QLE, a wholly‑owned subsidiary of ASP Isotopes Inc., completed a private placement of unsecured convertible notes that will raise a total principal amount of $64.3 million. The notes convert into QLE common equity at a price equal to 80 % of the share price in a future equity transaction, or at a valuation cap, whichever is more favorable to investors. The placement is led by ASP Isotopes and American Ventures LLC, with capital contributions from Eric Trump and Donald Trump Jr. The initial closing is expected on or about November 10, 2025.
Proceeds from the offering will be directed toward building and expanding laser enrichment production facilities and for general corporate purposes. The capital infusion is intended to accelerate the development of QLE’s Quantum Enrichment technology, a laser‑based isotope separation process that promises lower capital costs and higher scalability than competing methods such as SILEX.
ASP Isotopes has positioned Quantum Enrichment to serve high‑purity isotope markets in healthcare, semiconductor manufacturing, and next‑generation nuclear energy. The company’s current liquidity is strong, with a current ratio of 7.21, but it remains a development‑stage enterprise with a negative P/E ratio and no operating profit. The convertible note structure allows QLE to defer equity dilution until a future financing or liquidity event, preserving near‑term cash flow while still providing investors with upside potential.
Management has emphasized that the funding will enable the company to scale its laser enrichment facilities and secure early‑stage contracts for medical radioisotopes and high‑assay low‑enriched uranium (HALEU). By expanding production capacity, QLE aims to capture growing demand in the oncology and advanced‑reactor markets, where supply constraints currently limit availability.
No market reaction has been reported yet, as the initial closing is still pending. The financing is a key milestone in ASP Isotopes’ broader expansion strategy, reinforcing its position as a potential commercial supplier of critical isotopes in a market with limited competition.
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