Highest-materiality recent filing
Borealis Foods receives Nasdaq delisting notice for MVLS below $35M
Received Nasdaq notice on July 2, 2026 for failing minimum $35M MVLS over 30 consecutive business days.
Borealis Foods issues $3M convertible note to largest shareholder Oxus Capital
Note bears 10% interest, matures Aug 29, 2026 (extendable if conversion approvals not obtained).
Nasdaq notified Borealis on May 21, 2026 of non-compliance with Listing Rule 5250(c)(1) for failure to timely file Q1 2026 Form 10-Q.
Borrowed $17M from Oxus Capital at 12% interest, maturing 2031; used ~$16.2M to repay Frontwell credit facility.
Borealis Foods enters $17M Oxus term loan to repay Frontwell; conversion deal could dilute shares
$17M term loan from Oxus Capital at 12% interest, maturing April 2031; no cash interest first 12 months.
Borealis Foods receives Nasdaq deficiency notice for late 2025 Form 10-K
Received Nasdaq deficiency notice on April 17, 2026 due to delayed 2025 Form 10-K filing.
Borealis Foods receives default notice from lender; $16.1M debt at risk of acceleration
Outstanding obligations under Credit Agreement at least $16,116,215.30 as of March 25, 2026.
Borealis enters forbearance with Frontwell; appoints CRO; warns of going concern risk
Outstanding obligations of at least $16.1M as of March 25, 2026; defaults include $26.7M in unauthorized unsecured notes.
Lender Frontwell Capital Partners notified Borealis of continuing Events of Default under $15M term loan and $10M revolver credit agreement.
Amendment reveals BPB audit reports included going-concern emphasis for FY2023 and FY2024
BPB's audit reports for FY2023 and FY2024 contained an emphasis-of-matter paragraph citing substantial doubt about the company's ability to continue as a going concern.
Nasdaq notified Borealis it failed to hold annual meeting within 12 months of fiscal year end, risking delisting.
Borealis Foods receives default notice from lender; default interest rate triggered
Frontwell Capital Partners notified Borealis of Events of Default under $15M term loan and $10M revolver.
Borealis Foods receives lender default notice; cash dominion imposed, borrowing restricted
Lender Frontwell asserts multiple Events of Default, including Excess Availability of ~$501K vs required $4.375M and missing financial reports since August 2024.
Borealis Foods Q2 revenue up 36% to $7.2M; gross profit rises 22%; SG&A down 31%
Net revenue grew to $7.2 million in Q2 2025, up from $5.3 million in Q2 2024 (36% increase).
Nasdaq notified Borealis of non-compliance with Listing Rule 5605(c)(2)(A) for audit committee composition.
Borealis Foods borrows $980k from Chairman at 10%; CEO salary deferred from Feb 2025
Issued promissory notes to Chairman for $980k aggregate principal, 10% interest, due on demand.
Borealis Foods reports Q1 gross margin improvement to 13% and $2M from new food service partner
Q1 2025 gross margin 13% vs 3% YoY; gross profit ~$900K vs ~$242K; ex-D&A margin would be 19%.
Borealis Foods issues $2.79M demand promissory notes to CEO/Chairman; CEO salary unpaid
Borrowed $2,785,000 from CEO and Chairman via demand promissory notes bearing 10% annual interest.
Borealis Foods Q3 net sales $7.7M, gross margin 17%, net loss improves to $4.8M
Net sales $7.7M, up 45% sequentially from $5.3M; gross margin 17% (vs 8% Q2) on premium Chef Woo/Woodles mix.
Borealis Foods CEO reports Q2 gross margin 7.9%, expects stronger H2 2024
Q2 2024 gross margin of 7.9%, the third consecutive quarter of positive margins.
Secured $50 million capital injection to fund growth.
Borealis Foods closes SPAC merger; issues 13.3M shares at $133M valuation, defers most closing fees
Business combination closed Feb 7, 2024; Borealis shareholders received 13.3M New Borealis Common Shares valued at $133M (after $17M net indebtedness).
Borealis Foods closes SPAC merger with Oxus Acquisition Corp., valued at $133M
Aggregate transaction consideration of $133M after deducting $17M net indebtedness; 13.3M new shares issued.
Extraordinary general meeting on Feb 2, 2024 approved all proposals for the business combination with Borealis Foods Inc.
Oxus Acquisition Corp. shareholders approve extension to June 8, 2024; ~9,800 shares redeemed
Extension proposal approved with 5,678,327 for, 66,654 against; 87.55% of shares represented.
Oxus files S-4 for Borealis combination; Borealis 2022 rev $27.5M, +93% YoY
Borealis 2022 gross revenue $27.5M vs $14.3M in 2021; Q1 2023 revenue $8.7M.
Extension of business combination deadline from March 8, 2023 to December 8, 2023 approved.
Oxus Acquisition Corp. enters definitive business combination with Borealis Foods valued at $150M
Borealis shareholders to receive New Oxus shares valued at $150M less net indebtedness, divided by $10.00 per share.
Transaction values Borealis at $150M equity; Oxus raised ~$172.5M in IPO.
Oxus Acquisition Corp. signs definitive business combination with Borealis Foods at $150M EV
Transaction values Borealis at $150M pre-money enterprise value; expected to close Q3 2023.
IPO of 15M units at $10.00 each raised $150M; private placement of 8.4M warrants at $1.00 raised $8.4M.
Oxus Acquisition Corp. closes $150M SPAC IPO; $153M placed in trust
IPO of 15M units at $10.00 each, gross $150M; units trade on Nasdaq under OXUSU.
Also on May 11, 2026, the Board appointed Zaure Algaziyeva and Pavel Mynzhanov to serve as directors of the Company until the next annual meeting of shareholders or until their respective successors are duly elected or appointed.
On May 11, 2026, Mr. Shiv Khemka resigned from the Board of Directors (the “Board”) of the Company and from his positions as a member of the Audit Committee, Compensation Committee and Nominating and Corporate Governance Committee of the Board.
Also on May 11, 2026, the Board appointed Zaure Algaziyeva and Pavel Mynzhanov to serve as directors of the Company until the next annual meeting of shareholders or until their respective successors are duly elected or appointed.
the engagement of Jeffrey T. Varsalone as Chief Restructuring Officer of the Company and its subsidiaries was terminated, effective immediately.
On January 3, 2025, Kanat Mynzhanov provided notice of his decision to resign from the Board of Directors (the “Board”) of Borealis Foods Inc. to focus on his ongoing responsibilities as CEO of Tavia Acquisition Corp. Mr. Mynzhanov’s resignation is effective as of February 1, 2025, and did not result from any disagreement with the Company concerning any matter relating to the Company’s operations, polices, or practices.
On May 31, 2022, Sergei Ivashkovsky tendered his resignation as a director of the board of directors of Oxus Acquisition Corp. (the “Company”) effective immediately.
on June 1, 2022, the Board of Directors appointed Karim Zahmoul to fill the vacancy created by Mr. Ivaskhovsky’s resignation, effective immediately.
Effective as of September 2, 2021, the following individuals were appointed to the board of directors of the Company: Christophe Charlier, Sergey Ivashkovsky and Shiv Vikram Khemka.
Effective as of September 2, 2021, the following individuals were appointed to the board of directors of the Company: Christophe Charlier, Sergey Ivashkovsky and Shiv Vikram Khemka.
Effective as of September 2, 2021, the following individuals were appointed to the board of directors of the Company: Christophe Charlier, Sergey Ivashkovsky and Shiv Vikram Khemka.
Max materiality 0.85 · Median 0.65 · Most common event other_material