Borealis Foods Inc. (BRLS) Form 8-K — Jun 4, 2026
Borealis Foods Inc. (BRLS) issued a $3 million convertible promissory note to Oxus Capital Pte Ltd., its largest shareholder owning approximately 39.09% of outstanding shares. The note bears interest at 10% per annum and matures on August 29, 2026, or earlier upon an event of default. The company intends to use the proceeds to pay outstanding accounts payable to vendors and for general working capital needs, explicitly prohibiting the use of funds to repay existing borrowed money.
Key figures
- Debt Amount
- 3000000
- Interest Rate
- 10
- Maturity Date
- August 29, 2026
- Offering Price
- 1.45
- Shares Offered
- 2068966
- Conversion Price
- 1.45
- Max Ownership Percent
- 49.9
- Current Ownership Percent
- 39.09
Price after filing
Close on the filing date to close N calendar days later (from $1.59). Historical, not a forecast.
AI analysis
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