{"schema_version":"secwatch.filing_event.v1","accession":"0001213900-26-065290","form_type":"8-K","ticker":"BRLS","cik":"0001852973","company_name":"Borealis Foods Inc.","filed_at":"2026-06-04T20:15:20+00:00","discovered_at":"2026-06-04T20:17:00.227710+00:00","generated_at":"2026-06-04T20:49:28.702096+00:00","sec_items":["1.01","2.03","3.02","9.01"],"event_type":"debt","sentiment":"neutral","materiality_score":0.65,"calibrated_materiality_score":0.65,"confidence":"high","headline":"Borealis Foods issues $3M convertible note to largest shareholder Oxus Capital","bullets":["Note bears 10% interest, matures Aug 29, 2026 (extendable if conversion approvals not obtained).","Conversion price $1.45/share; up to ~2.07M shares issuable subject to anti-dilution adjustments.","Proceeds for accounts payable, working capital; not for debt repayment.","Conversion requires shareholder approval under Nasdaq rules; company to seek promptly.","Note includes a 49.9% beneficial ownership blocker for Oxus."],"urls":{"canonical":"https://secwatch.observer/filing/0001213900-26-065290","json":"https://secwatch.observer/filing/0001213900-26-065290.json","markdown":"https://secwatch.observer/filing/0001213900-26-065290.md","text":"https://secwatch.observer/filing/0001213900-26-065290.txt","edgar_index":"https://www.sec.gov/Archives/edgar/data/1852973/000121390026065290/0001213900-26-065290-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/1852973/000121390026065290/ea0293479-8k_borealis.htm"},"model":{"generated_by":"deepseek-v4-flash:cloud@v2","generated_at":"2026-06-04T20:49:28.702096+00:00"},"review":{"review_status":"machine_generated","human_reviewed":false,"corrected":false,"correction_note":null,"correction_timestamp":null,"superseded_by":null,"related_filings":[]},"source_grounded_claims":[{"claim_id":"131d70857dbf19e386bca3ea890e1598eee2acd7","claim":"Borealis Foods Inc. incurred convertible notes of $3,000,000 with OXUS CAPITAL PTE LTD. at 10% per annum maturing the earlier of August 29, 2026 and the date on which the investor Oxus accelerates the obligations under the Note following an event of default.","evidence_excerpt":"On the date of issuance, May 29, 2026, the Company became obligated under the Note in the aggregate principal amount of $3.0 million.","evidence_source":"SEC 8-K Item 2.03/2.04","evidence_url":"https://www.sec.gov/Archives/edgar/data/1852973/000121390026065290/0001213900-26-065290-index.htm","confidence":0.9,"family_label":"Debt Financings","details":[{"label":"Instrument","value":"convertible notes"},{"label":"Principal","value":"$3,000,000"},{"label":"Counterparty","value":"OXUS CAPITAL PTE LTD."},{"label":"Rate","value":"10% per annum"},{"label":"Maturity","value":"the earlier of August 29, 2026 and the date on which the investor Oxus accelerates the obligations under the Note following an event of default"},{"label":"Event","value":"incurrence"}],"fact_type":"debt_financing"},{"claim_id":"21b1b0edefae05ac5574258507ebdc8431db6328","claim":"Borealis Foods Inc. issued convertible note to OXUS CAPITAL PTE LTD. for $3,000,000.","evidence_excerpt":"Definitive Agreement. On May 29, 2026, Borealis Foods Inc. (the “Company”) issued a convertible promissory note to OXUS CAPITAL PTE LTD. (“Oxus”) in the principal amount of $3,000,000 (the “Note”). As of the date of issuance, Oxus beneficially owned approximately 39.09% of the Company’s outstanding common shares and was the Company’s largest shareholder. Oxus","evidence_source":"SEC 8-K Item 3.02/3.03","evidence_url":"https://www.sec.gov/Archives/edgar/data/1852973/000121390026065290/0001213900-26-065290-index.htm","confidence":0.9,"family_label":"Equity Issuances","details":[{"label":"Security","value":"convertible note"},{"label":"Purchaser","value":"OXUS CAPITAL PTE LTD."},{"label":"Consideration","value":"$3,000,000"}],"fact_type":"equity_issuance"},{"claim_id":"045ca566f31cffd207a2b5d44000bb3233d8f2ca","claim":"Borealis Foods Inc. entered into Note with OXUS CAPITAL PTE LTD. valued at principal amount of $3,000,000 (effective 2026-05-29).","evidence_excerpt":"On May 29, 2026, Borealis Foods Inc. (the “Company”) issued a convertible promissory note to OXUS CAPITAL PTE LTD. (“Oxus”) in the principal amount of $3,000,000 (the “Note”).","evidence_source":"SEC 8-K Item 1.01/1.02","evidence_url":"https://www.sec.gov/Archives/edgar/data/1852973/000121390026065290/0001213900-26-065290-index.htm","confidence":0.9,"family_label":"Material Agreements","details":[{"label":"Action","value":"entry"},{"label":"Agreement","value":"notes offering"},{"label":"Counterparty","value":"OXUS CAPITAL PTE LTD."},{"label":"Value","value":"principal amount of $3,000,000"},{"label":"Effective","value":"2026-05-29"}],"fact_type":"material_agreement"}],"license":"Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer"}