ASP Isotopes Inc. Amends Loan with Standard Bank; ZAR230.5M Facility

What Happened
ASP Isotopes Inc. (ASPI) reported that its wholly owned subsidiary Renergen Limited entered a Second Amendment and Restatement Agreement with The Standard Bank of South Africa on August 14, 2026. The amendment replaces the prior December 12, 2025 facility and establishes a secured ZAR term loan facility with an aggregate principal of ZAR230,532,658.90 (≈ USD14,212,864.30). The Loan matures on August 14, 2027 and carries interest at the Compounded Reference Rate plus a margin of 1.46% (effective rate stated as 8.31%); overdue amounts incur an additional 2% per annum during a continuing default.

Key Details

• Commitment size: ZAR230,532,658.90 (reflects prior principal ZAR155,000,000 plus capitalized accrued interest).
• Maturity: August 14, 2027 (one year after the amendment effective date).
• Interest: Compounded Reference Rate + 1.46% (effective ~8.31%); default interest +2%.
• Security and remedies: third-ranking pledge of Tetra4 assets and shares, pledge of 1,546,268 ASPI common shares by NTIGT, and a Collateral Account under the lender’s exclusive control (must hold balance ≥ Commitment). The lender may enforce NTIGT guarantee/pledge and may exercise a Put Option requiring ASPI (or its nominee) to purchase the pledged shares at 100% of the 5-day VWAP following a continuing Event of Default.
• Covenants and conditions: negative covenants, requirement to provide specified waiver evidence by November 30, 2026 regarding other funding agreements, and cross-default provisions that permit lender acceleration and enforcement on default.

Why It Matters
This amendment increases the stated principal of the loan (by capitalizing unpaid interest) and confirms a short-term (one-year) secured obligation for Renergen, creating a direct financial liability for the company group. The lender’s ability to enforce the NTIGT pledge and to trigger a Put Option on ASPI shares introduces a concrete recovery path for the bank (sale/transfer of pledged shares) if defaults occur. Investors should note the higher secured exposure, the collateral arrangements, and the November 30, 2026 covenant deadline when assessing near-term liquidity and equity dilution risk associated with the pledged shares.