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Borealis Foods Inc. (NASDAQ:BRLS) and its subsidiary Palmetto Gourmet Foods, Inc. issued promissory notes totaling $980,000 to the company’s chairman, according to a statement filed with the Securities and Exchange Commission.
The promissory notes, dated August 15, 2025, carry an annual interest rate of 10% and are payable on demand. Borealis Foods stated that the notes may be prepaid at any time, in full or in part, without penalty. The notes were issued in connection with the chairman advancing $980,000 to the company between June 5, 2025 and August 14, 2025.
The company also reported that its CEO’s salary was accrued but not paid from February 1, 2025 through the end of the second quarter. As a result, Borealis Foods recorded $125,000 in accrued payroll expense for the second quarter to reflect compensation for services performed.
Borealis Foods’ common shares and warrants are listed on the Nasdaq Capital Market under the symbols BRLS and BRLSW, respectively.
All information is based on a press release statement and the company’s SEC filing submitted Tuesday.
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