Oxus Acquisition Corp. signs definitive business combination with Borealis Foods at $150M EV

Borealis Foods Inc.

Transaction values Borealis at $150M pre-money enterprise value; expected to close Q3 2023.
Borealis is a food tech company with plant-based ramen; US subsidiary Palmetto has 600M meal annual capacity.
Combined company to be led by Borealis CEO Reza Soltanzadeh and Chairman Barthelemy Helg.
Oxus raised ~$172.5M in IPO; transaction requires shareholder approvals from both companies.
Borealis developed world's first mass-produced plant-based ramen with 20g complete protein per serving.

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