Borealis Foods completes de-SPAC transaction and business combination with Oxus Acquisition

Torys acted as Canadian counsel to Oxus with a team led by Stephanie Stimpson and that included Adrienne DiPaolo, Kendall Grant and Madeleine Beaudry (corporate/M&A), Tyrel Henderson (lending), Omar Wakil (competition), Craig Maurice and Steve Marshall (tax).

On February 7, 2024, Borealis Foods Inc. ("Borealis") announced that it would commence trading on the Nasdaq under the ticker "BRLS" on February 8, 2024, following the closing of its previously announced business combination with Oxus Acquisition Corp. ("Oxus").

Under the terms of the definitive business combination agreement, dated February 23, 2023, Borealis’ equity holders were paid an aggregate consideration of C$150 million of rollover equity, subject to adjustment.

Upon closing of the transaction, Borealis continues to be led by Borealis' CEO and Co-Founder Reza Soltanzadeh, and Chairman and Co-Founder Barthelemy Helg.

Further information can be found on PR Newswire’s website.

Borealis is an innovative food technology company focused on developing a high quality, affordable, sustainable and highly nutritious range of plant-based, ready-to-eat meals. Through its wholly-owned subsidiary, Palmetto Gourmet Foods, Borealis has created meals that are organic, vegan, vegetarian, Halal, Kosher, plant-based, egg free and dairy free, non-GMO, free of added MSG and TBHQ free. It distributes its food products through the United States, Canada, Mexico and Europe.

Oxus was a special purpose acquisition company organized for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, or reorganization or engaging in any other similar business combination with one or more businesses or entities.