At the end of February 2023, Borealis Foods Inc. and Oxus Acquisition Corp., a special purpose acquisition company controlled by Kazakhstani businessman Kenes Rakishev, announced the signing of a definitive business combination agreement. This is expected to result in a newly-combined company under the name Borealis Foods Inc. Upon closing of the proposed transaction, the company will continue to be led by Borealis’ CEO and co-founder Reza Soltanzadeh, and chairman and co-Founder Barthelemy Helg. The boards of directors of Borealis and Oxus have each unanimously approved the proposed $150 million transaction.
Borealis is a food technology company that has created...