Borealis Foods Inc.

1 Item 1.A. Risk Factors 8 Item 1.B. Unresolved Staff Comments 30 Item 1.C. Cybersecurity 30 Item 2. Properties 31 Item 3. Legal Proceedings 31 Item 4. Mine Safety Disclosure 31 PART II Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 32 Item 6. Reserved 32 Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations 32 Item 7.A. Quantitative and Qualitative Disclosures About Market Risk 42 Item 8. Financial Statements and Supplementary Data 42 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 42 Item 9.A. Controls and Procedures 43 Item 9.B. Other Information 45 Item 9.C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 45 PART III Item 10. Directors, Executive Officers, and Corporate Governance 46 Item 11. Executive Compensation 50 Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 53 Item 13. Certain Relationships and Related Transactions and Director Independence 55 Item 14.