Business
Borealis Foods Authorizes Stock Buyback Program
TORONTO, June 6, 2024 /PRNewswire/ - Borealis Foods Inc. ("Borealis" or the "Company") (Nasdaq: BRLS), a pioneering food tech company dedicated to crafting
About this update from Borealis Foods Inc.
[{"type":"text","content":"TORONTO, June 6, 2024 /PRNewswire/ - Borealis Foods Inc. (\"Borealis\" or the \"Company\") (Nasdaq: BRLS), a pioneering food tech company dedicated to crafting premium-quality, nutritious food solutions accessible to all, announced today that its Board of Directors has authorized a stock buyback program, effective immediately.\n\n \n \n \n \n \n \n\n \nUnder the program, the Company may purchase up to $3.0 million of its common shares from time to time, at management's discretion, in open market transactions made in accordance with the provisions of Rule 10b-18 under the Securities Exchange Act of 1934, as amended (the \"Securities Exchange Act\"), and other applicable legal, regulatory and contractual requirements. The repurchase of shares may be done through privately negotiated transactions, block trades, or pursuant to any trading plan that may be adopted in accordance with Rule 10b5-1 of the Securities Exchange Act.\nReza Soltanzadeh, CEO of Borealis Foods, noted, \"The management and Board of Directors strongly believe that the current valuation of our publicly traded shares does not accurately reflect the inherent strength and opportunity of our business. In the past five years since its inception, Borealis Foods has achieved remarkable milestones, including the development of valuable intellectual property, the establishment of a technologically advanced manufacturing facility, successful market introduction of two nationwide ramen brands, and diversification of revenue streams across various sales channels, all of which has positioned us well for the next phase of growth. We are confident that implementing the share buyback program as a strategic tool to manage our capital structure will deliver enhanced value to our shareholders.\"\nThe specific timing and amount of repurchases will be made at management's discretion at prices management considers to be attractive and in the best interest of both Borealis Foods and its shareholders, and will depend on a variety of factors, including the availability of stock, general market and economic conditions, trading volume, stock price, available liquidity, alternative uses for capital and other general business considerations, all subject to applicable legal, regulatory and contractual requirements.\nThe buyback program does not obligate Borealis Foods to purchase any particula...