Form 4 Filing by Oxus Capital PTE. LTD. and Kenges Rakishev for Borealis Foods Inc.

On April 27, 2026, Oxus Capital PTE. LTD. entered into a Conversion Agreement with Borealis Foods Inc. and related entities. If Borealis Foods Inc. does not complete equity financings totaling at least $70,000,000 by July 1, 2026, approximately $11.1 million in debt owed to Oxus Capital will convert into Borealis Foods Inc. common shares at Fair Market Value. The number of shares issuable is not yet determined as the conversion price depends on the volume-weighted average closing price of the shares preceding the Equity Raise Deadline. Oxus Capital did not pay separate consideration for this conversion right. Kenges Rakishev, controlling shareholder of Oxus Capital, is also reporting this transaction. Both Oxus Capital and Kenges Rakishev are considered ten-percent owners. This filing is being made jointly by Oxus Capital and Kenges Rakishev, who may be deemed to have beneficial ownership of securities held by Oxus Capital.