Borealis Foods Inc. (BRLS): debt financing — Borealis Foods receives lender default notice; cash dominion imposed, borrowing restricted

Borealis Foods Inc.

Lender Frontwell asserts multiple Events of Default, including Excess Availability of ~$501K vs required $4.375M and missing financial reports since August 2024.
Lender imposed cash dominion over borrower deposit accounts; no obligation to honor further Revolving Loans.
Borrower reduced Revolving Loan balance from $10.2M to $3.55M as of Nov 19, 2025, and provided requested financial reports.
Company evaluating implications, in discussions with advisors; lender has not yet accelerated obligations.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

Borealis Foods Inc. reported a default on credit facility of aggregate principal amount of USD $15,000,000 and ... up to USD $10,000,000 with Frontwell Capital Partners Inc..

Instrument: credit facility
Principal: aggregate principal amount of USD $15,000,000 and ... up to USD $10,000,000
Counterparty: Frontwell Capital Partners Inc.
Event: default

Exact text from the filing

Lender has (a) made certain term loans (the “Term Loans”) to certain of such subsidiaries of the Company (collectively, the “Borrowers”) in the aggregate principal amount of USD $15,000,000 and (b) agreed to make, from time to time, certain revolving loans (the “Revolving Loans”) to the Borrowers in the aggregate principal amount of up to USD $10,000,000, subject to

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Source: SEC EDGAR

accession 0001213900-25-112705

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