I have tested using an extremely minimal PXELinux menu. Even with no arguments, the same error appears. I have verified that the initrd and kernel files exist.
The issue appeared to be with the OS install media.
The kernel and initrd does not exist in the TFTP folder, below is what is present in their place.
<!DOCTYPE HTML PUBLIC "-//IETF//DTD HTML 2.0//EN">
<html><head>
<title>404 Not Found</title>
</head><body>
<h1>Not Found</h1>
<p>The requested URL was not found on this server.</p>
</body></html>
Known bug, Ubuntu no longer ships kernel(initramdisk) in their repos. They confirmed to fix this in the future release, it will be the new installer tho so some changes in Foreman will be required.