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Oxus Acquisition Corp.

Nasdaq: OXUS · 2021–2024

Outcome: de-SPAC completed

$172.5M

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

Key terms

Mandate at IPO
Energy transition technologies (battery materials, energy storage, EV infrastructure, recycling) in emerging and frontier markets
Units
17,250,000 at $10.00, including the full over-allotment
Each unit
One Class A ordinary share and one warrant
Each warrant
One share at $11.50
Placed in trust at IPO
$175,950,000 ($10.20 per unit)
Initial completion period at IPO
18 months; later extended by shareholders before the combination closed
Sponsor
Oxus Capital Pte. Ltd.
Book-running managers
EarlyBirdCapital, Inc. and Sova Capital Limited
Exchange
Nasdaq
Outcome
Combined with Borealis Foods (Nasdaq: 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
Final prospectus on sec.govAll filings on sec.gov

7 February 2024

The combination with Borealis Foods

Oxus signed a business combination agreement with Borealis Foods Inc. on 23 February 2023. Shareholders approved it on 2 February 2024, and the transaction closed on 7 February 2024.

Borealis began trading on Nasdaq as BRLS the next day, and Kanat Mynzhanov joined its board at closing.

Read the closing 8-K on sec.gov

Financing

About $50 million of convertible notes for Borealis

Borealis raised its financing before closing, in convertible notes rather than through a PIPE at closing. The Oxus sponsor, Oxus Capital, funded the first $20 million in late 2022, before the business combination agreement was signed. Investors introduced by Oxus and its sponsor followed with $30 million. All of it converted into Borealis shares when the combination closed, so none of it was new cash on closing day.

Board and officers, 2021–2024

This roster records the officers and directors of Oxus from its IPO to the combination with Borealis Foods.

  • 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