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MAK Acquisition Corp. filed a notice to the last-mile delivery company Thursday, claiming it violated its end of a reverse takeover agreement after its losses exceeded a limit set in the deal. (The Logic)
Talking point: MAK—a TSX-listed special-purpose acquisition company led by former Dye & Durham CEO Proud—agreed in May to take UniUni public by merging with it through a reverse takeover. The deal would have valued the combined company at about US$1 billion. UniUni, based in Richmond, B.C., delivers parcels for e-commerce merchants including Shein and Temu. The Globe and Mail previously reported that the company’s revenue grew from US$113 million to US$295 million between 2023 and 2024, and that it expected to generate US$1.1 billion in revenue this year. In its notice to UniUni, MAK said its “business and financial performance has deteriorated” since announcing the proposed merger. The company has 15 days to remedy the alleged breach.
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