ASP Isotopes said it will combine its Noble Africa subsidiary with a subsidiary of Endra Life Sciences in a transaction that would create a new Nasdaq-listed company focused on Renergen’s Virginia gas project.
The deal is paired with a private placement expected to raise about $50 million in gross proceeds. ASP Isotopes said it will contribute about $20 million of that amount, while other investors are expected to provide about $30 million, including $750,000 from directors and management of ASP Isotopes.
Under the merger terms, ASP Isotopes is expected to own about 89% of the combined company at closing. Endra stockholders are expected to own about 3%, and the private placement investors other than ASP Isotopes are expected to own about 7%.
The combined company plans to trade under the ticker “NOBA.” It is expected to close in the third or fourth quarter of 2026, pending Endra stockholder approval and SEC registration effectiveness.
Leadership of the combined company is set to include Paul E. Mann as chief executive officer and executive chairman, and Nick Mitchell as chief operating officer. The board is planned to include six directors selected by ASP Isotopes, including the CEO, four non-executive directors designated by ASP Isotopes, and one non-executive director designated by Endra.
ASP Isotopes said the financing is intended to support phase 1 and phase 2 development of the Virginia gas project. Following these announcements, the company's shares moved -10.41%, and are now trading at a price of $6.325. For more information, read the company's full 8-K submission here.
