Leone v. ASP Isotopes Inc. — Entry #94: ORDER PRELIMINARILY APPROVING SETTLEMENT AND PROVIDING FOR NOTICE granting 91 Motion for Settlement

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                                                                                          Exhibit A

                             UNITED STATES DISTRICT COURT
                            SOUTHERN DISTRICT OF NEW YORK

MARK LEONE, Individually and on Behalf              C.A. No. 1:24-cv-9253-CM
of All Others Similarly Situated,

                       Plaintiff,                                                        -·
       V.

ASP ISOTO PES INC., et al.,,

                       Defendants.


                            ORDER PRELIMINARILY APPROVING
                     SETTLEMENT AND PROVIDING FOR NOTICE

       WH EREAS, a class action is pending in this Court entitled Leone v. ASP Isotopes Inc., et

al., Case No . 1:24-cv-092 53-CM (the "Action");

       WH EREAS , (a) lead plaintiff Mark Leone ("Lead Pla intiff'), on behalf of himself and the

Settlement Class (defined below), and (b) defendants ASP Isotopes, Inc . ("A SP! " or the

"Company"); and Paul E. Mann ("Individual Defendant"; together with ASP! , " Defendants"; and

together with Lead Plaintiff, the " Parties") , have determined to settle all claims asserted against

Defendants in this Action with prejudice on the terms and conditions set forth in the Stipulation

and Agreement of Settlement dated July 2, 2026 (the "Stipulation") subject to approval of this

Court (the "Settlement");

       WH EREAS , Lead Plaintiff has made an application, pursuant to Rule 23 of the Federal

Rules of Civil Procedure, for an orde r preliminarily approving the Settlement in accordance with

the Stipulation, certify ing the Settlement Class for purposes of the Settlement only, and allowing

notice to Settlement Class Members as more fully described herein ;

       WH EREAS , the Co urt has read and considered: (a) Lead Plaintiffs motion for preliminary


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approval of the Settlement, and the papers filed and arguments made in connection therewith; and

(b) the Stipulation and the exhibits attached thereto; and

       WHEREAS , unless otherwise defined herein, all capitalized words contained herein shall

have the same meanings as they have in the Stipulation;

       NOW THEREFO RE, IT IS HEREBY ORDERED:

        1.     Class Certifica tion for Settlement Purposes - The Parties request that the Court

certify a Settlement Class consisti ng of all persons and entities that purchased the publicly traded

common stock of ASP! between September 26, 2024 and November 26, 2024, both dates inclusive

(the "Settleme nt Class Period"), and who were allegedly damaged thereby as alleged in the Action .

Excluded from the Settlement Class are Defendants, the officers and directors of ASP! , at al 1

relevant times, members of their immediate families and their legal representatives, heirs,

successors, or assigns, any entity in which Defendants have or had a controlling interest, and any

trust of which Defendant Mann is the settlor or which is for the benefit of Defendant Mann and/or

member(s) of his immediate family. Also excluded from the Settlement Class are any persons and

entities who or which submit a request fo r exclusion from the Settlement Class that is accepted by

the Court.

        2.     Class Find ings - The Court previously certified the Action as a class action . See

Leone v. ASP Isotopes Inc., 811 F.Supp.3d 563 , 630 (S.D.N .Y . 2025) ("Class Certification

Order"). Defen dants requested, and Plaintiffs agreed , to minor modifications of the certified class

for purposes of settlement.      None of the changes impact the Court's analysis in the Class

Certification Order. Accordingly, fo r the reasons set forth in the Class Certification Order, and

solely for purposes of the proposed Settlement of this Action, the Court certifies the Settlement

Class as set forth in paragraph 1.


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       3.      For the reasons set forth in the Class Certification Order, the Court further finds

and concludes that pursuant to Rule 23 of the Federal Rules of Civil Procedure, and for the

purposes of the Settlement only, Lead Plaintiff Mark Leone is certified as the Class Representative

for the Settlement Class. The Court also confirms its appointment of Lead Counsel as Class

Counsel for the Settlement Class, pursuant to Rule 23(g) of the Federal Rules of Civil Procedure.

       4.      Prelimina ry Approva l of the Settlement - The Court hereby preliminarily

approves the Settlement, as embodied in the Stipulation, as being fair, reasonable and adequate to

the Settlement Class, subj ect to furth er consideration at the Settlement Hearing to be conducted as

described be low.

       5.      Settlement Hearing - The Court will hold a settlement hearing (the "Settlement

Hearing") on December 15, 2026, at /J-:30 f. m. in Courtroom 24A of the United States District

Court for the Southern Di strict of New York, Daniel Patrick Moynihan United States Courthouse,

500 Pearl St. , New York, NY I 0007, for the following purposes: (a) to determine whether the

proposed Settle ment on the terms and conditions provided for in the Stipulation is fair, reasonable

and adequate to the Settlement Class, and should be approved by the Cou11; (b) to determine

whether a Judgment substantially in the form attached as Exhibit B to the Stipulation should be

entered dism issing the Action with prejudice against Defendants; (c) to determine whether the

proposed Plan of Allocation for the proceeds of the Settlement is fair and reasonable and should

be approved ; (d) to determi ne whether the motion by Lead Counsel for an award of attorneys ' fees

and reimbursement of Liti gation Expenses should be approved ; and (e) to consider any other

matters that may properly be brought before the Court in connection with the Settlement. Notice

of the Settlement and the Settlement Hearing shall be given to Settlement Class Members as set

forth in paragraph 7 of this Order.


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       6.      The Court may adjourn the Settlement Hearing without further notice to the

Settlement Class, and may approve the proposed Settlement with such modifications as the Parties

may agree to, if appropriate, without further notice to the Settlement Class.

       7.      Retention of Claims Admin istrator and Manner of Giving Notice - Lead

Counsel is hereby authorized to retain Simpluris (the "Claims Administrator") to supervise and

administer the notice procedure in connection with the proposed Settlement as well as the

processing of Claims as more fully set forth below. Notice of the Settlement and the Settlement

Hearing shall be given by Lead Counsel as follows:

               (a)     by August 20, 2026 , ASP! will use its best efforts to provide or cause to be

provided to the Claims Administrator in an electronic format such as Excel (at no cost to the

Settlement Fund, Lead Pla intiff, the Settlement Class, Lead Counsel, or the Claims Administrator),

its securities holder lists (consisting of names, addresses and , if reasonably available, email

addresses) of the purchasers ofrecord of ASPI common stock during the Settlement Class Period;

               (b)     not later than September 3, 2026 (the "Notice Date"), the Claims

Administrator shall cause a copy of the Postcard Notice , substantially in the form attached as

Exhibit 4 to the Stipulation, to be mai led by first-class mail , or a link to the Notice and Claim Form

(collectively, the "Notice Packet") to be emailed, to potential Settlement Class Members at the

addresses set fo rth in the records provided by ASP! or in the records which ASP! caused to be

provided, or who otherwise may be identified through further reasonable effort;

               (c)     contemporaneously with the mailing of the Postcard Notice, and emailing

of the Notice Packet, the Claims Admin istrator shall cause copies of the Notice and the Claim

Form to be posted on a website to be developed for the Settlement, from which copies of the Notice

and Claim Form can be down loaded;


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                (d)    not later than September 17, 2026, the Claims Administrator shall cause

the Summary Notice, substantial ly in the form attached as Exhibit 3 to the Stipulation, to be

published once in Investor 's Business Daily and to be transmitted once over the PR Newswire; and

                (e)    not later than December 4, 2026 , Lead Counsel shall serve on Defendants '

Counsel and file with the Court proof, by affidavit or declaration, of such mailing, emailing, and

publication .

        8.      Approval of Form and Content of Notice - The Court (a) approves , as to form

and content, the Notice, the Claim Form , the Summary Notice, and the Postcard Notice attached

to the Stipu lation as Exh ibits I, 2, 3, and 4, respectively, and (b) finds that the mailing of the

Postcard Notice or emailing the     otice Packet, the posting of the Notice and Claim Form on line,

and the publi cation of the Summary Notice in the manner and form set forth in paragraph 7 of this

Order (i) is the best notice practicable under the circumstances; (ii) constitutes notice that is

reasonably ca lculated, under the circum stances, to apprise Settlement Class Members of the

pendency of the Action , of the effect of the proposed Settlement (including the Releases to be

provided thereunder), of Lead Counsel 's motion for an award of attorneys ' fees and reimbursement

of Litigation Expenses, of their right to object to the Settlement, the Plan of Al location and/or Lead

Counsel's motion for attorneys ' fees and reimbursement of Litigation Expenses, of their right to

exclude the mselves from the Settlement Class, and of their right to appear at the Settlement

Hearing; (iii) constitutes due, adeq uate and sufficient notice to all person s and entities entitled to

receive notice of the proposed Settlement; and (iv) satisfies the requirements of Rule 23 of the

Federal Rules of Civil Procedure, the United States Constitution (including the Due Process

Clause), the Private Securities Litigation Reform Act of 1995, 15 U.S.C. § 78u-4, as amended , and

all other appl icable law and ru les. The date and time of the Settlement Hearing shall be included


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in the Postcard Notice, Notice, and Summary Notice before they are disseminated. No Settlement

Class Member will be relieved fro m the terms and conditions of the Settlement, including the

Releases prov ided pursuant thereto, based upon the contention or proof that such Settlement Class

Member fa iled to receive actual or adequate notice.

       9.      Nominee Proced ures - Brokers and other nominees who purchased or otherwise

acquired publicly traded ASP[ common stock during the Settlement Class Period for the benefit

of another person or entity sha ll , wi thin seven (7) calendar days of receipt of the Claims

Administrator' s notice of the Settlement, either: (a) request from the Claims Administrator

sufficient copies of the Postcard Notice to forward to all such beneficial owners and, within seven

(7) calendar days of receipt of those Postcard Notices, forward them to all such beneficial owners;

(b) request fro m the Claims Ad mini strator a link to the Notice Packet and , within seven (7)

calendar days of receipt of the link, email the link to all such beneficial owners for whom valid

email addresses are available; or (c) provide a list of the names, mailing addresses, and email

addresses (to the extent available) of all such beneficial owners to the Claims Administrator at ASP

Isotopes Securities Litigation, c/o Settlement Administrator, P.O. Box 25199, Santa Ana, CA

92799, in wh ich event the Claims Ad mini strator shall promptly mail the Postcard Notice, or email

a link to the Notice Packet, to such benefic ia l owners. Nominees that choose to follow procedures

(a) or (b) shall also send a statement to the Claims Administrator confirming that the mailing or

emailing was made as directed. Upon full and timely compliance with this Order, such nominees

may seek rei mbursement of their reasonable expenses actually incurred , not to exceed : (a) $0 .02

per name, mailing address, and email address (to the extent available) provided to Claims

Administrator; (b) $0.02 per email fo r emailing notice ; or (c) $0.02 per postcard, plus postage at

the pre-sort rate used by the Claims Admini strator, for mailing the Postcard Notice, by providing


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the Claims Administrator with proper documentation supporting the expenses for which

reimbursement is sought.       Such properly documented expenses incurred by nominees m

compliance with the terms of this Order shall be paid from the Settlement Fund, with any disputes

as to the reaso nableness or documentation of expenses incurred subject to review by the Court.

Nominees are not authorized to print the Postcard Notice themselves for mailing. Postcard Notices

may only be printed by the Claims Adm inistrator.

        10.     Participation in the Settlement - Settlement Class Members who wish to

participate in the Settlement and to be eligible to receive a distribution from the Net Settlement

Fund must complete and submit a Claim Form in accordance with the instructions contained

therein. Unless the Court orders otherw ise, all Claim Forms must be postmarked no later than

December 2, 2026. Notwithstanding the fo regoing, Lead Counsel may , at its discretion, accept

for processing late Claims provided such acceptance does not delay the distribution of the Net

Settlement Fund to the Settlement Class. By submitting a Claim, a person or entity shall be deemed

to have subm itted to the jurisdiction of the Court with respect to his, her or its Claim and the subject

matter of the Settlement.

        11.     Each Claim Form submitted must satisfy the following conditions: (a) it must be

properly completed, signed and submitted in a timely manner in accordance with the provisions of

the preceding paragraph; (b) it must be accompanied by adequate supporting documentation for

the transactions and holdings reported therein, in the form of broker confirmation slips, broker

account statements, an authorized statement from the broker containing the transactional and

holding information found in a broker confirmation slip or account statement, or such other

documentation as is deemed adequate by Lead Counsel or the Claims Administrator; (c) if the

person executing the Claim Form is acting in a representative capacity, a certification of his, her


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or its current authority to act on behalf of the Settlement Class Member must be included in the

Claim Form to the satisfaction of Lead Counsel or the Claims Administrator; and (d) the Claim

Form must be complete and conta in no material deletions or modifications of any of the printed

matter contained therein and must be signed under penalty of perjury .

        12.    Any Settlement Class Member that does not timely and validly submit a Claim

Form or whose Claim is not otherwise approved by the Court: (a) shall be deemed to have waived

his, her or its right to share in the Net Settlement Fund ; (b) shall be forever barred from

participating in any distrib utions therefrom ; (c) shall be bound by the provisions of the Stipulation

and the Settlement and all proceedi ngs, determinations , orders and judgments in the Action relating

thereto, including, without limitation, the Judgment or Alternate Judgment, if applicable, and the

Releases provided for therein, whether favorable or unfavorable to the Settlement Class ; and (d)

will be barred from commencing, maintaining or prosecuting any of the Released Plaintiffs

Claims against each and all of the Released Defendants ' Parties, as more fully described in the

Stipulation and    otice. Notwithstanding the foregoing , late Claim Forms may be accepted for

processing as set forth in paragrap h 10 above.

        13.    Exclusion From the Settlement Class -Any member of the Settlement Class who

wishes to excl ude himself, herself or itself from the Settlement Class must request exclusion in

writing with in the time and in the manner set forth in the    otice, which shall provide that: (a) any

such request fo r exclusion from the Settlement Class must be mailed or delivered such that it is

received no late r than November 20, 2026, to: ASP Isotopes Securities Litigation, EXCL USIONS ,

c/o Settlement Administrator, P.O . Box 25199, Santa Ana, CA 92799, and (b) each request for

exclusion must (i) state the name, address, and telephone number of the person or entity requesting

exclusion, and in the case of entities, the name and telephone number of the appropriate contact


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person; (ii) state that such person or entity "requests exclusion from the Settlement Class in Leone

v. ASP Isotopes Inc., et al., Case No. 1:24-cv-09253-CM"; (iii) state the number of shares of

publicly traded ASP! common stock that the person or entity requesting exclusion

purchased/acq uired and/or sold duri ng the Settlement Class Period, as well as the dates and prices

of each such purchase/acquisition and sale; and (iv) be signed by the person or entity requesting

exclusion or an authorized representative. A request for exclusion shall not be effective unless it

provides all the required informatio n and is received within the time stated above, or is otherwise

accepted by the Court.

        14.    Any person or entity who or which timely and validly requests exclusion in

compliance with the terms stated in this Order and is excluded from the Settlement Class shall not

be a Settlement Class Member, sha ll not be bound by the terms of the Settlement or any orders or

judgments in the Action and shall not receive any payment out of the Net Settlement Fund.

        15.    Any Settlement Class Member who or which does not timely and validly request

exclusion from the Settlement Class in the manner stated in this Order: (a) shall be deemed to have

waived his, her or its right to be excluded from the Settlement Class; (b) shall be forever barred

from requesting exclusion from the Settlement Class in this or any other proceeding; (c) shall be

bound by the provisions of the Stipulation and Settlement and all proceedings, determinations,

orders and judgments in the Action, including, but not limited to , the Judgment or Alternate

Judgment, if applicable, and the Releases provided for therein, whether favorable or unfavorable

to the Settlement Class; and (d) wil l be barred from commencing, maintaining or prosecuting any

of the Released Plaintiffs Claims against any of the Released Defendants ' Parties, as more fully

described in the Stipulation and   otice.

        16.    Appearance and Objections at Settlement Hearing - Any Settlement Class


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Member who does not req uest exclusion from the Settlement Class may enter an appearance in the

Action, at hi s, her or its own expense, individually or through counsel of his, her or its own choice,

by filing with the Clerk of Court and delivering a notice of appearance to both Lead Counsel and

Defendants' Counsel, at the addresses set forth in paragraph 17 below, such that it is received no

later than November 20, 2026 , or as the Court may otherwise direct. Any Settlement Class

Member who does not enter an appearance will be represented by Lead Counsel.

        17.    Any Settlement Class Member who does not request exclusion from the Settlement

Class may file a written objection to the proposed Settlement, the proposed Plan of Allocation,

and/or Lead Co unsel ' s motion for an award of attorneys' fees and reimbursement of Litigation

Expenses and appear and show cause, if he, she or it has any cause, why the proposed Settlement,

the proposed Plan of Allocation and/or Lead Counsel's motion for attorneys ' fees and

reimbursement of Litigation Expenses should not be approved; provided, however, that no

Settlement Class Member shall be heard or entitled to contest the approval of the terms and

conditions of the proposed Settlement, the proposed Plan of Allocation and/or the motion for

attorneys' fees and reimbu rsement of Litigation Expenses unless that person or entity has filed a

written objection with the Court and served copies of such objection on Lead Counsel and

Defendants' Counsel at the addresses set forth below such that they are received no later than

November 20, 2026.

                  Lead Counsel                                 Defendants' Counsel

     Glancy Prongay Wolke & Rotter LLP                      Morgan, Lewis & Bockius LLP
             Garth Spencer, Esq.                             Michael D. Blanchard, Esq.
      1925 Century Park East, Suite 2100                        One State Street
           Los Angeles, CA 90067                               Hartford , CT 06103

        18.     Any objections, fili ngs and other submissions by the objecting Settlement Class

Member: (a) must state the name, address, and telephone number of the person or entity objecting


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and must be signed by the objector; (b) must contain a statement of the Settlement Class Member's

objection or objections, and the specific reasons for each objection, including any legal and

evidentiary support the Settlement Class Member wishes to bring to the Court's attention ; and

(c) must include documents sufficient to prove membership in the Settlement Class, including the

number of shares of pub licly traded ASPI common stock that the objecting Settlement Class

Member purchased/acquired and/or sold during the Settlement Class Period, as well as the dates

and prices of each such purchase/acquisition and sale. By submitting an objection, a person or

entity shall be deemed to have subm itted to the jurisdiction of the Court. Objectors who enter an

appearance and desire to present evidence at the Settlement Hearing in support of their objection

must include in their written objection or notice of appearance the identity of any witnesses they

may call to testify and any exhibits they intend to introduce into evidence at the hearing.

       19.     Any Settlement Class Member who or which does not make his, her or its objection

in the manner provided herein shal l be deemed to have waived his, her or its right to object to any

aspect of the proposed Settlement, the proposed Plan of Allocation, and Lead Counsel ' s motion

for an award of attorneys ' fees and reimbursement of Litigation Expenses and shall be forever

barred and fore closed from objecting to the fairness , reasonableness or adequacy of the Settlement,

the Plan of Allocation or the requested attorneys' fees and Litigation Expenses, or from otherwise

being heard concerning the Settlement, the Plan of Allocation or the requested attorneys' fees and

Litigation Expenses in this or any other proceeding.

       20.     Stay and Tem pora ry Injunction - Until otherwise ordered by the Court, the Court

stays all proceedings in the Action other than proceedings necessary to carry out or enforce the

terms and conditions of the Stipulation. Pending final determination of whether the Settlement

should be approved, the Court bars and enjoins Lead Plaintiff, and all other members of the


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Settlement Class, from commenci ng or prosecuting any and all of the Released Plaintiffs Claims

against each and all of the Released Defendants' Parties.

         21.   Settlement Administration Fees and Expenses -All reasonable costs incurred in

identifying Settlement Class Members and notifying them of the Settlement as well as in

administering the Settlement shall be paid as set forth in the Stipulation without further order of

the Court.

         22.   Settlement Fund - The contents of the Settlement Fund held by The Huntington

National Bank (which the Court approves as the Escrow Agent), shall be deemed and considered

to be in custodia legis of the Court, and sha ll remain subject to the jurisdiction of the Court, until

such time as they shall be distributed pursuant to the Stipulation and/or further order(s) of the

Court.

         23.    Taxes - Lead Counsel is authorized and directed to prepare any tax returns and any

other tax reporti ng form fo r or in respect to the Settlement Fund, to pay from the Settlement Fund

any Taxes owed with respect to the Settlement Fund, and to otherwise perform all obligations with

respect to Taxes and any reporting or filings in respect thereof without further order of the Court

in a manner consistent with the prov isions of the Stipulation.

         24.    Termination of Settlement - If the Settlement is terminated as provided in the

Stipulation, the Settlement is not approved, or the Effective Date of the Settlement otherwise fails

to occur, this Order shall be vacated , rendered null and void and be of no further force and effect,

except as otherwise provided by the Stipulation, and this Order shall be without prejudice to the

rights of Lead Plaintiff, the other Settlement Class Members and Defendants, and the Parties shall

revert to their res pective positions in the Action as of April 15 , 2026, as provided in the Stipulation.

         25.    Use of this Order - Neither this Order, the Stipulation (whether or not


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consummated), including the exhibits thereto and the Plan of Allocation contained therein (or an y

other plan of allocation that may be approved by the Court), the negotiations leading to the

execution of the Stipulation, nor any proceedings taken pursuant to or in connection with the

Stipulation and/o r approval of the Settlement (including any arguments proffered in connection

therewith): (a) shall be offered against any of the Released Defendants ' Parties as evidence of, or

construed as, or deemed to be ev idence of any presumption, concession, or admission by any of

the Released Defendants' Parties with respect to the truth of any fact alleged by Lead Plaintiff 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, fau lt, or other wrongdo ing 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, cri mi nal or admi nistrative action or proceeding, other than such proceedings as may be

necessary to effectuate the provisions of the Stipulation; (b) shall be offered against any of the

Released Plaintiffs Parties, as evidence of, or construed as, or deemed to be evidence of any

presumption, concession or admissio n by any of the Released Plaintiffs Parties that any of their

claims are without merit, that any of the Released Defendants' Parties had meritorious defenses,

or that damages recoverable under the Complaint would not have exceeded the Settlement Amount

or with respect to any liabil ity, negligence, fault or wrongdoing of any kind, or in any way referred

to for any other reason as against any of the Released Plaintiffs Parties, in any civil, criminal or

administrative action or proceeding, other than such proceedings as may be necessary to effectuate

the provisions of the Stipulation; or (c) shall be construed against any of the Releasees as an

admission, concession, or presumption that the consideration to be given under the Settlement

represents the amount which could be or would have been recovered after trial;provided, however,


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that if the Stipulation is approved by the Court, the Parties and the Releasees and their respective

counsel may refer to it to effectuate the protections from liability granted thereunder or otherwise

to enforce the terms of the Settlement.

       26.     Supporting Papers - Lead Counsel shall file and serve the opening papers in

support of the proposed Settlement, the Plan of Allocation, and Lead Counsel's motion for an

award of attorneys' fees and reimbursement of Litigation Expenses no later than November 6,

2026 ; and reply papers, if any, shall be filed and served no later than December 4, 2026.

       27.     The Court retains jurisdiction to consider all further applications arising out of or

connected with the proposed Settlement.

SO ORDERED this         q  J-1.._   day o f _   _ ) 1- +-----' 2026.
                                            ~ _ \,l


                                                   f~ l
                                                       The Honorable Colleen McMahon
                                                          United States District Judge


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