---
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"
generated_at: "2026-06-04T20:49:28.702096+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.65
calibrated_materiality_score: 0.65
confidence: "high"
source: SEC EDGAR
---

# Borealis Foods issues $3M convertible note to largest shareholder Oxus Capital

## Summary
- 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.

## SEC filing metadata
- 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
- event_type: debt
- sentiment: neutral
- materiality_score: 0.65
- calibrated_materiality_score: 0.65
- confidence: high
- sec_items: 1.01, 2.03, 3.02, 9.01
- 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

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001213900-26-065290
- JSON: https://secwatch.observer/filing/0001213900-26-065290.json
- Plain text: https://secwatch.observer/filing/0001213900-26-065290.txt

## Key facts
- Debt Financings
  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.
  - Instrument: convertible notes
  - Principal: $3,000,000
  - Counterparty: OXUS CAPITAL PTE LTD.
  - Rate: 10% per annum
  - Maturity: 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
  - Event: incurrence
  source text: 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_url: https://www.sec.gov/Archives/edgar/data/1852973/000121390026065290/0001213900-26-065290-index.htm
- Equity Issuances
  Borealis Foods Inc. issued convertible note to OXUS CAPITAL PTE LTD. for $3,000,000.
  - Security: convertible note
  - Purchaser: OXUS CAPITAL PTE LTD.
  - Consideration: $3,000,000
  source text: 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_url: https://www.sec.gov/Archives/edgar/data/1852973/000121390026065290/0001213900-26-065290-index.htm
- Material Agreements
  Borealis Foods Inc. entered into Note with OXUS CAPITAL PTE LTD. valued at principal amount of $3,000,000 (effective 2026-05-29).
  - Action: entry
  - Agreement: notes offering
  - Counterparty: OXUS CAPITAL PTE LTD.
  - Value: principal amount of $3,000,000
  - Effective: 2026-05-29
  source text: 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_url: https://www.sec.gov/Archives/edgar/data/1852973/000121390026065290/0001213900-26-065290-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.