Matt Proud-led SPAC makes good on threat to terminate combination with UniUni

By the Editorial Team · Wednesday, October 21, 2026

MAK Acquisition Corp. has terminated its proposed merger with last-mile delivery company UniUni due to UniUni’s failure to meet agreed financial and operational targets, particularly its inability to limit pretax losses. This decision forces MAK to seek a new acquisition target before its April 2027 deadline, while UniUni continues its private funding efforts to support growth despite ongoing unprofitability.

MAK Acquisition Corp., a special purpose acquisition company (SPAC) led by Matthew Proud, has formally terminated its proposed merger with last-mile delivery firm UniUni, known officially as Uni Express Inc. The announcement came Tuesday as MAK delivered a notice of termination related to their May purchase agreement, ending the five-month effort to combine the two businesses.

MAK, listed on the Toronto Stock Exchange, cited UniUni’s failure to adhere to specific operational and financial conditions outlined in the combination agreement as the reason for pulling out. In particular, MAK referenced UniUni’s inability to keep its pretax losses within agreed limits, which prompted a breach notice last month.

UniUni, based in Richmond, British Columbia, operates a low-cost delivery service specializing in high-volume, low-margin shipments primarily for Asian e-commerce platforms including Shein, Temu, and TikTok. The company reported rapid revenue growth in recent years, generating US$679.4 million in 2025—more than double the US$294.5 million recorded in 2024. In the first quarter of 2026, UniUni reported revenue of US$191.5 million, a 74 percent increase year-over-year, and projected full-year 2026 revenue of US$1.1 billion. This trajectory places UniUni among Canada’s largest privately held technology-enabled companies by revenue.

Despite strong top-line growth, UniUni remains unprofitable. It posted net losses of US$74.7 million in 2024, US$118 million in 2025, and US$98.8 million in the first quarter of 2026. Nevertheless, the company has expressed confidence in returning to profitability in 2026 and anticipates generating US$125 million in pretax profit by 2027, citing increasing business from higher-margin North American shippers alongside operational efficiencies and volume growth.

Following the termination, UniUni stated it is continuing its planned private funding round. The delivery company announced last month it had entered into a non-binding term sheet for new financing led by an existing investor to support ongoing growth. In a Tuesday statement, UniUni said it remains focused on its operations and growth prospects, valuing the confidence demonstrated by its current shareholders through the funding initiative.

MAK’s decision to end the merger prompts the SPAC to resume its search for a new acquisition target. The company noted its focus will be on niche-market businesses that offer critical solutions with strong revenue retention and diversified customer bases.

Matthew Proud, MAK’s CEO, previously served as chief executive of Dye & Durham Ltd., a Toronto-based legal software firm that has faced governance and debt challenges. Since leaving Dye & Durham in late 2024, Proud has led successful activist campaigns at several other Canadian public technology companies, including Calian Group Ltd. and Information Services Corp.

The initial deal with UniUni would have valued the combined entity at over US$1 billion, with UniUni shareholders assuming control through a reverse takeover of MAK. Both companies had planned a $100 million private investment in public equity offering contingent on the deal’s closing, but the termination halts these initiatives. MAK, which raised $100 million through its initial public offering last year, must complete a business combination by April 2027 or return capital to its investors.

This article was reported by synthesizing coverage from multiple independent news outlets to present a balanced, unbiased account. Read about our editorial standards. Spotted an error? Let us know.