Street Calls of the Week
ASP Isotopes Inc. (NASDAQ:ASPI), a company whose stock has surged over 244% in the past year and currently maintains a market capitalization of $906 million, reported Monday that its wholly owned subsidiary, Quantum Leap Energy LLC (QLE), has acquired a controlling interest in Skyline Builders Group Holding Limited (NASDAQ:SKBL), according to a press release statement based on a recent SEC filing. InvestingPro data shows the company has demonstrated strong momentum, with revenue growth expectations exceeding 258% for the current fiscal year.
On August 27, Supreme Development (BVI) Holdings Limited, the previous controlling shareholder of SKBL, sold all 1,995,000 issued and outstanding Class B Ordinary Shares to QLE for an aggregate purchase price of $1,000,000. These Class B shares carry 20 votes per share, granting QLE significant voting power.
SKBL, incorporated in the Cayman Islands and listed on the Nasdaq, maintains a dual-class share structure. Class A Ordinary Shares entitle holders to one vote per share, while Class B Ordinary Shares provide 20 votes per share. Neither class is convertible into the other.
On August 29, SKBL completed a private placement, issuing 1,359,314 Class A Ordinary Shares and various warrants, including prefunded warrants and purchase warrants, raising gross proceeds of $17,775,000 before fees and expenses. QLE participated in the private placement, purchasing 454,794 Class A Ordinary Shares, a prefunded warrant for 1,600,000 Class A Ordinary Shares, and warrants to purchase up to 4,109,588 additional shares, for a total of $1,500,000.
Approximately $7,000,000 of the private placement proceeds were used to retire 18,500,000 Class A Ordinary Shares previously held by Supreme Development.
Following these transactions, QLE became the holder of 79.14% of the aggregate voting power of SKBL’s outstanding shares, effectively gaining control of the company.
Paul Mann, Chairman and CEO of ASP Isotopes , also participated in the private placement as an individual investor, acquiring shares and warrants for $2,500,000.
QLE intends to use SKBL to pursue acquisitions in the critical materials supply chain, with a focus on securing feedstocks important to the United States and QLE’s operations.
All information is based on a press release statement and details disclosed in the SEC filing.
In other recent news, ASP Isotopes Inc. has been actively involved in several significant developments. The company announced a $5 million Series Seed investment in IsoBio, Inc., a radiotherapeutic development company. This investment will aid IsoBio in advancing its antibody-isotope conjugates, which are designed to target cancer cells. Additionally, ASP Isotopes has entered into a Memorandum of Understanding with Fermi America to explore the development of a High Assay Low Enriched Uranium (HALEU) enrichment facility in Texas. This facility aims to bolster domestic supply chains for nuclear fuel. Furthermore, ASP Isotopes and its subsidiary, Quantum Leap Energy LLC, plan to establish a joint venture with Fermi America for the production of HALEU at the HyperGrid campus near Amarillo, Texas. In a separate announcement, ASP Isotopes expanded its board of directors by appointing Ralph L. Hunter, a veteran in the nuclear industry, as a Class II director and to the board of managers of Quantum Leap Energy LLC. Hunter brings over 30 years of experience in the nuclear power sector to the company.
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