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  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>As filed with the Securities and Exchange Commission
  on September 3, 2024</B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Registration
  No. 333- </B></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
  
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  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>UNITED
  STATES</B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>SECURITIES
  AND EXCHANGE COMMISSION</B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Washington,
  D.C. 20549</B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>
  
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  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>FORM
  S-8</B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>REGISTRATION
  STATEMENT</B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>UNDER</B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>THE
  SECURITIES ACT OF 1933</B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>
  
  <!-- Field: Rule-Page --><DIV STYLE="margin-left: auto; margin-right: auto; width: 25%"><DIV STYLE="font-size: 1pt; border-top: Black 1.5pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Borealis
  Foods Inc.</B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(Exact
  name of registrant as specified in its charter)</B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>
  
  <!-- Field: Rule-Page --><DIV STYLE="margin-left: auto; margin-right: auto; width: 25%"><DIV STYLE="font-size: 1pt; border-top: Black 1.5pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>
  
  <TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
    <TR STYLE="vertical-align: top">
      <TD STYLE="border-bottom: Black 1.5pt solid; text-align: center; width: 49%"><B>Ontario, Canada</B></TD>
      <TD STYLE="padding-bottom: 1.5pt; text-align: center; width: 2%">&nbsp;</TD>
      <TD STYLE="border-bottom: Black 1.5pt solid; text-align: center; width: 49%"><B>98-1638988</B></TD></TR>
    <TR STYLE="vertical-align: top">
      <TD STYLE="text-align: center">(State or other jurisdiction of</TD>
      <TD STYLE="text-align: center">&nbsp;</TD>
      <TD STYLE="text-align: center">(I.R.S. Employer</TD></TR>
    <TR STYLE="vertical-align: top">
      <TD STYLE="text-align: center">incorporation or organization)</TD>
      <TD STYLE="text-align: center">&nbsp;</TD>
      <TD STYLE="text-align: center">Identification No.)</TD></TR>
    </TABLE>
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>1540
  Cornwall Rd. #104</B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Oakville,
  Ontario L6J7W5</B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Canada
  </B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Address,
  Including Zip Code, of Principal Executive Offices)</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Borealis
  Foods Inc. Equity Incentive Plan</B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Full
  title of the plan)</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Borealis
  Foods Inc.</B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>c/o
  American Incorporators Ltd. </B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>1013
  Centre Road, Suite 403-A</B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Wilmington,
  Delaware 19801 </B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(302)
  421-5750</B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Name,
  address, including zip code, and telephone number, including area code, of agent for service)</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>
  
  <!-- Field: Rule-Page --><DIV STYLE="margin-left: auto; margin-right: auto; width: 25%"><DIV STYLE="font-size: 1pt; border-top: Black 1.5pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>&nbsp;</I></B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Copies
  to:</I></B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>&nbsp;</I></B></FONT></P>
  
  <TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
    <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 32%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Pouneh
  Rahimi</B></FONT></P>
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Borealis
      Foods Inc.</B></FONT></P>
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Chief
      Legal Officer</B></FONT></P>
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>1540
      Cornwall Rd. #104</B></FONT></P>
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Oakville,
      Ontario L6J7W5</B></FONT></P>
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Canada
      </B></FONT></P>
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Tel:
  (905) 278-2200</B></FONT></P></TD>
      <TD STYLE="width: 2%">&nbsp;</TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 32%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Richard
      F. Langan, Jr.</B></FONT></P>
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Christopher
      Keefe</B></FONT></P>
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Nixon
      Peabody LLP</B></FONT></P>
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>55
      West 46<SUP>th</SUP> Street</B></FONT></P>
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>New
      York, New York 10036</B></FONT></P>
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Tel:
  (212) 940-3000</B></FONT></P></TD>
      <TD STYLE="width: 2%">&nbsp;</TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 32%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>James
      McClary</B></FONT></P>
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Steven
      Bodi</B></FONT></P>
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Bennett
      Jones LLP</B></FONT></P>
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>4500
      Bankers Hall East</B></FONT></P>
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>855
      2<SUP>nd</SUP> Street SW</B></FONT></P>
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Calgary,
      Alberta T2P4K7</B></FONT></P>
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Canada</B></FONT></P>
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Tel:
  (403) 298-3100</B></FONT></P></TD></TR>
    </TABLE>
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicate
  by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting
  company or an emerging growth company. See the definitions of &ldquo;large accelerated filer,&rdquo; &ldquo;accelerated filer,&rdquo;
  &ldquo;smaller reporting company,&rdquo; and &ldquo;emerging growth company&rdquo; in Rule 12b-2 of the Exchange Act.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
  
  <TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
    <TR STYLE="vertical-align: top">
      <TD STYLE="width: 25%">Large accelerated filer</TD>
      <TD STYLE="width: 25%">&#9744;</TD>
      <TD STYLE="width: 25%">Accelerated filer</TD>
      <TD STYLE="width: 25%">&#9744;</TD></TR>
    <TR STYLE="vertical-align: top">
      <TD>Non-accelerated filer</TD>
      <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9746;</FONT></TD>
      <TD>Smaller reporting company</TD>
      <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9746;</FONT></TD></TR>
    <TR STYLE="vertical-align: top">
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>Emerging growth company</TD>
      <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9746;</FONT></TD></TR>
    </TABLE>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>
  
  <!-- Field: Rule-Page --><DIV STYLE="margin-left: auto; margin-right: auto; width: 25%"><DIV STYLE="font-size: 1pt; border-top: Black 1.5pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
  an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
  with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act. &#9744;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
  
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  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
  
  
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      <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>PART
  I</B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>INFORMATION
  REQUIRED IN THE SECTION 10(a) PROSPECTUS</B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
  accordance with the instructional Note to Part I of Form S-8 as promulgated by the Securities and Exchange Commission (the &ldquo;Commission&rdquo;),
  the information specified by Part I of Form S-8 has been omitted from this registration statement on Form S-8 for offers of common shares
  (&ldquo;Common Shares&rdquo;) in the capital of Borealis Foods Inc. (the &ldquo;Registrant&rdquo; or &ldquo;Borealis&rdquo;), issued
  to qualified officers, employees and Consultants (as defined in the Plan), and non-employee directors, and that will be acquired, by
  grant of options, stock appreciation rights, performance share units, restricted share units, deferred share units, and dividend share
  units, pursuant to the Equity Incentive Plan dated effective February 7, 2024 (the &ldquo;Plan&rdquo;). The documents containing the
  information specified in Part I will be delivered to the participants in the Plan covered by this registration statement as required
  by Rule 428(b)(1) under the Securities Act of 1933, as amended (the &ldquo;Securities Act&rdquo;).</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>
  
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  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>PART
  II</B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>INFORMATION
  REQUIRED IN THE REGISTRATION STATEMENT</B></FONT></P>
  
  <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 0in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item
  3. Incorporation of Documents by Reference.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
  following documents filed by the Registrant with the Commission are hereby incorporated by reference in this registration statement:</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(A) The
  Registrant&rsquo;s Annual Report on <A HREF="http://www.sec.gov/Archives/edgar/data/1852973/000121390024032953/ea0202554-10k_borealis.htm">Form 10-K</A> for the year ended December 31, 2023, filed with the Commission on April 15, 2024;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(B) The
  Registrant&rsquo;s Quarterly Report on <A HREF="http://www.sec.gov/Archives/edgar/data/1852973/000121390024045327/ea0206441-10q_borealis.htm">Form 10-Q</A>, filed with the Commission on May 21, 2024;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(C) The
  Registrant&rsquo;s Quarterly Report on <A HREF="http://www.sec.gov/Archives/edgar/data/1852973/000162828024037185/brls-20240630.htm">Form 10-Q</A>, filed with the Commission on August 14, 2024; and</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(D) The
  Registrant&rsquo;s Current Report on <A HREF="http://www.sec.gov/Archives/edgar/data/1852973/000121390024032971/ea0203428-8ka1_borealis.htm">Form 8-K/A</A>, filed with the Commission on April 15, 2024, (excluding any portions thereof that are
  furnished and not filed, such as information furnished under Item 7.01 and any exhibits included with such Items).</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
  documents subsequently filed with the Commission by the Registrant pursuant to Sections 13(a), 13(c), 14 and 15(d) of the Securities
  Exchange Act of 1934, as amended (the &ldquo;Exchange Act&rdquo;), prior to the filing of a post-effective amendment to this registration
  statement which indicates that all securities offered hereby have been sold or which deregisters all securities then remaining unsold,
  shall be deemed to be incorporated by reference in this registration statement (in each case excluding any information furnished and
  not filed according to applicable rules, such as information furnished pursuant to Item 2.02 or Item 7.01 on any Current Report on Form
  8-K) and to be part hereof from the date of filing of such documents.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
  statement contained in a document incorporated or deemed to be incorporated by reference herein shall be deemed to be modified or superseded
  for the purposes of this registration statement to the extent that a statement contained herein or in any other subsequently filed document
  which also is or is deemed to be incorporated by reference herein modifies or supersedes such statement. Any statement so modified or
  superseded shall not be deemed, except as so modified or superseded, to constitute a part of this registration statement.</FONT></P>
  
  <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 0in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item
  4. Description of Securities.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>&nbsp;</I></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Share
  Capital</I></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
  authorized share capital of Borealis consists of an unlimited number of Common Shares and a limited number of preferred shares of Borealis
  (&ldquo;First Preferred Shares&rdquo;) issuable in series, to be limited in number to an amount equal to not more than 20% of the number
  of issued and outstanding Common Shares at the time of issuance of any First Preferred Shares.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>
  
  <!-- Field: Page; Sequence: 3; Options: NewSection; Value: 1 -->
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      <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>&nbsp;</I></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Share
  Terms &ndash; Common Shares </I></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Voting
  Rights</B>. Under the articles of amalgamation of Borealis (&ldquo;Articles&rdquo;), the holders of the Common Shares are entitled to
  receive notice of, and to attend and vote at all meetings of shareholders, except meetings at which only holders of a specified class
  or series of shares are entitled to vote. Each Common Share entitles its holder to one vote.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Dividend
  Rights</B>. Subject to the prior rights and privileges attached to any other class or series of shares of Borealis, the holders of outstanding
  Common Shares are entitled to receive dividends at such times and in such amounts and form as the Borealis board of directors (the &ldquo;Board&rdquo;)
  may in their discretion from time to time determine. Under the Business Corporations Act (<I>Ontario</I>) (&ldquo;OBCA&rdquo;), Borealis
  is permitted to pay dividends unless there are reasonable grounds for believing that: (i) Borealis is, or would after such payment be,
  unable to pay its liabilities as they become due; or (ii) the realizable value of Borealis&rsquo; assets would, as a result of such payment,
  be less than the aggregate of its liabilities and stated capital of all classes of shares. The timing, declaration, amount, and payment
  of any future dividends depends on Borealis&rsquo; financial condition, earnings, capital requirements and debt service obligations,
  as well as legal requirements, industry practice and other factors that the Board deems relevant.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Preemptive
  Rights</B>. There are no pre-emptive rights relating to the Common Shares.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Repurchase
  of Common Shares</B>. Under the OBCA, Borealis is entitled to purchase or otherwise acquire any of its issued shares, subject to restrictions
  under applicable securities laws and provided that Borealis is not permitted to make any payment to purchase or otherwise acquire any
  of its issued shares if there are reasonable grounds for believing that: (i) Borealis is, or would after such payment be, unable to pay
  its liabilities as they become due; or (ii) the realizable value of Borealis&rsquo; assets would, after such payment, be less than the
  aggregate of its liabilities and stated capital of all classes of shares.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Liquidation</B>.
  Subject to the prior rights and privileges attached to any other class or series of shares of Borealis, upon the voluntary or involuntary
  liquidation, dissolution or winding up of Borealis, or any other distribution of assets of Borealis among its shareholders for the purpose
  of winding up its affairs (such event referred to herein as a &ldquo;Distribution&rdquo;), each holder of Common Shares has the right
  to receive, in cash or other assets, for each Common Share held, from out of (but only to the extent of) the remaining property of Borealis
  available for distribution to shareholders of Borealis, its pro rata share of such remaining property based on the number of Common Shares
  held by such shareholder of Borealis, and ranks equally with all holders of Common Shares with respect to such Distribution.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>&nbsp;</I></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Share
  Terms &ndash; First Preferred Shares</I></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Issuance
  in Series</B>. Under the Articles, subject to the filing of Articles of Amendment under the provisions of the OBCA, the Board may issue
  First Preferred Shares at any time and from time to time in one or more series, limited in number to an amount equal to not more than
  20% of the number of issued and outstanding Common Shares at the time of issuance of any First Preferred Shares. Each series shall consist
  of such number of shares as may, before the issuance thereof, be determined by the Board. The Board may fix, before issuance, the designation,
  rights, privileges, restrictions, and conditions for each series of First Preferred Shares, including the amount, if any, payable preferentially
  to such series on a Distribution; the extent, if any, of further participation on a Distribution; voting rights, if any; and dividend
  rights (including whether such dividends be preferential, or cumulative or non-cumulative), if any.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Dividends</B>.
  Under the Articles, holders of each series of First Preferred Shares are entitled, in priority to holders of Common Shares and any other
  shares of Borealis ranking junior to the First Preferred Shares with respect to the payment of dividends, to be paid ratably with holders
  of each other series of First Preferred Shares, the amount of accumulated dividends, if any, specified as being payable preferentially
  to the holders of such series.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>
  
  <!-- Field: Page; Sequence: 4; Value: 1 -->
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      <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Liquidation</B>.
  Under the Articles, in the event of a Distribution, holders of each series of First Preferred Shares are entitled, in priority to holders
  of Common Shares and any other shares of Borealis ranking junior to First Preferred Shares from time to time with respect to payment
  on a Distribution, to be paid ratably with holders of each other series of First Preferred Shares the amount, if any, specified as being
  payable preferentially to the holders of such series on a Distribution.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
  issuance of First Preferred Shares and the terms thereof, as determined by the Board, may potentially result in a reduction of earnings
  and assets available for distribution to holders of the Common Shares. In addition, the rights and powers, including the voting rights,
  of the holders of Common Shares may be adversely affected without requiring any further vote or action by the holders of the Common Shares.
  The issuance of First Preferred Shares, or the issuance of rights to purchase them, could impede a third party from acquiring a majority
  of Borealis&rsquo; outstanding voting shares, thereby potentially delaying, deferring or preventing a change of control of Borealis or
  an unsolicited acquisition proposal, or making the removal of management more difficult. Additionally, the issuance of First Preferred
  Shares may have the effect of decreasing the market price of the Common Shares.</FONT></P>
  
  <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item
  5. Interests of Named Experts and Counsel.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
  applicable.</FONT></P>
  
  <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item
  6. Indemnification of Directors and Officers.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Borealis&rsquo;
  By-laws require it to indemnify directors or officers of Borealis, former directors or officers of Borealis or other individuals who
  act or acted at Borealis&rsquo; request as directors or officers, or other individuals acting in a similar capacity, of another entity,
  to the extent permitted by Section 136 of the OBCA.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
  Section 136 of the OBCA, Borealis may indemnify a current or former director or officer or another individual who acts or has acted at
  Borealis&rsquo; request as a director or officer, or an individual acting in a similar capacity, of another entity (collectively, &ldquo;Indemnified
  Persons&rdquo;), against all costs, charges and expenses, including an amount paid to settle an action or satisfy a judgment, reasonably
  incurred by any such Indemnified Person in respect of any civil, criminal, administrative, investigative or other proceeding in which
  the Indemnified Person is involved because of that association with Borealis or other entity, if (i) the Indemnified Person acted honestly
  and in good faith with a view to the best interests of Borealis or, as the case may be, to the best interests of the other entity for
  which the individual acted as a director or office or in a similar capacity at Borealis&rsquo; request (the &ldquo;Fiduciary Condition&rdquo;),
  and (ii) if the matter is a criminal or administrative action or proceeding that is enforced by a monetary penalty, the Indemnified Person
  had reasonable grounds for believing that such Indemnified Person&rsquo;s conduct was lawful (together with the Fiduciary Condition,
  the &ldquo;Discretionary Indemnification Conditions&rdquo;).</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notwithstanding
  the foregoing, the OBCA provides that an Indemnified Person is entitled to indemnity from Borealis in respect of all costs, charges and
  expenses reasonably incurred by the Indemnified Person in connection with the defense of any civil, criminal, administrative, investigative
  or other proceeding to which the Indemnified Person is subject because of such Indemnified Person&rsquo;s association with Borealis or
  other entity described above, if the Indemnified Person (i) was not judged by a court or competent authority to have committed any fault
  or omitted to do anything that the person ought to have done, and (ii) fulfills the Discretionary Indemnification Conditions.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject
  to the aforementioned prohibitions on indemnification, an indemnifiable person is entitled to indemnity from Borealis in respect of all
  costs, charges, and expenses reasonably incurred by such person in connection with the defense of any civil, criminal, administrative,
  investigative, or other proceeding to which the indemnifiable person is subject because of the indemnifiable person&rsquo;s association
  with Borealis or other entity as described above, if the person seeking indemnity: (i) was not judged by a court or competent authority
  to have committed any fault or omitted to do anything that the person ought to have done; and (ii) fulfills the Discretionary Indemnification
  Conditions.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>
  
  <!-- Field: Page; Sequence: 5; Value: 1 -->
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      <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
  OBCA also provides that Borealis may purchase and maintain insurance for the benefit of an Indemnified Person against any liability incurred
  by such Indemnified Person, in the Indemnified Person&rsquo;s capacity as a director or officer of Borealis or in the Indemnified Person&rsquo;s
  capacity as a director or officer, or a similar capacity, of another entity, if the Indemnified Person acts or has acted in that capacity
  at Borealis&rsquo; request.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Borealis
  has entered into customary indemnification agreements with its directors and executive officers.</FONT></P>
  
  <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item
  7. Exemption from Registration Claimed.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
  applicable.</FONT></P>
  
  <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item
  8. Exhibits.</FONT></P>
  
  <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: justify">&nbsp;</P>
  
  <TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
    <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
      <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 9%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B></B></FONT></P>
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Exhibit
      Number</B></FONT></P></TD>
      <TD STYLE="padding-bottom: 1.5pt; width: 1%">&nbsp;</TD>
      <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left; font: 10pt Times New Roman, Times, Serif; width: 90%; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Description</B></FONT></TD></TR>
    <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #CCEEFF">
      <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.1</FONT></TD>
      <TD>&nbsp;</TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1852973/000121390024045327/ea020644101ex3-3_borealis.htm">Articles of Amalgamation by Arrangement and Plan of Arrangement, dated February 7, 2024 (incorporated herein by reference to Exhibit 3.3 to Borealis Foods Inc.&rsquo;s Quarterly Report on Form 10-Q, filed with the SEC on May 21, 2024).</A></FONT></P></TD></TR>
    <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
      <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.2</FONT></TD>
      <TD>&nbsp;</TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1852973/000121390024045327/ea020644101ex3-1_borealis.htm">Articles of Continuance, dated February 6, 2024 (incorporated herein by reference to Exhibit 3.1 of Borealis Foods Inc.&rsquo;s Quarterly Report on Form 10-Q, filed with the SEC on May 21, 2024).</A></FONT></TD></TR>
    <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #CCEEFF">
      <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.3</FONT></TD>
      <TD>&nbsp;</TD>
      <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1852973/000121390024045327/ea020644101ex3-2_borealis.htm">By-Laws of Borealis Foods Inc. (incorporated herein by reference to Exhibit 3.2 of Borealis Foods Inc.&rsquo;s Quarterly Report on Form 10-Q, filed with the SEC on May 21, 2024).</A></FONT></TD></TR>
    <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
      <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.4</FONT></TD>
      <TD>&nbsp;</TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1852973/000121390024045327/ea020644101ex3-4_borealis.htm">Equity Incentive Plan (incorporated herein by reference to Exhibit 3.4 of Borealis Foods Inc.&rsquo;s Quarterly Report on Form 10-Q, filed with the SEC on May 21, 2024).</A></FONT></TD></TR>
    <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #CCEEFF">
      <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.4*</FONT></TD>
      <TD>&nbsp;</TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="ea021290601ex4-4_borealis.htm">Specimen Common Share Certificate of Borealis Foods Inc.</A></FONT></TD></TR>
    <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
      <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.1*</FONT></TD>
      <TD>&nbsp;</TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="ea021290601ex5-1_borealis.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Opinion
      of Bennett Jones LLP</FONT></A></TD></TR>
    <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #CCEEFF">
      <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23.1*</FONT></TD>
      <TD>&nbsp;</TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="ea021290601ex23-1_borealis.htm">Consent of Berkowitz Pollack Brant</A></FONT></TD></TR>
    <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
      <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23.2*</FONT></TD>
      <TD>&nbsp;</TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="ea021290601ex23-2_borealis.htm">Consent of Marcum LLP</A></FONT></TD></TR>
    <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #CCEEFF">
      <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23.3</FONT></TD>
      <TD>&nbsp;</TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="ea021290601ex5-1_borealis.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consent
      of Bennett Jones LLP (included in Exhibit 5.1 hereto)</FONT></A></TD></TR>
    <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
      <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">24.1*</FONT></TD>
      <TD>&nbsp;</TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#s_001">Power of Attorney (included on the signature page hereto)</A></FONT></TD></TR>
    <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #CCEEFF">
      <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">107*</FONT></TD>
      <TD>&nbsp;</TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="ea021290601ex-fee_borealis.htm">Filing Fee Table</A></FONT></TD></TR>
    </TABLE>
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
  <TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Filed
  herewith.</FONT></TD>
  </TR></TABLE>
  
  <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item
  9. Undertakings.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
  <TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
  undersigned registrant hereby undertakes:</FONT></TD>
  </TR></TABLE>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
  <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
                                              file, during any period in which offers or sales are being made, a post-effective amendment
                                              to this registration statement:</FONT></TD></TR></TABLE>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
  <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
                                              include any prospectus required by Section 10(a)(3) of the Securities Act;</FONT></TD></TR></TABLE>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
  <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
                                              reflect in the prospectus any facts or events arising after the effective date of the registration
                                              statement (or the most recent post-effective amendment thereof) which, individually or in
                                              the aggregate, represent a fundamental change in the information set forth in the registration
                                              statement. Notwithstanding the foregoing, any increase or decrease in volume of securities
                                              offered (if the total dollar value of securities offered would not exceed that which was
                                              registered) and any deviation from the low or high end of the estimated maximum offering
                                              range may be reflected in the form of prospectus filed with the Commission pursuant to Rule
                                              424(b) if, in the aggregate, the changes in volume and price represent no more than a 20%
                                              change in the maximum aggregate offering price set forth in the &ldquo;Calculation of Filing
                                              Fee Table&rdquo; in the effective registration statement; and</FONT></TD></TR></TABLE>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -0.5in">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -0.5in"></P>
  
  <!-- Field: Page; Sequence: 6; Value: 1 -->
      <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">II-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></P></DIV>
      <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
      <!-- Field: /Page -->
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
  <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
                                              include any material information with respect to the plan of distribution not previously
                                              disclosed in the registration statement or any material change to such information in the
                                              registration statement.</FONT></TD></TR></TABLE>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>&nbsp;</I></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Provided,
  however</I>, that paragraphs (a)(1)(i) and (a)(1)(ii) do not apply if the registration statement is on Form S-8 and the information required
  to be included in a post-effective amendment by those paragraphs is contained in reports filed with or furnished to the Commission by
  the registrant pursuant to Section 13 or Section 15(d) of the Exchange Act that are incorporated by reference in this registration statement.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
  <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">That,
                                              for the purpose of determining any liability under the Securities Act, each such post-effective
                                              amendment shall be deemed to be a new registration statement relating to the securities offered
                                              therein, and the offering of such securities at that time shall be deemed to be the initial
                                              <I>bona fide</I> offering thereof.</FONT></TD></TR></TABLE>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
  <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
                                              remove from registration by means of a post-effective amendment any of the securities being
                                              registered which remain unsold at the termination of the offering.</FONT></TD></TR></TABLE>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b) That,
  for purposes of determining any liability under the Securities Act, each filing of the registrant&rsquo;s annual report pursuant to Section
  13(a) or Section 15(d) of the Exchange Act (and, where applicable, each filing of an employee benefit plan&rsquo;s annual report pursuant
  to Section 15(d) of the Exchange Act) that is incorporated by reference in this registration statement shall be deemed to be a new registration
  statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial
  bona fide offering thereof.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c) Insofar
  as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and controlling persons of
  the registrant pursuant to the foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the Commission
  such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that
  a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director,
  officer or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such director,
  officer or controlling person in connection with the securities being registered, the registrant will, unless in the opinion of its counsel
  the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification
  by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><BR STYLE="clear: both"></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
  
  <!-- Field: Page; Sequence: 7; Value: 1 -->
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      <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
      <!-- Field: /Page -->
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><A NAME="s_001"></A>SIGNATURES</B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Pursuant to the requirements of the Securities
  Act of 1933, as amended, the Registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for
  filing on Form S-8 and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized
  in the City of Oakville, Ontario, Canada, on the 3rd&nbsp;day of September, 2024.</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>
  
  <TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
    <TR STYLE="vertical-align: top">
      <TD>&nbsp;</TD>
      <TD COLSPAN="2"><B>Borealis Foods Inc.</B></TD></TR>
    <TR STYLE="vertical-align: top">
      <TD STYLE="width: 60%">&nbsp;</TD>
      <TD STYLE="width: 4%">&nbsp;</TD>
      <TD STYLE="width: 36%">&nbsp;</TD></TR>
    <TR STYLE="vertical-align: top">
      <TD>&nbsp;</TD>
      <TD>By:</TD>
      <TD STYLE="border-bottom: Black 1.5pt solid">/s/ Pouneh Rahimi</TD></TR>
    <TR STYLE="vertical-align: top">
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD><P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Chief Legal Officer</P>
  
  
  </TD></TR>
    </TABLE>
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>POWER
  OF ATTORNEY</B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each
  person whose signature appears below constitutes and appoints each of Reza Soltanzadeh, Stephen Wegrzyn and Pouneh Rahimi, acting alone
  or together with another attorney-in-fact, as his or her true and lawful attorney-in-fact and agent, with full power of substitution
  and resubstitution, for such person and in his or her name, place and stead, in any and all capacities, to sign any or all further amendments
  (including post-effective amendments) to this registration statement (and any additional registration statement related hereto permitted
  by Rule 462(b) promulgated under the Securities Act (and all further amendments, including post-effective amendments, thereto)), and
  to file the same, with all exhibits thereto, and other documents in connection therewith, with the Securities and Exchange Commission,
  granting unto said attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and
  thing requisite and necessary to be done in and about the premises, as fully to all intents and purposes as he or she might or could
  do in person, hereby ratifying and confirming all that said attorney-in-fact and agent, or his or her substitute or substitutes, may
  lawfully do or cause to be done by virtue hereof.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
  to the requirements of the Securities Act of 1933, this registration statement has been signed by the following persons in the capacities
  and on the dates indicated.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
    <TR STYLE="vertical-align: top">
      <TD STYLE="border-bottom: black 1.5pt solid; width: 20%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Signature</B></FONT></TD>
      <TD STYLE="width: 2%; text-align: center">&nbsp;</TD>
      <TD STYLE="border-bottom: black 1.5pt solid; width: 56%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Title</B></FONT></TD>
      <TD STYLE="width: 2%; text-align: center">&nbsp;</TD>
      <TD STYLE="border-bottom: black 1.5pt solid; width: 20%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Date</B></FONT></TD></TR>
    <TR STYLE="vertical-align: top">
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD STYLE="text-align: center">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD STYLE="text-align: center">&nbsp;</TD></TR>
    <TR STYLE="vertical-align: top">
      <TD STYLE="border-bottom: black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Reza Soltanzadeh</FONT></TD>
      <TD>&nbsp;</TD>
      <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Executive Officer and Director</FONT></TD>
      <TD>&nbsp;</TD>
      <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">September 3, 2024</FONT></TD></TR>
    <TR STYLE="vertical-align: top">
      <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Reza Soltanzadeh</FONT></TD>
      <TD>&nbsp;</TD>
      <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>(Principal Executive Officer)</I></FONT></TD>
      <TD>&nbsp;</TD>
      <TD STYLE="text-align: center">&nbsp;</TD></TR>
    <TR STYLE="vertical-align: top">
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD STYLE="text-align: center">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD STYLE="text-align: center">&nbsp;</TD></TR>
    <TR STYLE="vertical-align: top">
      <TD STYLE="border-bottom: black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Stephen Wegrzyn</FONT></TD>
      <TD>&nbsp;</TD>
      <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Financial Officer</FONT></TD>
      <TD>&nbsp;</TD>
      <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">September 3, 2024</FONT></TD></TR>
    <TR STYLE="vertical-align: top">
      <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Stephen Wegrzyn</FONT></TD>
      <TD>&nbsp;</TD>
      <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>(Principal Financial Officer and Principal Accounting Officer)</I></FONT></TD>
      <TD>&nbsp;</TD>
      <TD STYLE="text-align: center">&nbsp;</TD></TR>
    <TR STYLE="vertical-align: top">
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD STYLE="text-align: center">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD STYLE="text-align: center">&nbsp;</TD></TR>
    <TR STYLE="vertical-align: top">
      <TD STYLE="border-bottom: black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Barthelemy Helg</FONT></TD>
      <TD>&nbsp;</TD>
      <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD>
      <TD>&nbsp;</TD>
      <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">September 3, 2024</FONT></TD></TR>
    <TR STYLE="vertical-align: top">
      <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Barthelemy Helg</FONT></TD>
      <TD>&nbsp;</TD>
      <TD STYLE="text-align: center">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD STYLE="text-align: center">&nbsp;</TD></TR>
    <TR STYLE="vertical-align: top">
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD STYLE="text-align: center">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD STYLE="text-align: center">&nbsp;</TD></TR>
    <TR STYLE="vertical-align: top">
      <TD STYLE="border-bottom: black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Kanat Mynzhanov</FONT></TD>
      <TD>&nbsp;</TD>
      <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD>
      <TD>&nbsp;</TD>
      <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">September 3, 2024</FONT></TD></TR>
    <TR STYLE="vertical-align: top">
      <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Kanat Mynzhanov</FONT></TD>
      <TD>&nbsp;</TD>
      <TD STYLE="text-align: center">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD STYLE="text-align: center">&nbsp;</TD></TR>
    <TR STYLE="vertical-align: top">
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD STYLE="text-align: center">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD STYLE="text-align: center">&nbsp;</TD></TR>
    <TR STYLE="vertical-align: top">
      <TD STYLE="border-bottom: black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Steven Oyer</FONT></TD>
      <TD>&nbsp;</TD>
      <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD>
      <TD>&nbsp;</TD>
      <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">September 3, 2024</FONT></TD></TR>
    <TR STYLE="vertical-align: top">
      <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Steven Oyer</FONT></TD>
      <TD>&nbsp;</TD>
      <TD STYLE="text-align: center">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD STYLE="text-align: center">&nbsp;</TD></TR>
    </TABLE>
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT>&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
  
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  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
  
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metadata_documents: [{"type": "S-8", "sequence": "1", "filename": "ea0212906-s8_borealis.htm", "description": "REGISTRATION STATEMENT", "secsgml_size_bytes": 82471}]
metadata_filer: {"company-data": {"conformed-name": "Borealis Foods Inc.", "cik": "0001852973", "assigned-sic": "2000", "organization-name": "04 Manufacturing", "irs-number": "000000000", "state-of-incorporation": "E9", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "S-8", "act": "33", "file-number": "333-281912", "film-number": "241275163"}, "business-address": {"street1": "1540 CORNWALL RD. #104", "city": "OAKVILLE", "state": "A6", "zip": "L6J 7W5", "phone": "1 905-278-2200"}, "mail-address": {"street1": "1540 CORNWALL RD. #104", "city": "OAKVILLE", "state": "A6", "zip": "L6J 7W5"}, "former-company": {"former-conformed-name": "Oxus Acquisition Corp.", "date-changed": "20210323"}}
text: As filed with the Securities and Exchange Commission
  on September 3, 2024
  Registration
  No. 333-
  UNITED
  STATES
  SECURITIES
  AND EXCHANGE COMMISSION
  Washington,
  D.C. 20549
  FORM
  S-8
  REGISTRATION
  STATEMENT
  UNDER
  THE
  SECURITIES ACT OF 1933
  Borealis
  Foods Inc.
  (Exact
  name of registrant as specified in its charter)
  Ontario, Canada
  98-1638988
  (State or other jurisdiction of
  (I.R.S. Employer
  incorporation or organization)
  Identification No.)
  1540
  Cornwall Rd. #104
  Oakville,
  Ontario L6J7W5
  Canada
  (Address,
  Including Zip Code, of Principal Executive Offices)
  Borealis
  Foods Inc. Equity Incentive Plan
  (Full
  title of the plan)
  Borealis
  Foods Inc.
  c/o
  American Incorporators Ltd.
  1013
  Centre Road, Suite 403-A
  Wilmington,
  Delaware 19801
  (302)
  421-5750
  (Name,
  address, including zip code, and telephone number, including area code, of agent for service)
  Copies
  to:
  Pouneh
  Rahimi
  Borealis
      Foods Inc.
  Chief
      Legal Officer
  1540
      Cornwall Rd. #104
  Oakville,
      Ontario L6J7W5
  Canada
  Tel:
  (905) 278-2200
  Richard
      F. Langan, Jr.
  Christopher
      Keefe
  Nixon
      Peabody LLP
  55
      West 46
  th
  Street
  New
      York, New York 10036
  Tel:
  (212) 940-3000
  James
      McClary
  Steven
      Bodi
  Bennett
      Jones LLP
  4500
      Bankers Hall East
  855
      2
  nd
  Street SW
  Calgary,
      Alberta T2P4K7
  Canada
  Tel:
  (403) 298-3100
  Indicate
  by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting
  company or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer,"
  "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.
  Large accelerated filer
  ☐
  Accelerated filer
  ☐
  Non-accelerated filer
  ☒
  Smaller reporting company
  ☒
  Emerging growth company
  ☒
  If
  an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
  with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act. ☐
  PART
  I
  INFORMATION
  REQUIRED IN THE SECTION 10(a) PROSPECTUS
  In
  accordance with the instructional Note to Part I of Form S-8 as promulgated by the Securities and Exchange Commission (the "Commission"),
  the information specified by Part I of Form S-8 has been omitted from this registration statement on Form S-8 for offers of common shares
  ("Common Shares") in the capital of Borealis Foods Inc. (the "Registrant" or "Borealis"), issued
  to qualified officers, employees and Consultants (as defined in the Plan), and non-employee directors, and that will be acquired, by
  grant of options, stock appreciation rights, performance share units, restricted share units, deferred share units, and dividend share
  units, pursuant to the Equity Incentive Plan dated effective February 7, 2024 (the "Plan"). The documents containing the
  information specified in Part I will be delivered to the participants in the Plan covered by this registration statement as required
  by Rule 428(b)(1) under the Securities Act of 1933, as amended (the "Securities Act").
  1
  PART
  II
  INFORMATION
  REQUIRED IN THE REGISTRATION STATEMENT
  Item
  3. Incorporation of Documents by Reference.
  The
  following documents filed by the Registrant with the Commission are hereby incorporated by reference in this registration statement:
  (A) The
  Registrant's Annual Report on
  Form 10-K
  for the year ended December 31, 2023, filed with the Commission on April 15, 2024;
  (B) The
  Registrant's Quarterly Report on
  Form 10-Q
  , filed with the Commission on May 21, 2024;
  (C) The
  Registrant's Quarterly Report on
  Form 10-Q
  , filed with the Commission on August 14, 2024; and
  (D) The
  Registrant's Current Report on
  Form 8-K/A
  , filed with the Commission on April 15, 2024, (excluding any portions thereof that are
  furnished and not filed, such as information furnished under Item 7.01 and any exhibits included with such Items).
  All
  documents subsequently filed with the Commission by the Registrant pursuant to Sections 13(a), 13(c), 14 and 15(d) of the Securities
  Exchange Act of 1934, as amended (the "Exchange Act"), prior to the filing of a post-effective amendment to this registration
  statement which indicates that all securities offered hereby have been sold or which deregisters all securities then remaining unsold,
  shall be deemed to be incorporated by reference in this registration statement (in each case excluding any information furnished and
  not filed according to applicable rules, such as information furnished pursuant to Item 2.02 or Item 7.01 on any Current Report on Form
  8-K) and to be part hereof from the date of filing of such documents.
  Any
  statement contained in a document incorporated or deemed to be incorporated by reference herein shall be deemed to be modified or superseded
  for the purposes of this registration statement to the extent that a statement contained herein or in any other subsequently filed document
  which also is or is deemed to be incorporated by reference herein modifies or supersedes such statement. Any statement so modified or
  superseded shall not be deemed, except as so modified or superseded, to constitute a part of this registration statement.
  Item
  4. Description of Securities.
  Share
  Capital
  The
  authorized share capital of Borealis consists of an unlimited number of Common Shares and a limited number of preferred shares of Borealis
  ("First Preferred Shares") issuable in series, to be limited in number to an amount equal to not more than 20% of the number
  of issued and outstanding Common Shares at the time of issuance of any First Preferred Shares.
  II-
  1
  Share
  Terms – Common Shares
  Voting
  Rights
  . Under the articles of amalgamation of Borealis ("Articles"), the holders of the Common Shares are entitled to
  receive notice of, and to attend and vote at all meetings of shareholders, except meetings at which only holders of a specified class
  or series of shares are entitled to vote. Each Common Share entitles its holder to one vote.
  Dividend
  Rights
  . Subject to the prior rights and privileges attached to any other class or series of shares of Borealis, the holders of outstanding
  Common Shares are entitled to receive dividends at such times and in such amounts and form as the Borealis board of directors (the "Board")
  may in their discretion from time to time determine. Under the Business Corporations Act (
  Ontario
  ) ("OBCA"), Borealis
  is permitted to pay dividends unless there are reasonable grounds for believing that: (i) Borealis is, or would after such payment be,
  unable to pay its liabilities as they become due; or (ii) the realizable value of Borealis' assets would, as a result of such payment,
  be less than the aggregate of its liabilities and stated capital of all classes of shares. The timing, declaration, amount, and payment
  of any future dividends depends on Borealis' financial condition, earnings, capital requirements and debt service obligations,
  as well as legal requirements, industry practice and other factors that the Board deems relevant.
  Preemptive
  Rights
  . There are no pre-emptive rights relating to the Common Shares.
  Repurchase
  of Common Shares
  . Under the OBCA, Borealis is entitled to purchase or otherwise acquire any of its issued shares, subject to restrictions
  under applicable securities laws and provided that Borealis is not permitted to make any payment to purchase or otherwise acquire any
  of its issued shares if there are reasonable grounds for believing that: (i) Borealis is, or would after such payment be, unable to pay
  its liabilities as they become due; or (ii) the realizable value of Borealis' assets would, after such payment, be less than the
  aggregate of its liabilities and stated capital of all classes of shares.
  Liquidation
  .
  Subject to the prior rights and privileges attached to any other class or series of shares of Borealis, upon the voluntary or involuntary
  liquidation, dissolution or winding up of Borealis, or any other distribution of assets of Borealis among its shareholders for the purpose
  of winding up its affairs (such event referred to herein as a "Distribution"), each holder of Common Shares has the right
  to receive, in cash or other assets, for each Common Share held, from out of (but only to the extent of) the remaining property of Borealis
  available for distribution to shareholders of Borealis, its pro rata share of such remaining property based on the number of Common Shares
  held by such shareholder of Borealis, and ranks equally with all holders of Common Shares with respect to such Distribution.
  Share
  Terms – First Preferred Shares
  Issuance
  in Series
  . Under the Articles, subject to the filing of Articles of Amendment under the provisions of the OBCA, the Board may issue
  First Preferred Shares at any time and from time to time in one or more series, limited in number to an amount equal to not more than
  20% of the number of issued and outstanding Common Shares at the time of issuance of any First Preferred Shares. Each series shall consist
  of such number of shares as may, before the issuance thereof, be determined by the Board. The Board may fix, before issuance, the designation,
  rights, privileges, restrictions, and conditions for each series of First Preferred Shares, including the amount, if any, payable preferentially
  to such series on a Distribution; the extent, if any, of further participation on a Distribution; voting rights, if any; and dividend
  rights (including whether such dividends be preferential, or cumulative or non-cumulative), if any.
  Dividends
  .
  Under the Articles, holders of each series of First Preferred Shares are entitled, in priority to holders of Common Shares and any other
  shares of Borealis ranking junior to the First Preferred Shares with respect to the payment of dividends, to be paid ratably with holders
  of each other series of First Preferred Shares, the amount of accumulated dividends, if any, specified as being payable preferentially
  to the holders of such series.
  II-
  2
  Liquidation
  .
  Under the Articles, in the event of a Distribution, holders of each series of First Preferred Shares are entitled, in priority to holders
  of Common Shares and any other shares of Borealis ranking junior to First Preferred Shares from time to time with respect to payment
  on a Distribution, to be paid ratably with holders of each other series of First Preferred Shares the amount, if any, specified as being
  payable preferentially to the holders of such series on a Distribution.
  The
  issuance of First Preferred Shares and the terms thereof, as determined by the Board, may potentially result in a reduction of earnings
  and assets available for distribution to holders of the Common Shares. In addition, the rights and powers, including the voting rights,
  of the holders of Common Shares may be adversely affected without requiring any further vote or action by the holders of the Common Shares.
  The issuance of First Preferred Shares, or the issuance of rights to purchase them, could impede a third party from acquiring a majority
  of Borealis' outstanding voting shares, thereby potentially delaying, deferring or preventing a change of control of Borealis or
  an unsolicited acquisition proposal, or making the removal of management more difficult. Additionally, the issuance of First Preferred
  Shares may have the effect of decreasing the market price of the Common Shares.
  Item
  5. Interests of Named Experts and Counsel.
  Not
  applicable.
  Item
  6. Indemnification of Directors and Officers.
  Borealis'
  By-laws require it to indemnify directors or officers of Borealis, former directors or officers of Borealis or other individuals who
  act or acted at Borealis' request as directors or officers, or other individuals acting in a similar capacity, of another entity,
  to the extent permitted by Section 136 of the OBCA.
  Under
  Section 136 of the OBCA, Borealis may indemnify a current or former director or officer or another individual who acts or has acted at
  Borealis' request as a director or officer, or an individual acting in a similar capacity, of another entity (collectively, "Indemnified
  Persons"), against all costs, charges and expenses, including an amount paid to settle an action or satisfy a judgment, reasonably
  incurred by any such Indemnified Person in respect of any civil, criminal, administrative, investigative or other proceeding in which
  the Indemnified Person is involved because of that association with Borealis or other entity, if (i) the Indemnified Person acted honestly
  and in good faith with a view to the best interests of Borealis or, as the case may be, to the best interests of the other entity for
  which the individual acted as a director or office or in a similar capacity at Borealis' request (the "Fiduciary Condition"),
  and (ii) if the matter is a criminal or administrative action or proceeding that is enforced by a monetary penalty, the Indemnified Person
  had reasonable grounds for believing that such Indemnified Person's conduct was lawful (together with the Fiduciary Condition,
  the "Discretionary Indemnification Conditions").
  Notwithstanding
  the foregoing, the OBCA provides that an Indemnified Person is entitled to indemnity from Borealis in respect of all costs, charges and
  expenses reasonably incurred by the Indemnified Person in connection with the defense of any civil, criminal, administrative, investigative
  or other proceeding to which the Indemnified Person is subject because of such Indemnified Person's association with Borealis or
  other entity described above, if the Indemnified Person (i) was not judged by a court or competent authority to have committed any fault
  or omitted to do anything that the person ought to have done, and (ii) fulfills the Discretionary Indemnification Conditions.
  Subject
  to the aforementioned prohibitions on indemnification, an indemnifiable person is entitled to indemnity from Borealis in respect of all
  costs, charges, and expenses reasonably incurred by such person in connection with the defense of any civil, criminal, administrative,
  investigative, or other proceeding to which the indemnifiable person is subject because of the indemnifiable person's association
  with Borealis or other entity as described above, if the person seeking indemnity: (i) was not judged by a court or competent authority
  to have committed any fault or omitted to do anything that the person ought to have done; and (ii) fulfills the Discretionary Indemnification
  Conditions.
  II-
  3
  The
  OBCA also provides that Borealis may purchase and maintain insurance for the benefit of an Indemnified Person against any liability incurred
  by such Indemnified Person, in the Indemnified Person's capacity as a director or officer of Borealis or in the Indemnified Person's
  capacity as a director or officer, or a similar capacity, of another entity, if the Indemnified Person acts or has acted in that capacity
  at Borealis' request.
  Borealis
  has entered into customary indemnification agreements with its directors and executive officers.
  Item
  7. Exemption from Registration Claimed.
  Not
  applicable.
  Item
  8. Exhibits.
  Exhibit
      Number
  Description
  3.1
  Articles of Amalgamation by Arrangement and Plan of Arrangement, dated February 7, 2024 (incorporated herein by reference to Exhibit 3.3 to Borealis Foods Inc.'s Quarterly Report on Form 10-Q, filed with the SEC on May 21, 2024).
  3.2
  Articles of Continuance, dated February 6, 2024 (incorporated herein by reference to Exhibit 3.1 of Borealis Foods Inc.'s Quarterly Report on Form 10-Q, filed with the SEC on May 21, 2024).
  3.3
  By-Laws of Borealis Foods Inc. (incorporated herein by reference to Exhibit 3.2 of Borealis Foods Inc.'s Quarterly Report on Form 10-Q, filed with the SEC on May 21, 2024).
  3.4
  Equity Incentive Plan (incorporated herein by reference to Exhibit 3.4 of Borealis Foods Inc.'s Quarterly Report on Form 10-Q, filed with the SEC on May 21, 2024).
  4.4*
  Specimen Common Share Certificate of Borealis Foods Inc.
  5.1*
  Opinion
      of Bennett Jones LLP
  23.1*
  Consent of Berkowitz Pollack Brant
  23.2*
  Consent of Marcum LLP
  23.3
  Consent
      of Bennett Jones LLP (included in Exhibit 5.1 hereto)
  24.1*
  Power of Attorney (included on the signature page hereto)
  107*
  Filing Fee Table
  *
  Filed
  herewith.
  Item
  9. Undertakings.
  (a)
  The
  undersigned registrant hereby undertakes:
  (1)
  To
                                              file, during any period in which offers or sales are being made, a post-effective amendment
                                              to this registration statement:
  (i)
  To
                                              include any prospectus required by Section 10(a)(3) of the Securities Act;
  (ii)
  To
                                              reflect in the prospectus any facts or events arising after the effective date of the registration
                                              statement (or the most recent post-effective amendment thereof) which, individually or in
                                              the aggregate, represent a fundamental change in the information set forth in the registration
                                              statement. Notwithstanding the foregoing, any increase or decrease in volume of securities
                                              offered (if the total dollar value of securities offered would not exceed that which was
                                              registered) and any deviation from the low or high end of the estimated maximum offering
                                              range may be reflected in the form of prospectus filed with the Commission pursuant to Rule
                                              424(b) if, in the aggregate, the changes in volume and price represent no more than a 20%
                                              change in the maximum aggregate offering price set forth in the "Calculation of Filing
                                              Fee Table" in the effective registration statement; and
  II-
  4
  (iii)
  To
                                              include any material information with respect to the plan of distribution not previously
                                              disclosed in the registration statement or any material change to such information in the
                                              registration statement.
  Provided,
  however
  , that paragraphs (a)(1)(i) and (a)(1)(ii) do not apply if the registration statement is on Form S-8 and the information required
  to be included in a post-effective amendment by those paragraphs is contained in reports filed with or furnished to the Commission by
  the registrant pursuant to Section 13 or Section 15(d) of the Exchange Act that are incorporated by reference in this registration statement.
  (2)
  That,
                                              for the purpose of determining any liability under the Securities Act, each such post-effective
                                              amendment shall be deemed to be a new registration statement relating to the securities offered
                                              therein, and the offering of such securities at that time shall be deemed to be the initial
  bona fide
  offering thereof.
  (3)
  To
                                              remove from registration by means of a post-effective amendment any of the securities being
                                              registered which remain unsold at the termination of the offering.
  (b) That,
  for purposes of determining any liability under the Securities Act, each filing of the registrant's annual report pursuant to Section
  13(a) or Section 15(d) of the Exchange Act (and, where applicable, each filing of an employee benefit plan's annual report pursuant
  to Section 15(d) of the Exchange Act) that is incorporated by reference in this registration statement shall be deemed to be a new registration
  statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial
  bona fide offering thereof.
  (c) Insofar
  as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and controlling persons of
  the registrant pursuant to the foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the Commission
  such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that
  a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director,
  officer or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such director,
  officer or controlling person in connection with the securities being registered, the registrant will, unless in the opinion of its counsel
  the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification
  by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.
  II-
  5
  SIGNATURES
  Pursuant to the requirements of the Securities
  Act of 1933, as amended, the Registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for
  filing on Form S-8 and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized
  in the City of Oakville, Ontario, Canada, on the 3rd day of September, 2024.
  Borealis Foods Inc.
  By:
  /s/ Pouneh Rahimi
  Chief Legal Officer
  POWER
  OF ATTORNEY
  Each
  person whose signature appears below constitutes and appoints each of Reza Soltanzadeh, Stephen Wegrzyn and Pouneh Rahimi, acting alone
  or together with another attorney-in-fact, as his or her true and lawful attorney-in-fact and agent, with full power of substitution
  and resubstitution, for such person and in his or her name, place and stead, in any and all capacities, to sign any or all further amendments
  (including post-effective amendments) to this registration statement (and any additional registration statement related hereto permitted
  by Rule 462(b) promulgated under the Securities Act (and all further amendments, including post-effective amendments, thereto)), and
  to file the same, with all exhibits thereto, and other documents in connection therewith, with the Securities and Exchange Commission,
  granting unto said attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and
  thing requisite and necessary to be done in and about the premises, as fully to all intents and purposes as he or she might or could
  do in person, hereby ratifying and confirming all that said attorney-in-fact and agent, or his or her substitute or substitutes, may
  lawfully do or cause to be done by virtue hereof.
  Pursuant
  to the requirements of the Securities Act of 1933, this registration statement has been signed by the following persons in the capacities
  and on the dates indicated.
  Signature
  Title
  Date
  /s/ Reza Soltanzadeh
  Chief Executive Officer and Director
  September 3, 2024
  Reza Soltanzadeh
  (Principal Executive Officer)
  /s/ Stephen Wegrzyn
  Chief Financial Officer
  September 3, 2024
  Stephen Wegrzyn
  (Principal Financial Officer and Principal Accounting Officer)
  /s/ Barthelemy Helg
  Director
  September 3, 2024
  Barthelemy Helg
  /s/ Kanat Mynzhanov
  Director
  September 3, 2024
  Kanat Mynzhanov
  /s/ Steven Oyer
  Director
  September 3, 2024
  Steven Oyer
  II-6