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BRLS

Borealis Foods Inc.
BRLS stock: delisting risk — what the SEC filings say, updated every weekday morning.
Nasdaq · Food and Kindred Products · EDGAR filings (CIK 1852973) · 5 signals · 1 setups · updated Sep 22, 2026

What the filings say Pressure ▼

Listing is at risk and the usual cures are constrained. Next thing to watch: a reverse-split proxy, a hearings-panel 8-K, or a Form 25.

Radar 75 (high attention) · dilution pressure elevated · listing risk elevated · governance risk low · runway 0.9 mo · strongest signal: Exchange deficiency notice (Sep 1, 2026)

What would confirm: Nasdaq 'Pending Suspension' listing, Form 25, hearings-panel denial 8-K, or a reverse-split proxy.
What would prove it wrong: 8-K announcing regained compliance; equity raise that restores stockholders' equity; MVLS back above threshold for 10+ days.

Direction is stated for existing shareholders (▼ more shares / survival or listing risk; ▲ insiders or holders buying). It is a characterization of the filings, not a forecast or a recommendation.

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75Radar · attention score (0–100)
59Dilution pressure · financing + balance sheet
68Listing risk · exchange standards
0Governance risk · reporting, auditor, going concern

Setups

Independent filings stitched into a thesis, each with what would confirm and what would prove it wrong.

Listing cliff Pressure ▼ strength 0.70

Listing is at risk and the usual cures are constrained. Next thing to watch: a reverse-split proxy, a hearings-panel 8-K, or a Form 25. Exchange deficiency plus a structural reason cure is hard (sub-$5M float, negative equity, no cash, or a reverse split already used). Under Nasdaq's 2026 rules (one reverse split per 12 months; $5M MVLS floor with no cure period from Sept 2026) the usual escape hatches are narrower.

Would confirm: Nasdaq 'Pending Suspension' listing, Form 25, hearings-panel denial 8-K, or a reverse-split proxy.
Would invalidate: 8-K announcing regained compliance; equity raise that restores stockholders' equity; MVLS back above threshold for 10+ days.
Delisting languageExchange deficiency noticeNegative equity

Analyst note

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Balance sheet (XBRL)

$500Kcash + short-term investments as of Mar 31, 2026
0.9 moestimated runway (latest fiscal-year operating cash flow (quarter too short to annualize) [companyfacts])
$-22.7Mstockholders' equity as of Mar 31, 2026
$31.1Mpublic float (10-K cover)
21.5Mshares outstanding as of Jul 28, 2026 · was 21.5M Jun 30, 2026

Runway = liquidity ÷ monthly operating burn at the latest reported period · balance sheet 175 days old. A financing after the balance-sheet date is the main reason a figure can be stale — check the timeline below for offerings since then.

Signal timeline

Last 30 days of filing signals plus current balance-sheet flags, newest first. ▼ pressure · ▲ support · hover a score for its components; every row links to the filing.

DateSignalEvidenceScore
Sep 1, 2026▼ Exchange deficiency notice 8-K Item 3.01 filed 2026-09-01 (accepted 16:15 ET) filing 48
Sep 1, 2026▼ Delisting language “delisting notice” language in 8-K (8-K) filed 2026-09-01 filing 47
Mar 31, 2026▼ Runway < 6 months ~0.9 months runway: liquidity $500,000 as of 2026-03-31, burn $6,598,823/yr (latest fiscal-year operating cash flow (quarter too short to annualize) [companyfacts]) filing 37
Mar 31, 2026▼ Negative equity Stockholders' equity $-22,702,880 as of 2026-03-31 filing 31
Mar 31, 2026▼ Cash < current liabilities Liquidity $500,000 vs current liabilities $71,846,949 filing 22

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