{"schema_version":"secwatch.filing_event.v1","accession":"0001213900-24-013332","form_type":"8-K","ticker":"BRLS","cik":"0001852973","company_name":"Borealis Foods Inc.","filed_at":"2024-02-13T23:59:59+00:00","discovered_at":"2026-05-14T18:03:26.028020+00:00","generated_at":"2026-06-06T03:44:52.457851+00:00","sec_items":["1.01","2.01","5.02","3.02","9.01","4.01","2.02","3.03","5.01","5.03","5.06","7.01"],"event_type":"m_and_a","sentiment":"neutral","materiality_score":0.85,"calibrated_materiality_score":0.85,"confidence":"high","headline":"Borealis Foods closes SPAC merger with Oxus Acquisition Corp., valued at $133M","bullets":["Aggregate transaction consideration of $133M after deducting $17M net indebtedness; 13.3M new shares issued.","Investor notes totaling $30M (Belphar $20M, Saule $5M, Aman $2M, GSS $3M) converted into 4,163,510 common shares.","Sponsor note amended to $6M principal, maturity extended to February 7, 2025.","Board: 11 directors; CEO Reza Soltanzadeh, Chairman Barthelemy Helg, Belphar nominee Shukhrat Ibragimov.","Lock-up: 50% of restricted securities locked for 12 months or until stock price >= $12 for 20 trading days."],"urls":{"canonical":"https://secwatch.observer/filing/0001213900-24-013332","json":"https://secwatch.observer/filing/0001213900-24-013332.json","markdown":"https://secwatch.observer/filing/0001213900-24-013332.md","text":"https://secwatch.observer/filing/0001213900-24-013332.txt","edgar_index":"https://www.sec.gov/Archives/edgar/data/1852973/000121390024013332/0001213900-24-013332-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/1852973/000121390024013332/ea193378-8k_borealis.htm"},"model":{"generated_by":"deepseek-v4-flash:cloud@v2","generated_at":"2026-06-06T03:44:52.457851+00:00"},"review":{"review_status":"machine_generated","human_reviewed":false,"corrected":false,"correction_note":null,"correction_timestamp":null,"superseded_by":null,"related_filings":[]},"source_grounded_claims":[{"claim_id":"0123cd3bfc86794ebe79b8a5510e05a0d14390ea","claim":"Borealis Foods Inc.: New Borealis adopted amended and restated bylaws effective February 7, 2024 (effective 2024-02-07).","evidence_excerpt":"New Borealis adopted amended and restated bylaws substantially in the form included in Annex J to the Proxy Statement/Prospectus (the “ Bylaws ,” and together with the Articles, the “ Governing Documents ”), in each case effective as of February 7, 2024.","evidence_source":"SEC 8-K Item 5.03/5.05/5.06","evidence_url":"https://www.sec.gov/Archives/edgar/data/1852973/000121390024013332/0001213900-24-013332-index.htm","confidence":0.95,"family_label":"Governance Changes","details":[{"label":"Change","value":"bylaw amendment"},{"label":"Effective","value":"2024-02-07"}],"fact_type":"governance_change"},{"claim_id":"56ddb77d4745ed2eb1e53471a17a75cd0c768baf","claim":"Borealis Foods Inc.: New Borealis adopted amended and restated articles of amalgamation effective February 7, 2024 (effective 2024-02-07).","evidence_excerpt":"Articles of Amalgamation were filed for New Borealis (the “ Articles ”) with the Ministry of Public and Business Service Delivery of Ontario; and (b) New Borealis adopted amended and restated bylaws substantially in the form included in Annex J to the Proxy Statement/Prospectus (the “ Bylaws ,” and together with the Articles, the “ Governing Documents ”), in each case effective as of February 7, 2024.","evidence_source":"SEC 8-K Item 5.03/5.05/5.06","evidence_url":"https://www.sec.gov/Archives/edgar/data/1852973/000121390024013332/0001213900-24-013332-index.htm","confidence":0.95,"family_label":"Governance Changes","details":[{"label":"Change","value":"charter amendment"},{"label":"Effective","value":"2024-02-07"}],"fact_type":"governance_change"},{"claim_id":"673f9d80d1a586242e83bfc71953a757393eff4f","claim":"Borealis Foods Inc.: New Borealis Board adopted a new code of business conduct and ethics effective February 7, 2024 (effective 2024-02-07).","evidence_excerpt":"the New Borealis Board adopted a new code of business conduct and ethics (the “ Code of Ethics ”) applicable to directors, officers, and employees of New Borealis and its subsidiaries.","evidence_source":"SEC 8-K Item 5.03/5.05/5.06","evidence_url":"https://www.sec.gov/Archives/edgar/data/1852973/000121390024013332/0001213900-24-013332-index.htm","confidence":0.95,"family_label":"Governance Changes","details":[{"label":"Change","value":"code of ethics"},{"label":"Effective","value":"2024-02-07"}],"fact_type":"governance_change"},{"claim_id":"fc845ececdbf2bb9f903837791ab4a28903fd444","claim":"Borealis Foods Inc.: Oxus ceased being a shell company on February 7, 2024 as a result of the transaction (effective 2024-02-07).","evidence_excerpt":"As a result of the Transaction, on February 7, 2024, Oxus ceased being a shell company.","evidence_source":"SEC 8-K Item 5.03/5.05/5.06","evidence_url":"https://www.sec.gov/Archives/edgar/data/1852973/000121390024013332/0001213900-24-013332-index.htm","confidence":0.95,"family_label":"Governance Changes","details":[{"label":"Change","value":"shell status"},{"label":"Effective","value":"2024-02-07"}],"fact_type":"governance_change"},{"claim_id":"796491c8c1e58e71983d23fb3e37dd7ea6bcf4c7","claim":"Borealis Foods Inc. underwent a change of control involving Oxus Acquisition Corp. for Aggregate Transaction Consideration of $133,000,000 (closed 2024-02-07).","evidence_excerpt":"of New Borealis Common Shares equal to the quotient of (a) $150,000,000 minus Borealis’ Closing Net Indebtedness, as agreed to by the parties, of $17,000,000, which equals $133,000,000, divided by (b) $10.00 (the “ Aggregate Transaction Consideration ”). ● Each Borealis Common Share was exchanged for 0.0661 of a New Borealis Common Share, which is equal to the","evidence_source":"SEC 8-K Item 2.01/5.01","evidence_url":"https://www.sec.gov/Archives/edgar/data/1852973/000121390024013332/0001213900-24-013332-index.htm","confidence":0.9,"family_label":"M&A Transactions","details":[{"label":"Action","value":"change of control"},{"label":"Counterparty","value":"Oxus Acquisition Corp."},{"label":"Consideration","value":"Aggregate Transaction Consideration of $133,000,000"},{"label":"Closing","value":"2024-02-07"}],"fact_type":"ma_transaction"}],"license":"Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer"}