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ASP Isotopes plans to list its Renergen holding company on the Nasdaq exchange through a proposed merger with US-listed ENDRA Life Sciences.The proposed transaction will see Noble Africa, ASP Isotopes’ wholly owned subsidiary and the holding company for its investment in Renergen, merge with a subsidiary of US-listed ENDRA Life Sciences. If completed, the combined group would be renamed Noble Africa Inc. and apply to list on the Nasdaq.Alongside the proposed transaction, the company said Noble Africa has secured investors who have committed to buying shares in a private deal expected to raise about $50m. The funding includes about $20m from ASP Isotopes, as lead investor, and about $30m from other investors, including $750,000 from some of ASP Isotopes’ directors and management. The deal is expected to close immediately before completion of the proposed merger.The proceeds are expected to support Phase 1 and Phase 2 of Renergen’s Virginia Gas Project in the Free State. The company said the proposed listing would provide Noble Africa with public market access and funding to advance the project, while allowing ASP Isotopes shareholders to “retain exposure to the long-term opportunity”.“We believe this transaction represents an important step in positioning Renergen’s Virginia Gas Project as a dedicated, publicly traded platform at a time when secure, reliable helium supply is increasingly important to critical industries,” ASP Isotopes CEO Paul Mann said in a statement.Renergen’s main asset is its 94.5% stake in Tetra4, the company that holds the production rights for the Virginia Gas Project and produces liquefied natural gas while developing helium resources at the site.After completion of the proposed transaction, ASP Isotopes is expected to own about 89% of the new company formed once the merger is completed. Existing ENDRA shareholders are expected to hold about 3%, while investors participating in the private deal, excluding ASP Isotopes, would own about 7%.The company said the merger has been approved by the boards of both companies but still requires regulatory clearance and approval by ENDRA shareholders. The transaction is expected to close in the third or fourth quarter of 2026. Business Day
