Borealis Foods announced today that it will begin trading on the Nasdaq under the ticker BRLS on Feb. 8, following the closing of its business combination with Oxus Acquisition. Warrants will trade under the symbol BRLSW.
Borealis is a food technology company with a mission to address global food nutritional challenges through its research and development of highly nutritious and functional food products. The company’s focus on affordability and sustainability reflects its commitment to making a positive impact on both human life and the planet, according to a press release. Borealis has created ramen meals that are organic, vegan, vegetarian, Halal, Kosher, plant-based, egg and dairy free, non-GMO, MSG free, and TBHQ free, and are manufactured with recyclable packaging. Made by Borealis-owned Palmetto Gourmet Foods, the Chef Woo Ramen brand and the popular Ramen Express Ramen brand are available in the United States, Canada, Mexico and Europe. The company has also partnered with celebrity chef Gordon Ramsay for branded high-protein products.
Oxus shareholders voted in favor of the deal last week, although the SPAC 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 merrger 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.
Neither the press release announcing the deal closing nor subsequent regulatory filings have disclosed how much capital Borealis received on the deal. Read more.
