Borealis Foods Inc. 10-K

ITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES Our equity securities trade on the Nasdaq. Each of our units consists of one Class A ordinary share and one warrant and, commencing on September 3, 2021, trades on the Nasdaq under the symbol “OXUSU.” The Class A ordinary shares and warrants underlying our units began trading separately on the Nasdaq under the symbols “OXUS” and “OXUSW,” respectively, on October 6, 2021. Holders of Record On March 24, 2023, there were one holder of record of our units and three holders of record of our Class A ordinary shares and five holders of record of our warrants. Such numbers do not include beneficial owners holding our securities through nominee names. Dividends We have not paid any cash dividends on our ordinary shares to date and do not intend to pay cash dividends prior to the completion of our initial Business Combination. The payment of cash dividends in the future will be dependent upon our revenues and earnings, if any, capital requirements and general financial condition subsequent to completion of our initial Business Combination. The payment of any cash dividends subsequent to our initial Business Combination will be within the discretion of our board of directors at such time. In addition, our board of directors is not currently contemplating and does not anticipate declaring any share dividends in the foreseeable future. Further, if we incur any indebtedness in connection with our initial Business Combination, our ability to declare dividends may be limited by restrictive covenants we may agree to in connection therewith. Use of Proceeds from our Initial Public Offering On September 8, 2021, the Company consummated the Initial Public Offering of 15,000,000 units at $10.00 per unit and the sale of 8,400,000 private warrants at a price of $1.00 per private warrant in a private placement to the Company’s sponsor and its underwriters that closed simultaneously with the closing of the Initial Public Offering. On September 13, 2021, the underwriters exercised their over-allotment option in full, according to which the Company consummated the sale of an additional 2,250,000 units, at $10.00 per unit, and the sale of an additional 900,000 private warrants, at $1.00 per private warrant, generating total gross proceeds of $23.40 million. A total of $175,950,000 of the net proceeds from the Initial Public Offering (including the additional units) and the sale of private placement warrants and additional private placement warrants was deposited in a trust account with Continental Stock Transfer & Company as trustee, established for the benefit of the Company’s public shareholders. Transaction costs amounted to $3.70 million consisting of $3.00 million in cash of underwriting fees and $0.70 million of other offering costs. In connection with the shareholder vote to approve the Extension Amendment in the Extraordinary General Meeting on March 2, 2023, the holders of 15,300,532 Class A ordinary shares property exercised their right to redeem their shares for cash at a redemption price of approximately $10.41 per share, for an aggregate redemption amount of approximately $159.34 million, leaving approximately $20.3 million in the trust account. For a description of the use of the proceeds generated in our Initial Public Offering, see Part II, Item 7 of this Annual Report. 38 ITEM 6. [RESERVED]