---
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"
generated_at: "2026-06-06T03:44:52.457851+00:00"
event_type: "m_and_a"
sentiment: "neutral"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

# Borealis Foods closes SPAC merger with Oxus Acquisition Corp., valued at $133M

## Summary
- 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.

## SEC filing metadata
- 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
- event_type: m_and_a
- sentiment: neutral
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- 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
- 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

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001213900-24-013332
- JSON: https://secwatch.observer/filing/0001213900-24-013332.json
- Plain text: https://secwatch.observer/filing/0001213900-24-013332.txt

## Key facts
- Governance Changes
  Borealis Foods Inc.: New Borealis adopted amended and restated bylaws effective February 7, 2024 (effective 2024-02-07).
  - Change: bylaw amendment
  - Effective: 2024-02-07
  source text: 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_url: https://www.sec.gov/Archives/edgar/data/1852973/000121390024013332/0001213900-24-013332-index.htm
- Governance Changes
  Borealis Foods Inc.: New Borealis adopted amended and restated articles of amalgamation effective February 7, 2024 (effective 2024-02-07).
  - Change: charter amendment
  - Effective: 2024-02-07
  source text: 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_url: https://www.sec.gov/Archives/edgar/data/1852973/000121390024013332/0001213900-24-013332-index.htm
- Governance Changes
  Borealis Foods Inc.: New Borealis Board adopted a new code of business conduct and ethics effective February 7, 2024 (effective 2024-02-07).
  - Change: code of ethics
  - Effective: 2024-02-07
  source text: 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_url: https://www.sec.gov/Archives/edgar/data/1852973/000121390024013332/0001213900-24-013332-index.htm
- Governance Changes
  Borealis Foods Inc.: Oxus ceased being a shell company on February 7, 2024 as a result of the transaction (effective 2024-02-07).
  - Change: shell status
  - Effective: 2024-02-07
  source text: As a result of the Transaction, on February 7, 2024, Oxus ceased being a shell company.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1852973/000121390024013332/0001213900-24-013332-index.htm
- M&A Transactions
  Borealis Foods Inc. underwent a change of control involving Oxus Acquisition Corp. for Aggregate Transaction Consideration of $133,000,000 (closed 2024-02-07).
  - Action: change of control
  - Counterparty: Oxus Acquisition Corp.
  - Consideration: Aggregate Transaction Consideration of $133,000,000
  - Closing: 2024-02-07
  source text: 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_url: https://www.sec.gov/Archives/edgar/data/1852973/000121390024013332/0001213900-24-013332-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.