Ontario-based Borealis Foods, a food tech company focused on vegan ramen products, announces today that it will commence trading on the Nasdaq under the ticker “BRLS” on February 8, 2024, following the closing of its previously announced business combination (“the Business Combination”) with Oxus Acquisition Corp. (“Oxus”).
“The category is ripe for disruption”
Borealis explains its focus on ramen products, stating that the noodles are enjoyed by over 5 billion people in a $40B global market, making it the most widely consumed packaged food on the market. “It is shelf-stable, convenient and offers one of the highest turnover for retailers. The category is ripe for disruption in a market limited by product differentiation, low retail profit margins, lackluster new product development and poor consumer perception,” says the Canadian brand.
Ramsay’s touch
Borealis’ ramen products attracted the attention of Chef Gordon Ramsay as a shareholder, advisor and brand ambassador last summer, with the celebrity chef stating at the time his enthusiasm for the products which cater to the issues around affordable vegan foods amid the cost-of-living crisis.
“I’ve already got some big ideas”
“With the current cost-of-living crisis on everyone’s minds and rising food prices being a world-wide problem, now more than ever, households across America face the very real issue of food insecurity,” stated Ramsay at the time.
“In conversation with Reza, I discovered we share a similar vision on how important it is to make nutritious and delicious options that are readily available, and more importantly, affordable. I’ve already got some big ideas, and I’m really looking forward to collaborating with the Borealis Foods team on their Chef Woo products in the coming months,” he added.
Let them eat noodles
Borealis says it is committed to tackling the pressing needs of consumers and addressing global food security by crafting food products that are not only highly nutritious and functional but also distinctly flavorful, cost-effective, and eco-friendly. The company has notably broadened its retail distribution, reaching over 21,000 locations across the United States, Canada, Mexico, and Europe, underscoring its dedication to making nutritionally superior foods widely accessible. Through its food production arm, Borealis is extending its offerings to include educational institutions, correctional facilities, and military food services.
The company’s products, including the popular Chef Woo Ramen and Ramen Express brands, are organic, vegan, vegetarian, Halal, Kosher, plant-based, and free from eggs, dairy, GMOs, MSG, and TBHQ, The products are produced by Borealis’ subsidiary, Palmetto Gourmet Foods, use recyclable packaging, and are available across key markets in the United States, Canada, Mexico, and Europe.
Vast opportunities in retail and food service
“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,” said Reza Soltanzadeh, Chief Executive Officer of Borealis. “Our company was founded in 2019 to address and solve a growing global crisis. Millions of people lack access to nutritious food at an affordable price, even in our own country. Our innovative, proprietary research and food technology allows us to translate this into shelf-stable, sustainable food that can satisfy people’s needs but at an affordable cost. Our commitment to our mission is unwavering; at the same time, we are enthusiastic about our growth outlook, stemming from our unique product offering and vast opportunities in retail and food service.”
“Additionally, our extensive distribution footprint and strategic marketing strategy centered around our partnership with Gordon Ramsay position us well for growth. We are excited about this milestone and look forward to reporting on the Company’s continued development.”
The Company’s warrants will also commence trading on February 8, 2024 under the symbol “BRLSW.” Upon closing of the Business Combination, the Company continues to be led by Borealis’ CEO and Co-Founder Reza Soltanzadeh, and Chairman and Co-Founder Barthelemy Helg.
