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

Borealis Foods Inc.

Transaction values Borealis at $150M equity; Oxus raised ~$172.5M in IPO.
Sponsor invested $20M convertible note in Dec 2022; additional $20M note from third-party expected April 2023.
Borealis subsidiary Palmetto Gourmet Foods has 600M annual ramen meal capacity; products sold in US, Canada, soon Europe.
Combined company to be led by Borealis CEO Reza Soltanzadeh and Chairman Barthelemy Helg; board of 7 directors, 5 independent.
Transaction expected to close Q3 2023, subject to shareholder approval and customary conditions.

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