Borealis Foods Inc. has received a letter from Frontwell Capital Partners Inc. regarding its existing Credit Agreement, initially dated August 10, 2023. Under this agreement, Frontwell Capital Partners provided Borealis Foods and its affiliates with term loans totaling $15 million and committed to revolving loans of up to $10 million, subject to certain conditions. The latest correspondence indicates that additional financial reserves have been imposed, potentially increasing the company's direct financial obligations. While the Credit Agreement remains in effect and has not been accelerated or terminated, the lender has stated it is under no obligation to honor further requests for revolving loans due to outstanding events of default. The lender also reserves all rights and remedies under the agreement and applicable law.

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