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Borealis Foods makes Nasdaq debut as SPAC merger finalises


Borealis Foods, a ramen noodles maker in Canada, starts trading on the US Nasdaq exchange today (8 February) after completing a SPAC merger.

The Oakville, Ontario-based business’s link-up with special purpose acquisition company Oxus Acquisition Corp., registered in Kazakhstan and listed in New York, has been on the cards since early last year.

Co-founder and CEO Reza Soltanzadeh will remain in his role, along with fellow co-founder and chairman Barthelemy Helg. Kanat Mynzhanov, the CEO of Oxus, will join Borealis Foods’ board of directors.

The combined company will trade under the ticker symbol BRLSW.

Borealis Foods was set up in 2019 and manufactures plant-based instant noodles from a 475,000 square-foot US factory in Saluda, South Carolina, trading as Palmetto Gourmet Foods.

The self-proclaimed food-technology business attracted investment last year from UK celebrity chef and restaurateur Gordon Ramsay. The company produces the high-protein noodle brands Chef Woo and Ramen Express which are sold in the US, Canada, Mexico and Europe.

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Soltanzadeh, a doctor, had the idea to set up Borealis Foods with Helg while serving in India with humanitarian charity Médecins Sans Frontières, where he recognised the need to tackle malnutrition, especially among the poor.

“Borealis’ debut on the Nasdaq is an important step in our evolution as we pursue our mission of helping solve the problem of global food nutrition,” Soltanzadeh said in a statement announcing the listing.

“Our extensive distribution footprint and strategic marketing strategy centered around our partnership with Gordon Ramsay position us well for growth.”

Speaking to Just Food last October, Soltanzadeh said Borealis Foods’ noodle brands were supplied into 20,000 retail stores in the US, Canada and Mexico, and today announced the count now stands at more than 21,000, including in Europe.

He confirmed last year that the company also had distributors in Germany, France, the UK, Austria, Switzerland and Poland, with plans to expand into northern Europe and the Nordic countries. Soltanzadeh said then that nutritional snacks were also in the pipeline.

Just Food has asked Borealis Foods’ for an update on the specific European markets and details of the new product launch.

Borealis Foods’ plant-based noodles fit the criteria of organic, vegan, vegetarian, Halal, Kosher and non-GMO. As well as retail, supply has been expanded to encompass, schools, “correctional” facilities and military food service.

Soltanzadeh said last year the company also hoped 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.


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