UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
(Amendment No. 2)
For the fiscal year ended
OR
For the transition period from to
(Exact name of registrant as specified in its charter)
| (State or other jurisdiction of | (Commission File Number) | (I.R.S. Employer |
| (Address of principal executive offices) | (Zip Code) |
Registrant’s telephone number, including
area code:
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class: | Trading Symbol(s): | Name of each exchange on which registered: | ||
Indicate by check mark if the registrant is a
well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☐
Indicate by check mark if the registrant is not
required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes ☐
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter
period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Indicate by check mark whether the registrant has submitted electronically
every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the
preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
| Large accelerated filer | ☐ | Accelerated filer | ☐ |
| ☒ | Smaller reporting company | ||
| 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.
Indicate by check mark whether the registrant has filed a report on
and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section
404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.
If securities are registered pursuant to Section 12(b) of the Act,
indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to
previously issued financial statements.
Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐
Indicate by check mark whether the registrant
is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No
The aggregate market value of the Common Shares outstanding, held by
non-affiliates of the registrant, based on the closing price of $5.91, reported on the Nasdaq Capital Market, for the Common Shares on
April 15, 2025, was approximately $
As of April 15, 2025,
EXPLANATORY NOTE
This Amendment No. 2 on Form 10-K/A (the “Amendment”) amends Borealis Foods Inc.’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024, originally filed with the U.S. Securities and Exchange Commission (the “SEC”) on April 15, 2025 (the “Original Form 10-K”), as amended on April 30, 2025 by Amendment No.1 (the “Amendment No. 1”). This Amendment is being filed for the purpose of amending the beneficial ownership table contained in Part III, Item 12 to revise the beneficial ownership information and footnotes for All directors and executive officers as a group and Oxus Capital PTE. LTD. that were inadvertently excluded or miscalculated due to an unintentional error. Accordingly, this Form10-K/A consists only of the facing page, this explanatory note, Item 12, Item 15, and signature pages to Form 10-K. Capitalized terms not otherwise defined in Part III of the Amendment shall have the same meanings assigned to those terms in Parts I and Part II of the Original Form 10-K.
As required by Rule 12b-15 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), new certifications by the Company’s principal executive officer and principal financial officer are filed herewith as exhibits to this Amendment pursuant to Rule 13a-14(a) or 15d-14(a) of the Exchange Act. As no financial statements have been included in this Amendment and this Amendment does not contain or amend any disclosure with respect to Items 307 and 308 of Regulation S-K, paragraphs 3, 4, and 5 of the certifications have been omitted. Additionally, because this Amendment does not include financial statements, the Company is not including certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
Except as set forth in this Amendment, this Amendment does not amend or otherwise update any other information in the Original Form 10-K or Amendment No. 1. Other than the information specifically amended and restated herein, this Amendment does not reflect events occurring after April 15, 2025, the date of the Amendment No. 1, or modify or update those disclosures that may have been affected by subsequent events. Accordingly, this Amendment should be read in conjunction with the Original Form 10-K and Amendment No. 1 and with our filings with the SEC after the Original Filing.
References to the “Company,” “Borealis,” “we,” or “our” in this Amendment refer to Borealis Foods Inc. and, as applicable, its wholly owned and consolidated subsidiaries.
Borealis Foods Inc.
TABLE OF CONTENTS
| PART III | |||
| Item 12. | Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters | 1 | |
| PART IV | |||
| Item 15 | Exhibits and Financial Statements Schedules | 3 | |
| Signatures | 5 | ||
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Part III
Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholders Matters.
The following table sets forth beneficial ownership of our common stock as of April 15, 2025 by:
| ● | each person who is the beneficial owner of more than 5% of the issued and outstanding Common Shares; and |
| ● | each of our named executive officers and directors. |
Beneficial ownership is determined according to the rules of the SEC, which generally provide that a person has beneficial ownership of a security if he, she, or it possesses sole or shared voting or investment power over that security, including options and warrants that are currently exercisable or exercisable within 60 days of April 15, 2025.
Our beneficial ownership is based on 21,378,890 Common Shares issued and outstanding as of April 15, 2025.
Unless otherwise indicated, we believe that all persons named in the table below have sole voting and investment power with respect to all Common Shares beneficially owned by them. To our knowledge, no Common Shares beneficially owned by any executive officer or director have been pledged as security.
The following table illustrates varying beneficial ownership levels in Borealis Foods with the percentage of outstanding shares based on Common Shares as of April 15, 2025:
| Name and Address of Beneficial Owner | Number of shares | % of Total Voting Power | ||||||
| Directors and Named Executive Officers of Borealis(1) | ||||||||
| Reza Soltanzadeh(2) | 3,660,452 | 17.121 | % | |||||
| Barthelemy Helg(3) | 3,205,556 | 14.994 | % | |||||
| Stephen Wegrzyn(4) | 33,046 | * | ||||||
| Pouneh Rahimi(5) | 192,368 | * | ||||||
| Matt Talle(6) | 214,665 | * | ||||||
| Henry Wong(7) | 14,334 | * | ||||||
| Kanat Mynzhanov(8) | 250,000 | * | ||||||
| Shiv Vikram Khemka(9) | 50,000 | * | ||||||
| Shukhrat Ibragimov(10) | 3,224,880 | 15.084 | % | |||||
| Steven Oyer(11) | 2,000 | * | ||||||
| Ertharin Cousin | — | — | ||||||
| All directors and executive officers as a group (11 individuals) | 10,847,301 | 50.738 | % | |||||
| Five or more Percent Holders | ||||||||
| Reza Soltanzadeh(2) | 3,660,452 | 17.121 | % | |||||
| Oxus Capital Pte.(12) | 13,772,119 | 46.140 | % | |||||
| Belphar Ltd.(13) | 2,848,955 | 13.326 | % | |||||
| Barthelemy Helg(3) | 3,205,556 | 14.994 | % | |||||
| * | Less than 1%. |
| (1) | Unless otherwise noted, the business address of each of the following entities or individuals is c/o Borealis Foods Inc., 1540 Cornwall Road, Suite 104, Oakville, Ontario L6J 7W5. |
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| (2) | Consists of (i) 3,532,505 Common Shares held by Zagros Alpine Capital ULC and (ii) 127,947 Common Shares held by Z Ventures Inc. Reza Soltanzadeh is the President of Zagros Alpine Capital ULC and Z Ventures Inc. and has sole voting and dispositive control over the shares held by Zagros Alpine Capital ULC and Z Ventures Inc. |
| (3) | Consists of 3,205,556 Common Shares. |
| (4) | Consists of 33,046 Common Shares. |
| (5) | Consists of 192,368 Common Shares held by Zagros Alpine Capital ULC. Ms. Rahimi does not have voting or dispositive control over the shares held by Zagros Alpine Capital ULC. |
| (6) | Consists of (i) 80,962 Common Shares and (ii) 133,703 Common Shares held by Zagros Alpine Capital ULC. Mr. Talle does not have voting or dispositive control over the shares held by Zagros Alpine Capital ULC. |
| (7) | Consists of 14,334 Common Shares. |
| (8) | Consists of 250,000 Common Shares. |
| (9) | Consists of 50,000 Common Shares. |
| (10) | Consists of (i) 2,848,955 Common Shares held by Belphar Ltd. and (ii) 375,925 Common Shares held by GSS Overseas LTD. Mr. Ibragimov is the sole shareholder of Belphar Ltd. and GSS Overseas LTD. and has sole voting and dispositive control over the shares of Belphar Ltd. and GSS Overseas LTD. |
| (11) | Consists of 2,000 Common Shares. |
| (12) | Consists of 5,302,477 Common Shares and 8,469,642 Common Shares underlying private placement warrants, which are exercisable to purchase a Common Share at $11.50 per share and held directly by Oxus Capital PTE. LTD. and indirectly by Mr. Kenges Rakishev, who is the controlling shareholder of Oxus Capital PTE. LTD. |
| (13) | Consists of 2,848,955 Common Shares. Mr. Ibragimov is the controlling shareholder. |
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Part IV
Item 15. Exhibits and Financial Statement Schedules.
The following documents are filed as part of this report:
| 1. | Financial Statements. The following consolidated financial statements and related documents are filed as part of this report: See Part II, Item 8 of the Original Form 10-K. |
| 2. | Financial Statement Schedules. Schedules are omitted because they are not required or applicable, or the required information is included in the Financial Statements or related notes. |
| 3. | Exhibits. The Exhibits listed in the accompanying Exhibit Index are filed or incorporated by reference as part of, or furnished with, this report. |
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| * | Previously filed. |
| + | Annexes, schedules, and exhibits to this Exhibit omitted pursuant to Item 601(b)(2) of Regulation S-K. The Registrant agrees to furnish supplementally a copy of any omitted schedule or exhibit to the SEC upon request. |
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SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized.
| Borealis Foods Inc. | ||
| Date: June 18, 2025 | By: | /s/ Stephen Wegrzyn |
| Stephen Wegrzyn | ||
| Chief Financial Office | ||
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