--- schema_version: "secwatch.filing_event.v1" accession: "0001213900-24-032971" form_type: "8-K/A" ticker: "BRLS" cik: "0001852973" company_name: "Borealis Foods Inc." filed_at: "2024-04-15T23:59:59+00:00" generated_at: "2026-06-03T23:05:58.728010+00:00" event_type: "m_and_a" sentiment: "neutral" materiality_score: 0.75 calibrated_materiality_score: 0.75 confidence: "medium" source: SEC EDGAR --- # Borealis Foods closes SPAC merger; issues 13.3M shares at $133M valuation, defers most closing fees ## Summary - Business combination closed Feb 7, 2024; Borealis shareholders received 13.3M New Borealis Common Shares valued at $133M (after $17M net indebtedness). - Exchange ratio: 0.0661 New Borealis shares per Borealis share; 201.2M pre-closing shares. - New investor notes ($30M from Belphar, Saule, Aman, GSS) converted into 4,163,510 New Borealis Common Shares post-closing. - Majority of closing transaction fees deferred to first anniversary of closing date. - Post-combination board includes Reza Soltanzadeh (CEO), Barthelemy Helg (Chairman), seven independent directors; Belphar nominee Shukhrat Ibragimov. ## SEC filing metadata - accession: 0001213900-24-032971 - form_type: 8-K/A - ticker: BRLS - cik: 0001852973 - company_name: Borealis Foods Inc. - filed_at: 2024-04-15T23:59:59+00:00 - event_type: m_and_a - sentiment: neutral - materiality_score: 0.75 - calibrated_materiality_score: 0.75 - confidence: medium - sec_items: 1.01, 2.01, 9.01, 5.02, 3.02, 4.01, 2.02, 3.03, 5.01, 5.03, 5.05, 5.06, 7.01 - EDGAR index: https://www.sec.gov/Archives/edgar/data/1852973/000121390024032971/0001213900-24-032971-index.htm - EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1852973/000121390024032971/ea0203428-8ka1_borealis.htm ## Machine-readable alternates - HTML: https://secwatch.observer/filing/0001213900-24-032971 - JSON: https://secwatch.observer/filing/0001213900-24-032971.json - Plain text: https://secwatch.observer/filing/0001213900-24-032971.txt ## Key facts - 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: on February 7, 2024 and effective as of such date, 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/1852973/000121390024032971/0001213900-24-032971-index.htm - Governance Changes Borealis Foods Inc.: Articles of Amalgamation were filed for New Borealis 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/1852973/000121390024032971/0001213900-24-032971-index.htm - Governance Changes Borealis Foods Inc.: Oxus ceased being a shell company as a result of the transaction on February 7, 2024 (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/1852973/000121390024032971/0001213900-24-032971-index.htm - 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/1852973/000121390024032971/0001213900-24-032971-index.htm - M&A Transactions Borealis Foods Inc. completed an acquisition involving Oxus Acquisition Corp. for 13,300,000 New Oxus Common Shares (closed 2024-02-07). - Action: acquisition - Counterparty: Oxus Acquisition Corp. - Consideration: 13,300,000 New Oxus Common Shares - Closing: 2024-02-07 source text: of Borealis Common Shares issued and outstanding immediately prior to the Borealis Amalgamation. 1 ● As of the Closing Date, the Aggregate Transaction Consideration was 13,300,000 New Oxus Common Shares, and was based on 201,206,834 Borealis Common Shares issued and outstanding, with an exchange rate of 0.0661, which the process is described in the final evidence_url: https://www.sec.gov/Archives/edgar/data/1852973/000121390024032971/0001213900-24-032971-index.htm - Material Agreements Borealis Foods Inc. entered into New Investor Note Purchase Agreements with Belphar Ltd., Saule Algaziyeva, Aman Murat Baikadamuly, GSS Overseas LTD. valued at Total $30,000,000 in notes: Belphar $20,000,000 (Feb 8, 2023), Saule $5,000,000 (Mar 3, 2023), Aman. - Action: entry - Agreement: credit facility - Counterparty: Belphar Ltd., Saule Algaziyeva, Aman Murat Baikadamuly, GSS Overseas LTD. - Value: Total $30,000,000 in notes: Belphar $20,000,000 (Feb 8, 2023), Saule $5,000,000 (Mar 3, 2023), Aman source text: In accordance with the terms of the Business Combination Agreement, Borealis executed New Investor Note Purchase Agreements with certain investors. evidence_url: https://www.sec.gov/Archives/edgar/data/1852973/000121390024032971/0001213900-24-032971-index.htm - Material Agreements Borealis Foods Inc. entered into Shareholder Support Agreements with Oxus and certain Borealis shareholders valued at Shareholders agreed to vote their Borealis Common Shares in favor of the Transaction and not to sell. - Action: entry - Agreement: asset purchase - Counterparty: Oxus and certain Borealis shareholders - Value: Shareholders agreed to vote their Borealis Common Shares in favor of the Transaction and not to sell source text: Concurrently with the execution of the Business Combination Agreement, Borealis entered into Shareholder Support Agreements with Oxus and certain Borealis shareholders. evidence_url: https://www.sec.gov/Archives/edgar/data/1852973/000121390024032971/0001213900-24-032971-index.htm This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.