# EDGAR Filing Document

**Accession Number:** 0001852973
**File Stem:** 0001213900-25-078601
**Filing Date:** 2025-8
**Character Count:** 10711
**Document Hash:** fe7647934ebddb2d64d7024f27aa7e46
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-25-078601.hdr.sgml**: 20250819

**ACCESSION NUMBER**: 0001213900-25-078601

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 14

**CONFORMED PERIOD OF REPORT**: 20250819

**ITEM INFORMATION**: Entry into a Material Definitive Agreement

**ITEM INFORMATION**: Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant

**ITEM INFORMATION**: Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250819

**DATE AS OF CHANGE**: 20250819

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Borealis Foods Inc.
- **CENTRAL INDEX KEY:** 0001852973
- **STANDARD INDUSTRIAL CLASSIFICATION:** FOOD & KINDRED PRODUCTS [2000]
- **ORGANIZATION NAME:** 04 Manufacturing
- **EIN:** 000000000
- **STATE OF INCORPORATION:** E9
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-40778
- **FILM NUMBER:** 251233095

**BUSINESS ADDRESS:**
- **STREET 1:** 1540 CORNWALL RD. #104
- **CITY:** OAKVILLE
- **STATE:** A6
- **ZIP:** L6J 7W5
- **BUSINESS PHONE:** 1 905-278-2200

**MAIL ADDRESS:**
- **STREET 1:** 1540 CORNWALL RD. #104
- **CITY:** OAKVILLE
- **STATE:** A6
- **ZIP:** L6J 7W5

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Oxus Acquisition Corp.
- **DATE OF NAME CHANGE:** 20210323

?xml version='1.0' encoding='ASCII'?

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 8-K**

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d)**

**of the Securities Exchange Act of 1934**

**August 19, 2025** 

**Date of Report (date of earliest event reported)**

**BOREALIS FOODS INC.**

**(Exact name of registrant as specified in its charter)**

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| | | |
|:---|:---|:---|
| **Ontario** | **001-40778** | **98-1638988** |
|  **(State or other jurisdiction of <br> incorporation or organization)** | <br> **(Commission File Number)** | <br> **(I.R.S. Employer**<br>**Identification Number)** |

---

**1540 Cornwall Rd., Suite 104**

**Oakville, ON L6J 7W5**

**(Address of principal executive offices and zip code)**

**(905) 278-2200**

**(Registrant's telephone number, including area code)**

**Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:**

**☐** **Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)**

**☐** **Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)**

**☐** **Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))**

**☐** **Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))**

---

| | | |
|:---|:---|:---|
| **Securities registered pursuant to Section 12(b) of the Act:** | **Securities registered pursuant to Section 12(b) of the Act:** | **Securities registered pursuant to Section 12(b) of the Act:** |
| **Title of each class** | **Trading Symbol** | **Name of each exchange on which registered** |
| **Common Shares** | **BRLS** | **Nasdaq Capital Market** |
| **Warrants** | **BRLSW** | **Nasdaq Capital Market** |

---

**Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 12b-2 of the Exchange Act.**

**Emerging growth company ☒**

**If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐**

**Item 1.01 Enty into a Material Definitive Agreement.**

On August 15, 2025, Borealis Foods Inc. (the "Company") and its wholly owned subsidiary Palmetto Gourmet Foods, Inc., issued promissory notes to the Company's Chairman of the Company's Board of Directors (the "Chairman") in the aggregate principal amount of $980,000 (the "Promissory Notes"). The Promissory Notes bears interest at a rate of 10% per annum and are due on demand. The notes may be prepaid at any time, in full or in part without penalty. The Promissory Notes were granted in connection with the Chairman advancing an aggregate amount of $980,000 in funds to the Company between June 5, 2025 and August 14, 2025.

The foregoing description of the Promissory Notes do not purport to be complete and are qualified in their entirety by the terms and conditions of the Promissory Notes, filed as Exhibit 10.1 hereto and incorporated by reference herein.

**Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.** 

The information called for by this item is contained in Item 1.01, which is incorporated herein by reference.

**Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.**

The Company's CEO salary was accrued and not paid from February 1, 2025 through the end of the second quarter. The Company recorded $125,000 in accrued payroll expense in Q2 to reflect compensation for services performed.

**Item 9.01 Financial Statements and Exhibits**

(d): The following exhibits are being filed herewith:

<u>Exhibit No.</u> <u>Description</u> <br> 10.1 [Form of Promissory Notes, dated as of August 19, 2025.](ea025374901ex10-1_borealis.htm) <br> 104 Cover Page Interactive Data File (embedded within the Inline XBRL document)

**SIGNATURE**

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned.

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| | | |
|:---|:---|:---|
|  | **BOREALIS FOODS INC.** | **BOREALIS FOODS INC.** |
| Date: August 19, 2025 | By | /s/ Pouneh Rahimi |
|  |  | Pouneh Rahimi |
|  |  | Chief Legal Officer |

---

## Exhibit 10.1

**Exhibit 10.1**

<u>**PROMISSORY NOTE**</u>

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| | |
|:---|:---|
| $<u> </u>USD | [DATE] |

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FOR VALUE RECEIVED, **[Borealis Foods Inc/Palmetto Gourmet Foods, Inc.], [an Ontario Corporation/a South Carolina corporation]** (the "Borrower"), promises to pay to [LENDER NAME], an individual residing at<u> </u> (the "Lender"), the principal sum of

<u> </u> **U.S. DOLLARS**

The designation of "Lender" or "Borrower" as used herein shall include singular, plural, masculine, feminine or neutral as required by the context.

**1.** **Promise to Pay.** The Borrower promises to pay to the
order of the Lender by check or wire transfer, the sum of <u> </u> U.S.
Dollars ($<u> </u>) (the "Principal").

**2.** **Interest.** The Principal shall bear simple interest at the rate of ten percent
(10%) per annum, calculated as of the date first written above.

Interest shall be calculated as of<u> </u>(the "Advance Date") at the rate of 1/360 of the annual rate of interest for each day that principal is outstanding (i.e., interest will accrue and be paid on the actual number of calendar days elapsed from the Advance Date based on a 360-day year).

**3.** **Demand.** The entire outstanding Principal and interest shall be fully due
and payable in U.S. Dollars, at the address set forth above, or at such other place as the Lender may designate in writing, ON DEMAND.

**4.** **Prepayment.** Borrower shall have the option to prepay this Promissory Note,
in full or in part, at any time without penalty.

**5.** **Status of Lender.** In the event that the Borrower ceases to be a shareholder,
officer or director of the Borrower for any reason, or the Borrower seeks relief under applicable bankruptcy laws, or suffers an involuntary
petition in bankruptcy or receivership not vacated within thirty (30) days, the entire balance of this Promissory Note shall be immediately
due and payable to the Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.** **Default.** Unless otherwise agreed to by the Lender, failure of Borrower to
pay any sum when due and payable hereunder or failure to perform any covenant hereunder shall constitute an event of default ("Default").
In the event of a Default hereunder, the Margin of the interest rate set forth above shall be increased to fifteen percent (15%) per annum,
beginning on the date of such Default and continuing until the Default is cured in full. Furthermore, the Borrower agrees that in the
event of a Default, the whole amount evidenced by this Promissory Note shall, at the option of the Lender, become immediately due and
the Lender shall have the right to institute any proceedings on this Promissory Note for the purpose of collecting the Principal and Interest
with the costs and expenses of protecting any security connected herewith.

**7.** **Notices.** All notices and communications to Borrower in connection with this
Promissory Note shall be to the address first set forth above.

**8.** **Enforcement.** The Borrower shall pay all costs and expenses, including legal
expenses and reasonable attorney's fees incurred by Lender in connection with the enforcement of Borrower's obligations under this
Promissory Note. No delay or omission on the part of the Lender in exercising any right hereunder shall operate as a waiver of such right
or of any other right hereunder, and no single or partial exercise of any right hereunder shall preclude other or future exercise thereof.

**9.** **Waiver.** Demand, presentment, protest, or other requirements of notice or
acts of diligence are waived by all parties hereto.

**10.** **No Assignment; Successors.** No rights or obligations of Borrower or Lender
hereunder may be assigned or otherwise transferred without the prior written consent of Borrower. This Promissory Note shall be binding
upon Borrower's assigns and other successors, and shall inure to the benefit of Lender's permitted assigns and other successors.

**11.** **Governing Law**. This Promissory Note shall be governed by and construed in
accordance with the laws of the **[Province of Ontario/State of South Carolina],** without regard to conflict or choice of law principles.

**IN WITNESS WHEREOF,** this Promissory Note is effective as of this<u> </u> day of<u> </u>, 2025.

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| | |
|:---|:---|
| **[BOREALIS FOODS INC./PALMETTO GOURMET FOODS, INC.]** | **[BOREALIS FOODS INC./PALMETTO GOURMET FOODS, INC.]** |
| Per: | Reza Soltanzadeh |
| Its: | President |
| **Accepted and Agreed:** | **Accepted and Agreed:** |
| **[LENDER NAME]** | **[LENDER NAME]** |

---