoming Investor Access Event starting on Jan. 14. The news comes after short seller Fuzzy Panda Research issued a report on ASP Isotopes last month claiming the company is using "old, disregarded laser enrichment technology to masquerade as a new, cutting-edge Uranium enrichment company."
Fuzzy Panda also casted doubt on ASP Isotopes' ability to obtain licenses and called the company's cost estimate forecasts "delusional."
A spokesperson for ASP Isotopes told Benzinga in November that the Fuzzy Panda report was filled with inaccurate claims.
"The report includes inaccurate claims and innuendo in an attempt to mislead investors. As a public company traded on Nasdaq, we direct investors to our public filings made with the SEC," the company said in response.
On Friday, ASP Isotopes announced that it was exploring options in response to the short seller report.
"The Company's management believes this short seller's report contains incomplete and inaccurate information, distortions of facts, flawed analyses, and misleading conclusions," the company said.
"ASP Isotopes is exploring its options in response to this attack while continuing to focus on our business, growing revenues and executing on our strategic plan."
ASPI Price Action: ASP Isotopes shares were up 7.6% at $5.38 at the time of publication Monday, according to Benzinga Pro.
Photo: Shutterstock.
