ASP Isotopes Inc.

On November 26, 2024, Fuzzy Panda Research published a report which alleged that ASP Isotopes is “using old, disregarded laser enrichment technology to masquerade as a new, cutting-edge Uranium enrichment.” The report quoted a former employee of Klydon (the company ASP Isotopes purchased its “proprietary” technology from) as stating scientists “did not think it would work on Uranium.”   The report revealed a series of experts interviewed stated the Company’s reported cost estimates and timeline for building its HALEU uranium facilities was misleading to the point of being “delusional.” The report further alleged the Company had significantly overstated the significance of its agreement with TerraPower, which was only a “non-binding” memorandum of understanding entered into to “put pressure on [TerraPower’s] real suppliers.” The report quoted a former TerraPower executives as stating that ASP Isotopes was “missing the manufacturing; They are missing the processes as well; They still have to develop the HALEU…the most important part.” Finally, the report revealed that the Company’s subsidiary, Quantum Leap Energy, which operates its nuclear fuels segment and to which the Company assigned the TerraPower memoranda of understanding, was completely absent from its registered South African address. The report revealed there were “zero signs” of their presence and “security guards and neighboring business about them all told us they had never heard of the companies.”

On this news, the Company’s stock price fell $1.80 or 23.53%, to close at $5.85 per share on November 26, 2024, on unusually heavy trading volume. The stock continued to fall on the subsequent trading date, falling $0.83 or 14.19%, to close at $5.02 per share on November 27, 2024, on unusually heavy trading volume.