MAK Acquisition Corp claims UniUni made an “incurable” breach by losing too much money.
Richmond, BC-based last-mile delivery company UniUni will need to find a new path to the public markets after its deal with a special purpose acquisition company (SPAC) was terminated.
The news: MAK Acquisition, a Toronto Stock Exchange (TSX)-listed SPAC led by ex-Dye & Durham CEO Matthew Proud, announced on Tuesday morning that it terminated its merger agreement with UniUni. Earlier this year, UniUni signed the deal to merge with MAK and trade on the TSX; a deal that would’ve valued the combined entity at more than $1 billion USD ($1.4 billion CAD).
The termination followed MAK warning UniUni nearly one month ago that it was in breach of its interim covenant, meaning UniUni wasn’t meeting a certain standard in the lead-up to the deal closing, as its business and financial performance had deteriorated. BetaKit has reached out to UniUni for comment.
From the source: “Under the Purchase Agreement, UniUni had 15 business days following receipt of the notice of breach to cure the breach, however the breach was incurable as UniUni exceeded its maximum cumulative pre-tax loss,” MAK said in its release. “As a result, MAK has exercised its right to terminate the Purchase Agreement, and the Proposed Transaction will not proceed.”
The context: The day after MAK warned UniUni of the breach, UniUni announced it was entering into a term sheet for a private funding round led by an undisclosed existing investor. It’s unclear if this funding was intended to improve its fiscal position for the SPAC deal, or as an alternative source of liquidity in preparation for the deal to fall through. UniUni said at the time that the funding was meant to support its continued growth across North America and strengthen its financial position heading into peak delivery season.
Final thought: Based out of Richmond, BC, UniUni uses gig workers and passenger vehicles to deliver goods to consumers. It has partnered with outlets like Temu, Shein, and AliExpress, and in 2025 claimed a network of more than 100,000 registered drivers across Canada and the US. While the company has raised multiple large funding rounds, recent reporting has suggested the company is “deeply unprofitable” as it faces several lawsuits, including class action allegations of unfair labour practices.
Feature image courtesy UniUni.