On February 23, 2023, Borealis Foods Inc., a leader in food technology, signed a business combination agreement with Oxus Acquisition Corp., a Nasdaq-listed special purpose acquisition company. This agreement, approved by both companies' boards, is set to transform Borealis and Oxus into a new entity, still named Borealis Foods Inc., valued at $150 million equity. Borealis, known for its innovative plant-based, ready-to-eat meals, including the world's first mass-produced plant-based ramen with 20 grams of protein per serving, aims to address global food challenges with sustainable, nutritious options. The products, catering to diverse dietary needs, are sold in the US and Canada, with plans for European expansion.

The merger, expected to close in the third quarter of 2023 pending Oxus shareholder approval, will be led by Borealis’ CEO Reza Soltanzadeh and Chairman Barthelemy Helg. The new company's board will have seven directors, five independent, in compliance with NASDAQ rules. Financial aspects include Oxus Capital PTE. Ltd.'s $20 million convertible note investment in Borealis in December 2022 and an additional $20 million from a third-party investor, expected in April 2023. This transaction marks a significant step for Borealis in its mission to revolutionize the global food industry with environmentally sustainable technologies.