Borealis Foods enters $17M term loan with Oxus, repays Frontwell; potential equity conversion up to $33.3M

Borealis Foods Inc.

Borrowed $17M from Oxus Capital at 12% interest, maturing 2031; used ~$16.2M to repay Frontwell credit facility.
Conversion Agreement: $29.1M principal + $4.2M accrued interest may convert to common shares if $70M equity raise not done by July 1, 2026.
Oxus may also convert ~$2M Year 1 interest into shares at its election.
Chief Restructuring Officer Jeffrey T. Varsalone terminated effective immediately; role no longer required.
Board must be reconstituted by May 11, 2026, with two Oxus designees.

item 1.01 item 1.02 item 2.03 item 3.02 item 5.02 item 8.01 item 9.01

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Source: SEC EDGAR

accession 0001213900-26-050957

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