Shares of ASP Isotopes dropped 9% to $6.45, while Endra Life Sciences took a steeper hit, falling 38% to $3.87 following the announcement. The transaction involves merging ASP’s Noble Africa unit with an Endra subsidiary to form a new public entity, Noble Africa Inc., which intends to trade on the Nasdaq under the ticker NOBA.

To fund the development of the Virginia Gas Project, the firms are initiating a $50 million private placement, with ASP Isotopes acting as the lead investor by contributing $20 million. Under the current structure, ASP Isotopes would control roughly 89% of the resulting company, leaving existing Endra shareholders with approximately 3%. Chief Executive Paul Mann stated that the move provides investors with direct exposure to helium assets while securing the capital necessary for project advancement. The companies anticipate the deal will close between the third and fourth quarters of 2026, pending shareholder approval.