Borealis enters forbearance with Frontwell; appoints CRO; warns of going concern risk

Borealis Foods Inc.

Outstanding obligations of at least $16.1M as of March 25, 2026; defaults include $26.7M in unauthorized unsecured notes.
Forbearance until April 27, 2026; interest rate increased by 2% to default rate; $50K forbearance fee.
Jeffrey T. Varsalone appointed Chief Restructuring Officer on March 30 with authority exceeding CEO's; must deliver refinancing plan by April 9.
Blocked Notes held by Chairman Barthelemy Helg, CEO Reza Soltanzadeh's entities, and former SPAC sponsor Oxus Capital.
Company evaluating strategic alternatives but cannot assure going concern; failure to meet milestones triggers immediate default.

item 1.01 item 5.02 item 2.04 item 8.01 item 9.01

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