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The Richmond-based company has plans to merge with MAK Acquisition, a special purpose acquisition company led by Matthew Proud, the former CEO of Dye & Durham. (The Globe and Mail)
Talking point: UniUni has grown rapidly since its founding in 2019. It earned US$683 million in revenue last year, according to a confidential memo circulated to prospective investors and seen by The Globe, and it expects that to grow to US$1.1 billion this year. Still, it is not profitable, losing US$70 million last year. It expects to reach profitability in 2026. The firm is also looking to raise US$100 million through a private investment in public equity offering, down from an initial target of US$150 million. UniUni has been accused of poor working conditions. In 2024, The Information reported the company faced several U.S. lawsuits, including ones over allegations it underpaid drivers and misclassified workers.
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