Deep Isolation announced Thursday it is moving to become a public company and merge with Aspen-1 Acquisition.
The Berkeley, Calif. based nuclear disposal technology company has closed a reverse merger transaction with the U.S.-based blank check company Aspen-1 Acquisition, according to Deep Isolation’s Thursday press release.
A reverse merger is a transaction where a private company acquires a publicly traded company to become a publicly listed entity without going through the standard initial public offering process.
Deep Isolation intends to file a resale registration statement on Form S-1 with the Securities and Exchange Commission to register its shares and apply to have shares approved for quotation on the over-the-counter OCTQB market, according to the press release.
Along with the closing of the merger, Deep Isolation raised $33 million through a private placement.
Deep Isolation focuses on nuclear waste disposal technology, with the company specializing in deep borehole technology. With its technology, it intends to safely place a canister, containing spent nuclear fuel, one kilometer underground.
In May, Deep Isolation completed its demonstration of its Universal Canister System to manage TRISO spent nuclear fuel in coordination with Kairos Power.
“This merger and private placement financing mark a pivotal moment for Deep Isolation as we work to revolutionize the nuclear waste disposal industry with our proprietary deep borehole technology,” Deep Isolation CEO Rod Baltzer said in the press release. “This strategic transaction provides the Company with broader access to capital to fund our full-scale technology demonstration and support continued growth and expansion of our global partnerships.”
Deep Isolation was founded in 2016.
