Borealis Foods enters $17M Oxus term loan to repay Frontwell; conversion deal could dilute shares

Borealis Foods Inc.

$17M term loan from Oxus Capital at 12% interest, maturing April 2031; no cash interest first 12 months.
Proceeds fully repay Frontwell credit facility; forbearance and CRO engagement terminated.
Conversion agreement: $29M debt from Oxus, CEO, Chairman converts to equity if $70M equity not raised at $9/share by July 1, 2026.
Oxus gets two board seats by May 11, 2026, replacing two current directors.
Loan secured by substantially all assets, including Saluda, SC manufacturing facilities.

item 7.01 item 9.01

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accession 0001213900-26-048551

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