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The Richmond, B.C.-based company said it agreed to a term sheet with an existing investor to raise money, after its planned merger with MAK Acquisition Corp.—a special purpose acquisition company led by former Dye & Durham CEO Matthew Proud—was jeopardized. (The Logic)
Talking point: MAK, a TSX-listed company, agreed in May to take UniUni public through a reverse takeover. Last week, however, MAK filed a notice claiming UniUni’s “business and financial performance has deteriorated,” violating the delivery company’s end of the agreement after its losses exceeded a limit set in the deal. UniUni, which delivers parcels for e-commerce merchants including Shein and Temu, did not disclose the investor from which it is seeking new funding. It said in a release that it expects the money to “further strengthen [its] financial position as the company enters the peak delivery season.”
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