ASP Isotopes unit to merge with ENDRA Life Sciences in $50M deal

ASP Isotopes Inc. (NASDAQ: ASPI) announced that its wholly-owned subsidiary, Noble Africa LLC, will merge with a subsidiary of ENDRA Life Sciences Inc. (NASDAQ: NDRA), with Noble Africa continuing as the surviving entity. The combined company plans to operate under the name Noble Africa Inc. and apply to trade on Nasdaq under the ticker symbol "NOBA."

Noble Africa serves as an intermediate holding company for Renergen Limited, which holds a 94.5% equity stake in Tetra4 Proprietary Limited. Tetra4 holds an onshore petroleum production right and is involved in natural gas and helium production at the Virginia Gas Plant in Free State Province, South Africa.

In connection with the merger, Noble Africa has secured commitments for a private placement expected to generate approximately $50 million in gross proceeds. ASP Isotopes is participating as lead investor with approximately $20 million, while other investors are contributing approximately $30 million, including $750,000 from certain directors and management of ASP Isotopes. The private placement is expected to close immediately before the merger is completed.

Under the merger terms, ASP Isotopes is expected to own approximately 89% of the combined company, pre-closing ENDRA stockholders approximately 3%, and other private placement investors approximately 7%.

Paul Mann, CEO and Executive Chairman of ASP Isotopes, will lead the combined company alongside Nick Mitchell, Chief Operating Officer of Renergen. The board will consist of six directors, with five designated by ASP Isotopes and one by ENDRA.

The transaction has received approval from the boards of both companies and is expected to close in the third or fourth quarter of 2026, subject to SEC registration statement effectiveness, ENDRA stockholder approval, and other customary closing conditions.

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