Borealis Foods, a Canadian ramen noodles maker, is set for its US trading debut on the Nasdaq after concluding a SPAC merger with the special purpose acquisition company Oxus Acquisition Corp. The company’s co-founder and CEO Reza Soltanzadeh is due to remain in his role, while Kanat Mynzhanov, the CEO of Oxus, will join Borealis Foods’ board of directors. The merged entity will be trading under the ticker symbol BRLSW.
Founded in 2019, Borealis Foods manufactures plant-based instant noodles from a 475,000 square-foot US factory in Saluda, South Carolina, trading as Palmetto Gourmet Foods. The company attracted investment from celebrity chef Gordon Ramsay and produces high-protein noodle brands Chef Woo and Ramen Express, available in the US, Canada, Mexico, and Europe.
Borealis Foods’ expansion plans and trade debut are a significant milestone. CEO Soltanzadeh, a doctor, initiated the company’s inception while serving in India with the humanitarian charity Médecins Sans Frontières. The company’s mission is to help solve the global food nutrition problem. “Our extensive distribution footprint and strategic marketing strategy centered around our partnership with Gordon Ramsay position us well for growth,” Soltanzadeh stated.
In an interview last year, Soltanzadeh mentioned that Borealis Foods’ noodle brands were supplied into 20,000 retail stores in the US, Canada, and Mexico, with plans to expand into Northern Europe and the Nordic countries. “By today, we further expanded to more than 21,000 retail stores, including those in Europe,” he confirmed. The company’s plant-based noodles are organic, vegan, vegetarian, Halal, Kosher, and non-GMO, and supply encompasses not only retail but also schools, correctional facilities, and military food service.
The debut of Borealis Foods on the Nasdaq represents the company’s commitment to providing innovative, global, and sustainable food solutions. The company also aspires to supply disaster-relief agencies such as the UN’s World Food Programme, the NGO Feeding America, and US government body, the Federal Emergency Management Agency. The company’s goals align with emerging food and beverage industry trends and consumers’ increased focus on health and sustainability.
