Borealis Foods Inc. (BRLS) Form 8-K — May 1, 2026
Borealis Foods entered into a Credit Agreement with Oxus Capital PTE Ltd. to obtain a $17.0 million term loan, which was used to fully repay its existing debt facility with Frontwell Capital. The new loan carries a 12% annual interest rate, matures in 2031, and is secured by substantially all of the company's assets, including its South Carolina manufacturing and distribution facilities. The financing transaction resulted in significant corporate governance changes, including the termination of the Chief Restructuring Officer and a requirement to reconstitute the Board of Directors by appointing two designees from Oxus.
Key figures
- Debt Amount
- 17000000
- Interest Rate
- 12%
- Maturity Date
- April 27, 2031
- Shares Outstanding
- 21463306
- Frontwell Payoff
- $16.2 million
- Equity Raise Price
- $9.00
- Required Equity Raise
- $70 million
- Convertible Debt Interest
- $4.2 million
- Convertible Debt Principal
- $29.1 million
Price after filing
Close on the filing date to close N calendar days later (from $1.66). Historical, not a forecast.
AI analysis
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