The newly created Oxus Acquisition Corp is a next step for Kenes Rakishev to acquire companies specialized in the red-hot area of energy transition, batteries and EV’s. Kenes Rakishev, who is heavily involved in the modern tech investment scene rolls out his strategy to acquire more assets.

Oxus Acquisition Corp, created by Kazakh businessman Kenes Rakishev, wants to raise $ 150 million to acquire a company specializing in technologies in the field of «energy transfer». The prospectus of the IPO of Oxus Acquisition, which plans to get a listing on NASDAQ, was published on the website of the US Securities and Exchange Commission on Tuesday, Interfax-Kazakhstan reports.

The underwriters are EarlyBirdCapital and Sova Capital, KenesRakishev.press informs. Kenes Rakishev, through Oxus Capital PTE, owns 94% of the newly created company, it is planned that after the IPO he will have 19.3%. The independent directors of Oxus have small stakes – Shiva Vikram Khemka from the Indian Sun Group, Christophe Charlier, known in Russia for his work in the Onexim Group and Renaissance Capital, and Sergey Ivashkovsky (the founder of Eurasia Investment Partners, who previously worked at Trust Bank, Rusnano, Gazprombank, Prosperity Capital and East Capital). In parallel with the market placement, the founder of Oxus will contribute personal funds to the company within the framework of private placement (this is the standard scheme for transactions of SPAC companies).

Kenes Rakishev will acquire Oxus warrants for $ 6.15 million, both underwriters will invest $ 375 thousand each. The funds raised will be placed in a special trust account with Goldman Sachs to finance a future transaction. Oxus intends to look for objects for acquisition in such segments as energy storage, battery materials, infrastructure for electric vehicles, and names the CIS, Southeast Asia, the Middle East and North Africa as priority regions. Kenes Rakishev’s holding Fincraft owns Battery Metals Technologies Ltd., which plans to produce metals for electric car batteries, and it also has investments in a number of startups in the field of energy technologies.

Source: Talk-Finance

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London, Brussels (27/04 – 33)

Kazakh entrepreneur and philanthropist Kenes Rakishev’s acquired company, Oxus Acquisition Corp. and Borealis Foods Inc. announced the signing of a definitive business combination agreement in February this year. This alliance is expected to result in a newly combined company under the name Borealis Foods Inc. Upon the signing, the company will continue to be led by Borealis’ CEO and co-founder Reza Soltanzadeh, and chairman and co-Founder Barthelemy Helg. The boards of directors of Borealis and Oxus have each unanimously approved the proposed $150 million transaction.

Borealis is a food technology company that has created ramen meals that are organic, vegan, vegetarian, Halal, Kosher, plant-based, egg and dairy free, non-GMO, MSG free, and TBHQ free. These food items are manufactured with recyclable packaging. The company’s subsidiary Palmetto Gourmet Foods, Inc. has an annual capacity to produce 600 million ready-to-eat ramen meals, sold in the US, Canada and soon Europe. The ramen category represents an estimated $40 billion market.

“We are thrilled about the next stage of Borealis and our alignment with Oxus on our shared vision of making healthy and sustainable food accessible to all. By combining with Oxus, we can fully realize our mission of developing food technology solutions to address global food challenges. This new company represents a significant step forward for us,” said Reza Soltanzadeh, CEO of Borealis.

In turn, Kanat Mynzhanov, CEO of Oxus said that his team has been working hard to find an optimal partner to join us in this quest. “We have evaluated many potential candidates and we believe that we have found an excellent partner in Borealis, as a leading platform in food tech, and Palmetto as their first successful application of such innovation on a commercial scale. We believe Borealis is uniquely positioned to revolutionize the global basic food industry,” he stated.

Oxus Acquisition Corp. is acquired by young businessman Kenes Rakishev. In September 2021, the company completed an initial public offering (IPO) on NASDAQ. Oxus is a SPAC (Special Purpose Acquisition Company) designed to raise capital through IPO for the purpose of acquiring or merging with an existing company.

The company had earlier announced its intention to pursue an initial business combination with any target business linked with energy transition technologies. With the help of the IPO, Oxus raised $172.5 million. The company had planned to find a target company and close a deal before March 8, 2023. However, Oxus shareholders have agreed to reschedule the deadline to December 8, 2023.

The deal with Borealis is expected to be closed in the third quarter of 2023.

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