Oxus Acquisition in an 8-K said shareholders voted to combine with Borealis Foods, although the SPAC has lost virtually all of its cash in trust to redemptions in the two years since the deal was announced at an equity value of $225.2 million. The merger had been expected to close in the fourth quarter last year.
Oxus raised $152.25 million in a September 2021 IPO, but held about $21.5 milllion going into the vote, according to an investor presentation filed last month. Another 1,886,751 Class A shares were redeemed at about $11.32 each, removing $21.36 million from the SPAC’s trust.
Borealis is a food technology company that has developed a high quality, affordable, sustainable and highly nutritious range of plant-based, ready-to-eat meals. It has formed a partnership with celebrity chef Gordon Ramsay for branded high-protein products.
Borealis has increased gross revenues from $14.3 million in 2021 to $27.5 million in 2022, representing a 92.7% year-over-year growth, according to a press release at sdeal announcement. In the three months ended March 31 its gross revenues were $8.7 million.
No word on when the deal might close. Read more.
