Oxus Acquisition in a proxy filing seeks shareholder approval to move its December completion deadline to June 8, 2024 as it works to finalize a proposed merger with Borealis Foods.
The $150 million deal was announced in February and had been expected to close in the fourth quarter.
If the extension is approved, the SPAC's sponsor would deposit 2.5 cents a share into trust for each month required, for a total of $292,420 if all six months are used.
Borealis is a food technology company that has developed a high quality, affordable, sustainable and highly nutritious range of plant-based, ready-to-eat meals, the company said.
Borealis has increased gross revenues from $14.3 million in 2021 to $27.5 million in 2022, representing a 92.7% year-over-year growth, according to a press release. In the three months ended March 31 its gross revenues were $8.7 million.
Oxus raised $152.25 million in a September 2021 ipo.