Oxus Capital Reports 39.09% Stake in Borealis Foods and New Debt Conversion Agreement

Oxus Capital PTE. LTD. and its controlling shareholder, Kenges Rakishev, filed an amendment to their Schedule 13D for Borealis Foods Inc. (BRLS) to report significant new financing arrangements. As of April 27, 2026, Oxus Capital entered into a Credit Agreement to provide up to $17 million in working capital and a Conversion Agreement regarding approximately $11.1 million in existing indebtedness. Under the Conversion Agreement, if the company fails to complete a required $70 million equity financing by July 1, 2026, the $11.1 million debt will automatically convert into common shares at fair market value. The reporting persons currently hold 5,302,477 common shares and 8,469,642 private warrants, representing a 39.09% stake based on 21,463,306 shares outstanding. The potential shares from the debt conversion are not yet included in this percentage as the conversion price is not yet determined. The filing underscores Oxus Capital's ongoing financial support and potential for increased equity ownership in the issuer.