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Two SPAC IPOs on Nasdaq

Each vehicle is a volume of its own: what it raised, what became of it, the filings behind every line, and the team that took it public.

Oxus Acquisition Corp.

$172.5M

Nasdaq: OXUS. Raised at IPO in September 2021: 17,250,000 units at $10.00, with the over-allotment exercised in full.

Outcome: de-SPAC completed

Combined with Borealis Foods Inc. on 7 February 2024. Borealis trades on Nasdaq as BRLS.

Index of filings

  1. 2 Sep 2021Final prospectus: 15,000,000 units at $10.00424B4
  2. 8 Sep 2021IPO closed: $150M raised, $153M placed in trust8-K
  3. 13 Sep 2021Over-allotment closed: 2,250,000 more units, $172.5M in total, $175.95M in trust8-K
  4. 9 Dec 2022Oxus sponsor completes $20M of convertible note funding to Borealis13D
  5. 23 Feb 2023Business combination agreement signed with Borealis Foods8-K
  6. 2 Feb 2024Shareholders approve the business combination8-K
  7. 7 Feb 2024Business combination closed8-K
  8. 8 Feb 2024Borealis Foods begins trading on Nasdaq as BRLS8-K

Board and officers, 2021–2024

  • Kenges RakishevNon-executive Chairman and Director
  • Kanat MynzhanovChief Executive Officer and Director
  • Askar MametovChief Financial Officer
  • Christophe CharlierIndependent Director
  • Shiv Vikram KhemkaIndependent Director
  • Karim ZahmoulIndependent Director
Open the Oxus volume

Tavia Acquisition Corp.

$115M

Nasdaq: TAVI · TAVIR · TAVIU. Raised at IPO in December 2024: 11,500,000 units at $10.00, each with one right to 1/10 of a share. No warrants.

Since 1 October 2026: in partnership

A new sponsor team now leads TAVI toward its business combination. Tavia Sponsor remains a shareholder with 1,500,000 ordinary shares.

Index of filings

  1. 3 Dec 2024Final prospectus: 10,000,000 units priced at $10.00424B4
  2. 5 Dec 2024IPO closed: $100M raised, $100.5M placed in trust8-K
  3. 11 Dec 2024Over-allotment closed: 11,500,000 units, $115M in total, $115.575M in trust8-K
  4. 20 Dec 2024Shares (TAVI) and rights (TAVIR) begin separate tradingRelease
  5. 2 Jun 2026Shareholders extend the deadline to 5 March 2027; 7,167,225 shares redeemed, about $46.2M left in trust8-K
  6. 13 Jul 2026Non-binding letter of intent with Vita Inclinata Technologies announced8-K
  7. 29 Sep 2026Purchase and Sponsor Handover Agreement signed8-K
  8. 1 Oct 2026Handover closes; Tavia Sponsor retains 1,500,000 ordinary shares8-K

Team at IPO, December 2024

  • Kanat MynzhanovChairman and Chief Executive Officer
  • Askar MametovChief Financial Officer and Director
  • Christophe CharlierIndependent Director
  • Marsha KutkevitchIndependent Director
  • Darrell MaysIndependent Director
Open the TAVI volume

What the record brings to a combination

Founders choose a sponsor for what happens between signing and the first day of trading. This is what ours has already done.

Two Nasdaq listings

Oxus in 2021 and TAVI in 2024, each taken from formation through IPO and trading.

A completed de-SPAC

Oxus combined with Borealis Foods in February 2024. Borealis trades on Nasdaq as BRLS.

Financing before the deal closed

About $50 million of convertible notes for Borealis: $20 million from the Oxus sponsor in late 2022 and $30 million from investors it introduced, all converted into equity at closing. Sources:13D,closing 8-K,10-K.

A seat after closing

Kanat Mynzhanov joined the Borealis Foods board when the combination closed in February 2024.

How a SPAC works, step by step