nuclear-news

Moltex’s prospective buyer ends attempt to raise $50M for purchase.

Ontario-headquartered Nuclea Energy Inc. instead merges with telemedicine company selling erectile dysfunction treatment in move to access capital quicker

Adam Huras, Aug 06, 2026, https://tj.news/new-brunswick/moltexs-prospective-buyer-ends-attempt-to-raise-50m-for-purchase#comments-area

The company that was in talks to buy Saint John-based Moltex Energy Canada has ended its attempt to raise $50 million.

It was money Ontario-headquartered Nuclea Energy Inc. was going to use, in part, to purchase the New Brunswick small modular nuclear reactor startup’s technology, which has spent more than a year stalled in its parent company’s receivership.

Instead, in a twist, Nuclea Energy has announced it is merging with a telemedicine company based in Dallas, Texas, that sells lifestyle medications online, specializing in erectile dysfunction, hair loss, and weight management treatments.

It’s being framed as a way to get Nuclea access to capital quicker.

Meanwhile, the heads of both Nuclea and Moltex say negotiations toward a purchase continue, despite the new flurry of moves.

“We are still in exclusive negotiations with Nuclea,” Moltex CEO Rory O’Sullivan said in an email.

Asked what the impact of the new moves mean to those talks, O’Sullivan directed questions on funding sources and plans to Nuclea.

In an email, Nuclea president Sagar Sanghera stated that “at this time, we are still in exclusivity with Moltex,” without answering further questions on how a deal would be financed.

Brunswick News reported in April that Moltex was on the verge of being sold to another advanced nuclear technology startup for $11.5 million.

The pending sale to Nuclea, although still yet to be finalized, was revealed in that company’s filing for an initial public offering on the New York Stock Exchange.

Nuclea stated in documents filed that it was to use the proceeds from the selling of shares, in part, for the acquisition of the distressed assets from Moltex Energy Limited, the British parent company of the New Brunswick SMR developer that went for sale last year as part of a U.K. insolvency proceeding amid money trouble.

That specifically includes Moltex’s efforts in New Brunswick to build a small modular reactor that converts existing nuclear waste into carbon-free energy through a proprietary recycling process.

It’s as Nuclea is also developing its own prospective technology.

What it calls a “morpheus micro reactor,” a factory-fabricated SMR designed to fit within a transportable container for use in remote locations, was also to benefit from the money raised through an initial public offering on the New York Stock Exchange.

Nuclea’s filing in April was to raise $50 million by offering 5.6 million shares at a price range of $8 to $10.

But that has now abruptly ended.

Last Friday, Nuclea withdrew its plans for an initial public offering.

Nuclea did so while announcing the merger.

A press release from the company states it has entered into a “definitive business combination agreement” with Mangoceuticals, Inc.

It’s a company that describes itself as “focused on developing a variety of men’s health and wellness products and services via a secure telemedicine platform.”

“To date, the company currently offers pharmaceutical-based products specifically related to the treatments of erectile dysfunction, hair growth, hormone replacement therapies, and weight management,” it states.

It delivers those treatments through its subsidiary Mango and Peaches Corp., and its brand, MangoRx.

But now, in its own release announcing the deal, Mangoceuticals states it’s pivoting to “bring Nuclea’s lead-cooled Morpheus Microreactor to the public markets amid surging power demand from AI and data centres.”

“The scale of capital being committed to power the AI build-out is enormous, and we believe advanced nuclear and micro reactors will be a critical part of how that demand is met,” said Mangoceuticals CEO Jacob Cohen in a release.

Mangoceuticals is already listed on the American stock exchange.

Releases from both companies are clear that the transaction is intended to provide Nuclea with that public listing on the Nasdaq to get better access to capital in order to accelerate the development of its reactor.

Neither release makes mention of Moltex.

“As a public company, we expect to have the capital access and visibility to advance Morpheus toward first-of-a-kind delivery and to execute on our commercialization roadmap,” Nuclea CEO Josef Freundorfer said in the company’s release.

“This agreement gives Nuclea a faster path to the public markets at a defining moment for our industry.”

Azets Holdings Ltd., the accounting firm serving as the insolvency administrator for the UK-based parent company Moltex Energy Ltd., also confirmed that talks to sell assets to Nuclea continue.

“Sale negotiations with the preferred purchaser remain ongoing,” spokesperson Shaun Staff said in an email.

August 7, 2026 - Posted by Christina Macpherson | business and costs, Small Modular Nuclear Reactors