Matthew Proud's SPAC terminates deal to take delivery firm UniUni public
The SPAC cited UniUni's failure to limit its financial losses as outlined in their agreement.
A special purpose acquisition company led by Matthew Proud has terminated its agreement to merge with last-mile delivery company UniUni. MAK Acquisition Corp., listed on the Toronto Stock Exchange, delivered a formal notice of termination to UniUni on Tuesday. The move follows a warning last month that MAK could pull out of the deal. The SPAC had accused UniUni of failing to operate its business within agreed parameters, including limiting its pretax loss.
UniUni, officially known as Uni Express Inc., said in an emailed statement that it was aware of MAK's announcement. "UniUni remains focused on serving our customers," the company said. It added that it is "moving forward with the funding round from within our existing shareholder base to pursue our growth opportunities, and we value the continued confidence in our future." The company had previously announced a new private funding round led by an existing investor.
MAK said it will now renew its search for a new acquisition target. The SPAC stated it is seeking "niche-market businesses providing critical solutions, with strong revenue retention and diversified customer bases." Matthew Proud, the chief executive officer of MAK, is the former CEO of Dye & Durham Ltd. He has also led activist campaigns against other publicly traded Canadian technology companies. The proposed deal, announced five months ago, would have valued the combined entity at more than US$1 billion. Under the terms, MAK would have undergone a reverse takeover by UniUni, which is based in Richmond, B.C. UniUni, led by CEO Peter Lu, operates a low-cost delivery service focusing on high-volume Asian e-commerce merchants like Shein, Temu and TikTok.
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According to a prospectus filed in June, UniUni's revenue grew rapidly, reaching US$679.4 million in 2025, up from US$294.5 million in 2024. Revenue in the first quarter of 2026 was US$191.5 million, a 74 per cent increase year-over-year. The company had projected it would generate US$1.1 billion in revenue in 2026. It was ranked as the fifth-fastest growing tech company in Canada on last year's Deloitte Fast 50 list.
However, the company has been deeply unprofitable. It reported a loss of US$74.7 million in 2024, US$118 million in 2025 and another US$98.8 million in the first quarter of 2026. In investor materials, UniUni stated it expected to become profitable this year and generate US$125 million in pretax profits in 2027. The company attributed this forecast to a growing share of business from higher-margin North American shippers, cost efficiencies and higher volumes. It delivered 265 million parcels in the 12 months ended March 31.
MAK went public last year, raising $100 million in its initial public offering. Investors in the SPAC can redeem their units if they do not support a deal it pursues. All investors will be fully refunded if MAK cannot complete a combination with another company by April 2027. The cash raised has been held in trust. Alongside the now-terminated merger, the parties had also conditionally raised US$100 million in a private investment offering that would only have proceeded if the deal closed.
With files from The Globe and Mail