1. Why did I receive a postcard notice?
2. What is this case about?
3. How do I know if I am affected by the Settlement? Who is Included in the Settlement Class?
4. What are Lead Plaintiff's reasons for the Settlement?
5. What might happen if there were no Settlement?
6. How are Settlement Class Members affected by the Action and the Settlement?
7. How do I participate in the Settlement? What do I need to do?
8. How much will my payment be?
9. What payment are the attorneys for the Settlement Class seeking? How will the lawyers be paid?
10. What if I do not want to be a member of the Settlement Class? How do I exclude myself?
11. When and where will the court decide whether to approve the Settlement? Do I have to come to the Hearing? May I speak at the Hearing if I don't like the Settlement?
12. What if I bought shares on someone else's behalf?
13. Can I see the court file? Whom should I contact if I have questions?
The Court directed that the Postcard Notice be mailed to potential Settlement Class Members who may have purchased publicly traded ASPI common stock during the Settlement Class Period. The Court also directed that the Postcard Notice be posted here and mailed to you upon request to the Claims Administrator. The Court has directed the Claims Administrator to disseminate these notices because, as a potential Settlement Class Member, you have a right to know about your options before the Court rules on the proposed Settlement. Additionally, you have the right to understand how this class action lawsuit may generally affect your legal rights. If the Court approves the Settlement, and the Plan of Allocation (or some other plan of allocation), the Claims Administrator selected by Lead Plaintiff and approved by the Court will make payments pursuant to the Settlement after any objections and appeals are resolved.
The purpose of the Notice is to inform you of the existence of this case, that it is a class action, how you might be affected, and how to exclude yourself from the Settlement Class if you wish to do so. It also includes the terms of the proposed Settlement, and of a hearing to be held by the Court to consider the fairness, reasonableness, and adequacy of the Settlement, the proposed Plan of Allocation and the motion by Lead Counsel for an award of attorneys' fees and reimbursement of Litigation Expenses (the "Settlement Hearing"). See FAQ 11 for details about the Settlement Hearing, including the date and location of the hearing.
The issuance of the Notice is not an expression of any opinion by the Court concerning the merits of any claim in the Action, and the Court still has to decide whether to approve the Settlement.
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This litigation stems from alleged violations of the federal securities laws. The alleged violations arise out of allegedly false and misleading statements made by Defendants concerning ASPI's quantum enrichment technology as applied to enrichment of uranium. Lead Plaintiff further alleges that when the truth regarding Defendants' misrepresentations was revealed, ASPI's stock price plummeted, causing significant losses for investors.
The procedural history of this Action may be found in the Long-Form Notice.
Based on the investigation and mediation of the case and Lead Plaintiff's direct oversight of the prosecution of this matter and with the advice of his counsel, Lead Plaintiff has agreed to settle and release the claims raised in the Action pursuant to the terms and provisions of the Stipulation, after considering, among other things, (a) the substantial financial benefit that Lead Plaintiff and the other members of the Settlement Class will receive under the proposed Settlement; and (b) the significant risks and costs of continued litigation and trial.
Defendants are entering into the Stipulation solely to eliminate the uncertainty, burden and expense of further protracted litigation. Defendants have determined that it is desirable and beneficial to them that the Action be settled in the manner and upon the terms and conditions set forth in the Stipulation. Each of the Defendants has denied and continues to deny any wrongdoing, expressly deny that Lead Plaintiff has asserted any valid claims as to any of them, and expressly deny any and all allegations of fault, liability, wrongdoing or damages whatsoever. Defendants have asserted and continue to assert that their conduct was at all times proper and in compliance with all applicable provisions of law and believe that the evidence developed to date supports their position that they acted properly at all times and that the Action is without merit. In addition, Defendants maintain that they have meritorious defenses to all claims alleged in the Action. Similarly, the Stipulation shall in no event be construed or deemed to be evidence of or an admission or concession on the part of any Plaintiff of any infirmity in any of the claims asserted in the Action, or an admission or concession that any of the Defendants' defenses to liability had any merit. The Stipulation shall in no event be construed or deemed to be evidence of or an admission or concession on the part of any of the Defendants, or any other of the Released Defendants' Parties (defined in paragraph 44 of the Long-Form Notice), with respect to any claim or allegation of any fault or liability or wrongdoing or damage whatsoever, or any infirmity in the defenses that the Defendants have, or could have, asserted.
On July 9, 2026, the Court preliminarily approved the Settlement, authorized the Postcard Notice to be mailed or the link to this Notice and the Claim Form (collectively, the "Claim Packet") to be emailed to potential Settlement Class Members, the Notice to be posted online and mailed to potential Settlement Class Members upon request, and scheduled the Settlement Hearing to consider whether to grant final approval to the Settlement.
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If you are a member of the Settlement Class, you are subject to the Settlement, unless you timely request to be excluded. The Settlement Class consists of:
all persons and entities who purchased the publicly traded common stock of ASP Isotopes Inc. between September 26, 2024, and November 26, 2024, both dates inclusive (the "Settlement Class Period"), and who were allegedly damaged thereby as alleged in the Action.
Excluded from the Settlement Class are:
Also excluded from the Settlement Class are any persons or entities who or which exclude themselves by submitting a request for exclusion in accordance with the requirements in FAQ 10.
Please Note: Receipt of the Postcard Notice does not mean that you are a Settlement Class Member or that you will be entitled to receive proceeds from the Settlement.
If you are a Settlement Class Member and you wish to be eligible to participate in the distribution of proceeds from the Settlement, you are required to submit the Claim Form that is available for online filing here, downloadable here, or which can be mailed to you upon request to the Claims Administrator. The completed Claim Form and required supporting documentation as set forth therein must be postmarked or received by the Claims Administrator no later than December 2, 2026.
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Lead Plaintiff and Lead Counsel believe that the claims asserted against the Defendants have merit. They recognize, however, many offsetting factors such as the expense and length of the continued proceedings necessary to pursue their claims against the Defendants through trial and appeals, as well as the very substantial risks they would face in establishing liability and damages.
For instance, Lead Plaintiff alleged that Defendants made material omissions and misleading statements about the stage of development and commercial readiness of ASPI's quantum enrichment technology as applied to enrichment of uranium. Defendants argued in their motion to dismiss the Complaint, and would likely continue to argue, that: (i) they repeatedly disclosed the allegedly concealed information; (ii) their challenged statements were not materially false or misleading; (iii) the declines in ASPI's stock price were not caused by any revelation of fraud or materialization of any concealed risk; and (iv) the facts alleged did not support the inference that they intended to mislead investors. The Court agreed with Defendants' arguments as to several of the statements that Lead Plaintiff alleged were materially misleading and dismissed those statements from the case. Lead Counsel expects that Defendants would continue to advance these and additional arguments at later stages of the case.
While the Court denied in part Defendants' motion to dismiss, Lead Plaintiff still needed to obtain information in discovery to prove his claims, and Defendants would have likely challenged the sufficiency of Lead Plaintiff's evidence in a motion for summary judgment and at trial. Specifically, Lead Plaintiff would have to prove each of the following elements: (i) falsity (i.e., that the Defendants made false or misleading statements); (ii) materiality (that the Defendants made false statements about a material fact); (iii) scienter (that there was a strong, or cogent inference that the Defendants made such materially false statements on purpose, or recklessly); (iv) loss causation (that the Defendants' materially false statements proximately caused the decline in ASPI's stock price); and (v) damages. Defendants need only negate one element for Lead Plaintiff and the class to lose, and each element had risks.
Even if the hurdles to establishing liability were overcome, the amount of damages that could be attributed to the allegedly false statements would be hotly contested. Defendants argued, and would likely continue to argue, that Lead Plaintiff could not show that investors' losses were caused by the revelation of any previously concealed information, as opposed to other factors.
Simply put, if the litigation were to continue, Lead Plaintiff would need to prevail on multiple elements, and at several stages in order to recover anything. And if Lead Plaintiff prevailed at all those stages, he would likely face appeals. Thus, there were very significant risks attendant to the continued prosecution of the Action, and even if Lead Plaintiff prevailed, it would be years in the future.
In light of these risks and other considerations, the amount of the Settlement and the immediacy of recovery to the Settlement Class, Lead Plaintiff and Lead Plaintiff's Counsel believe that the proposed Settlement is fair, reasonable and adequate, and in the best interests of the Settlement Class. Lead Plaintiff and Lead Plaintiff's Counsel believe that the Settlement provides a substantial benefit to the Settlement Class, namely $9,350,000 dollars, as compared to the risk that the claims in the Action would produce a smaller, or no recovery after summary judgment, trial and appeals, possibly years in the future.
Defendants have denied and continue to deny the claims asserted against them in the Action and deny having engaged in any wrongdoing or violation of law of any kind whatsoever. Defendants have agreed to the Settlement solely to eliminate the burden and expense of continued litigation. Accordingly, the Settlement may not be offered against any of the Released Defendants' Parties as evidence of, or construed as, or deemed to be evidence of any presumption, concession, or admission by any of the Released Defendants' Parties with respect to the truth of any fact alleged by Plaintiffs or the validity of any claim that was or could have been asserted or the deficiency of any defense that has been or could have been asserted in this Action or in any other litigation, or of any liability, negligence, fault, or other wrongdoing of any kind of any of the Released Defendants' Parties or in any way referred to for any other reason as against any of the Released Defendants' Parties, in any civil, criminal or administrative action or proceeding, other than such proceedings as may be necessary to effectuate the provisions of this Stipulation. In addition, the Settlement may not be construed against any of the Releasees as an admission, concession, or presumption that the consideration to be given hereunder represents the amount which could be or would have been recovered after trial.
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If there were no Settlement and Lead Plaintiff failed to establish any essential legal or factual element of their claims against Defendants, neither Lead Plaintiff nor the other members of the Settlement Class would recover anything from Defendants. Also, if Defendants managed to prove any of their defenses, either at summary judgment, at trial or on appeal, the Settlement Class could recover substantially less than that provided by the Settlement, or perhaps nothing at all.
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Settlement Class Members are represented by Lead Plaintiff and Lead Counsel, unless you enter an appearance through counsel of your own choice at your own expense. You are not required to retain your own counsel, but if you choose to do so, such counsel must file a notice of appearance on your behalf and must serve copies of his or her appearance on the attorneys listed in FAQ 11.
If you are a Settlement Class Member and do not wish to remain a Settlement Class Member, you may exclude yourself from the Settlement Class by following the instructions in FAQ 10.
If you are a Settlement Class Member and you wish to object to the Settlement, the Plan of Allocation, or Lead Counsel's application for attorneys' fees and reimbursement of Litigation Expenses, and if you do not exclude yourself from the Settlement Class, you may present your objections by following the instructions in FAQ 11.
If you are a Settlement Class Member and you do not exclude yourself from the Settlement Class, you will be bound by any orders issued by the Court. If the Settlement is approved, the Court will enter a judgment (the "Judgment"). The Judgment will dismiss with prejudice the claims against Defendants and will provide that, upon the Effective Date of the Settlement, Lead Plaintiff and the other members of the Settlement Class, on behalf of themselves, and on behalf of any other person or entity legally entitled to bring Released Plaintiff's Claims (as defined in paragraph 43 of the Long-Form Notice) on behalf of the respective Settlement Class Member in such capacity only, shall be deemed to have, and by operation of law and of the Judgment, or the Alternate Judgment if applicable, shall have, fully, finally and forever compromised, settled, released, resolved, relinquished, waived, discharged, and dismissed with prejudice each and every Released Plaintiff's Claim against the Defendants and the other Released Defendants' Parties (as defined in paragraph 44 of the Long-Form Notice), whether or not such Settlement Class Member executes and delivers the Proof of Claim Form, and shall permanently and forever be barred and enjoined from commencing, prosecuting, or continuing to prosecute directly or indirectly, representatively, or in any other capacity in any court of law or equity, arbitration tribunal or administrative forum any or all of the Released Plaintiff's Claims against any of the Released Defendants' Parties.
The Judgment will also provide that, upon the Effective Date of the Settlement, Defendants, on behalf of themselves, and on behalf of any other person or entity legally entitled to bring Released Defendants' Claims (as defined in paragraph 47 of the Long-Form Notice) on behalf of the Defendants in such capacity only, shall be deemed to have, and by operation of law and of the judgment shall have, fully, finally and forever compromised, settled, released, resolved, relinquished, waived, discharged, and dismissed with prejudice each and every Released Defendants' Claim against Lead Plaintiff and the other Released Plaintiff's Parties (as defined in paragraph 48 of the Long-Form Notice), and shall forever be barred and enjoined from commencing, prosecuting, or continuing to prosecute in any court of law or equity, arbitration tribunal or administrative forum any or all of the Released Defendants' Claims against any of the Released Plaintiff's Parties.
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To be eligible for a payment from the proceeds of the Settlement, you must be a member of the Settlement Class and you must timely complete a Claim Form to the Claims Administrator either by submitting it online here or returning it by first-class mail to:
ASP Isotopes Securities Litigation
c/o Claims Administrator
P.O. Box 25199
Santa Ana, CA 92799
The completed Claim Form must include adequate supporting documentation and must be postmarked or received no later than December 2, 2026. A Claim Form is available to download here, or you may request that a Claim Form be mailed to you by calling the Claims Administrator toll free at (833) 360-6782.
Please retain all records of your ownership of and transactions in ASPI common stock, as they may be needed to document your Claim. If you request exclusion from the Settlement Class or do not submit a timely and valid Claim Form, you will not be eligible to share in the Net Settlement Fund.
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At this time, it is not possible to make any determination as to how much any individual Settlement Class Member may receive from the Settlement.
Pursuant to the Settlement, Defendants have agreed to pay or caused to be paid nine million and three hundred and fifty thousand dollars ($9,350,000.00) in cash. The Settlement Amount will be deposited into an escrow account. The Settlement Amount plus any interest earned thereon is referred to as the "Settlement Fund." If the Settlement is approved by the Court and the Effective Date occurs, the "Net Settlement Fund" (that is, the Settlement Fund less (a) all taxes, fees, levies, duties, tariffs, imposts, and other charges of any kind (including any interest or penalties, additions to tax and additional amounts imposed with respect thereto) imposed by any governmental authority (including, but not limited to, any local, state and federal taxes) on the Settlement Fund (including any income earned by the Settlement Fund) and the reasonable costs incurred in connection with determining the amount of and paying taxes owed by the Settlement Fund (including reasonable expenses of tax attorneys and accountants); (b) the costs and expenses incurred in connection with providing notice to Settlement Class Members and administering the Settlement on behalf of Settlement Class Members; and (c) any attorneys' fees and Litigation Expenses awarded by the Court) will be distributed to Settlement Class Members who submit valid Claim Forms, in accordance with the proposed Plan of Allocation or such other plan of allocation as the Court may approve.
The Net Settlement Fund will not be distributed unless and until the Court has approved the Settlement and a plan of allocation, and the time for any petition for rehearing, appeal or review, whether by certiorari or otherwise, has expired.
Neither Defendants nor any other person or entity that paid any portion of the Settlement Amount on their behalf are entitled to get back any portion of the Settlement Fund once the Court's order or judgment approving the Settlement becomes Final. Defendants shall not have any liability, obligation or responsibility for the administration of the Settlement, the disbursement of the Net Settlement Fund or the plan of allocation.
Approval of the Settlement is independent from approval of a plan of allocation. Any determination with respect to a plan of allocation will not affect the Settlement, if approved.
Unless the Court otherwise orders, any Settlement Class Member who fails to submit a Claim Form postmarked on or before December 2, 2026, shall be fully and forever barred from receiving payments pursuant to the Settlement but will in all other respects remain a Settlement Class Member and be subject to the provisions of the Stipulation, including the terms of any Judgment entered and the releases given. This means that each Settlement Class Member releases the Released Plaintiff's Claims against the Released Defendants' Parties and will be enjoined and prohibited from filing, prosecuting, or pursuing any of the Released Plaintiff's Claims against any of the Released Defendants' Parties whether or not such Settlement Class Member submits a Claim Form.
Participants in and beneficiaries of a plan covered by ERISA ("ERISA Plan") should NOT include any information relating to their transactions in ASPI common stock held through the ERISA Plan in any Claim Form that they submit. They should include ONLY those shares that they themselves purchased or acquired outside of the ERISA Plan. ERISA Plan administrators are responsible for and may file a claim on behalf of an ERISA Plan; plan participants may not separately file a claim for the same securities. ASPI's employee retirement and/or benefit plan(s) are excluded from the Settlement Class.
The Court has reserved jurisdiction to allow, disallow, or adjust on equitable grounds the Claim of any Settlement Class Member.
Each Claimant shall be deemed to have submitted to the jurisdiction of the Court with respect to his, her or its Claim Form.
Only Settlement Class Members, (i.e., persons and entities who purchased publicly traded ASPI common stock during the Settlement Class Period and were damaged as a result of such purchases) will be eligible to share in the distribution of the Net Settlement Fund. Persons and entities that are excluded from the Settlement Class by definition or that exclude themselves from the Settlement Class pursuant to request will not be eligible to receive a distribution from the Net Settlement Fund and should not submit Claim Forms. Publicly traded ASPI common stock is the only security included in the Settlement. The proposed Plan of Allocation is available here.
The Plan of Allocation, set forth in the Long-Form Notice and is available here, is the plan that is being proposed to the Court for its approval by Lead Plaintiff after consultation with his damages expert. The Court may approve this plan as proposed or it may modify the Plan of Allocation without further notice to the Settlement Class. Any Orders regarding any modification of the Plan of Allocation will be posted on this Settlement website.
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Lead Counsel have not received any payment for their services in pursuing claims against the Defendants on behalf of the Settlement Class, nor have Lead Counsel been reimbursed for their out-of-pocket expenses. Before final approval of the Settlement, Lead Counsel will apply to the Court for an award of attorneys' fees in an amount not to exceed 33⅓% of the Settlement Fund. At the same time, Lead Counsel also intends to apply for reimbursement of Litigation Expenses in an amount not to exceed $305,000.00, (consisting of actual expenses of up to $290,000.00 for litigating the case and negotiating the Settlement, and reimbursement of the reasonable costs and expenses incurred by Lead Plaintiff directly related to his representation of the Settlement Class in an aggregate amount not to exceed $15,000.00).
The Court will determine the amount of any award of attorneys' fees or reimbursement of Litigation Expenses. Such sums as may be approved by the Court will be paid from the Settlement Fund. Settlement Class Members are not personally liable for any such fees or expenses.
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Each Settlement Class Member will be bound by all determinations and judgments in this lawsuit, whether favorable or unfavorable, unless such person or entity mails or delivers a written Request for Exclusion from the Settlement Class, addressed to the Claims Administrator at:
ASP Isotopes Securities Litigation
EXCLUSIONS
P.O. Box 25199
Santa Ana, CA 92799
The exclusion request must be received no later than November 20, 2026. You will not be able to exclude yourself from the Settlement Class after that date. Each Request for Exclusion must:
A Request for Exclusion shall not be valid and effective unless it provides all the information called for in this paragraph and is received within the time stated above, or is otherwise accepted by the Court.
If you do not want to be part of the Settlement Class, you must follow these instructions for exclusion even if you have pending, or later file, another lawsuit, arbitration, or other proceeding relating to any Released Plaintiff's Claim against any of the Released Defendants' Parties.
If you ask to be excluded from the Settlement Class, you will not be eligible to receive any payment out of the Net Settlement Fund.
Defendants have the right to terminate the Settlement if valid requests for exclusion are received from persons and entities entitled to be members of the Settlement Class in an amount that exceeds an amount agreed to by Lead Plaintiff and Defendants.
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Settlement Class Members do not need to attend the Settlement Hearing. The Court will consider any submission made in accordance with the provisions below even if a Settlement Class Member does not attend the hearing. You can participate in the Settlement without attending the Settlement Hearing.
The Settlement Hearing will be held on December 15, 2026, at 12:30 p.m., before the Honorable Colleen McMahon at the United States District Court for the Southern District of New York, Daniel Patrick Moynihan United States Courthouse, Courtroom 24A, 500 Pearl St., New York, NY 10007. The Court reserves the right to approve the Settlement, the Plan of Allocation, Lead Counsel's motion for an award of attorneys' fees and reimbursement of Litigation Expenses and/or any other matter related to the Settlement at or after the Settlement Hearing without further notice to the members of the Settlement Class.
Any Settlement Class Member who or which does not request exclusion may object to the Settlement, the proposed Plan of Allocation, or Lead Counsel's motion for an award of attorneys' fees and reimbursement of Litigation Expenses. Objections must be in writing. You must file any written objection, together with copies of all other papers and briefs supporting the objection, with the Clerk's Office at the United States District Court for the Southern District of New York at the address set forth below on or before November 20, 2026. You must also serve the papers on Lead Counsel and on Defendants' Counsel at the addresses set forth below so that the papers are received on or before November 20, 2026.
Clerk's Office | Lead Counsel | Defendants' Counsel |
Clerk of the Court | Glancy Prongay Wolke & Rotter LLP | Morgan, Lewis & Bockius LLP |
Any objection:
You may not object to the Settlement, the Plan of Allocation or Lead Counsel's motion for attorneys' fees and reimbursement of Litigation Expenses if you exclude yourself from the Settlement Class or if you are not a member of the Settlement Class. A person or entity submitting an objection shall be deemed to have submitted to the jurisdiction of the Court.
You may file a written objection without having to appear at the Settlement Hearing. You may not, however, appear at the Settlement Hearing to present your objection unless you first file and serve a written objection in accordance with the procedures described above, unless the Court orders otherwise.
If you wish to be heard orally at the hearing in opposition to the approval of the Settlement, the Plan of Allocation or Lead Counsel's motion for an award of attorneys' fees and reimbursement of Litigation Expenses, and if you timely file and serve a written objection as described above, you must also file a notice of appearance with the Clerk's Office and serve it on Lead Counsel and Defendants' Counsel at the addresses set forth above so that it is received on or before November 20, 2026. Persons who intend to object and desire to present evidence at the Settlement Hearing must include in their written objection or notice of appearance the identity of any witnesses they may call to testify and exhibits they intend to introduce into evidence at the hearing. Such persons may be heard orally at the discretion of the Court.
You are not required to hire an attorney to represent you in making written objections or in appearing at the Settlement Hearing. However, if you decide to hire an attorney, it will be at your own expense, and that attorney must file a notice of appearance with the Court and serve it on Lead Counsel and Defendants' Counsel at the addresses above so that the notice is received on or before November 20, 2026.
The Settlement Hearing may be adjourned by the Court without further written notice to the Settlement Class. If you intend to attend the Settlement Hearing, you should confirm the date and time with Lead Counsel.
Unless the Court orders otherwise, any Settlement Class Member who does not object in the manner described above will be deemed to have waived any objection and shall be forever foreclosed from making any objection to the proposed Settlement, the proposed Plan of Allocation or Lead Counsel's motion for an award of attorneys' fees and reimbursement of Litigation Expenses. Settlement Class Members do not need to appear at the Settlement Hearing or take any other action to indicate their approval.
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If you purchased or otherwise acquired publicly traded ASPI common stock between September 26, 2024, and November 26, 2024, inclusive, for the beneficial interest of persons or organizations other than yourself, you must, within seven (7) calendar days of receipt of the Claims Administrator's notice of the Settlement. Please follow the instructions posted here.
NOMINEES ARE NOT AUTHORIZED TO PRINT THE POSTCARD NOTICE. POSTCARD NOTICES MAY ONLY BE PRINTED BY THE COURT-APPOINTED CLAIMS ADMINISTRATOR.
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This website and the Long-Form Notice contain only a summary of the terms of the proposed Settlement. For more detailed information about the matters involved in this Action, you are referred to the papers on file in the Action, including the Stipulation, which may be inspected during regular office hours at the Office of the Clerk, United States District Court for the Southern District of New York, Daniel Patrick Moynihan United States Courthouse, 500 Pearl Street, New York, NY 10007. Additionally, copies of the Stipulation and any related orders may be found on the Important Documents page.
All inquiries concerning this website, the Long-Form Notice and the Claim Form should be directed to the Claims Administrator or Lead Counsel at:
Claims Administrator | Lead Counsel |
In re ASP Isotopes Securities Litigation | Garth Spencer, Esq. |
Do not call or write the Court, the office of the Clerk of the Court, Defendants or their Counsel regarding this website or the Long-Form Notice.
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