secwatch.observer — SEC 8-K summary
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Issuer:     Borealis Foods Inc. (BRLS)
CIK:        0001852973
Form:       8-K/A
Filed at:   2024-04-15T23:59:59+00:00
Accession:  0001213900-24-032971
Event type: m_and_a
Sentiment:  neutral
Materiality: 0.75
Item codes: 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
LLM model:  deepseek-v4-flash:cloud@v2

Borealis Foods closes SPAC merger; issues 13.3M shares at $133M valuation, defers most closing fees
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- 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.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1852973/000121390024032971/0001213900-24-032971-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1852973/000121390024032971/ea0203428-8ka1_borealis.htm
  HTML page:      https://secwatch.observer/filing/0001213900-24-032971

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