Matt Proud-led SPAC makes good on threat to terminate combination with UniUni
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Open this photo in gallery:Matthew Proud, chief executive officer of MAK, at his Toronto office in September, 2025. DUANE COLE/The Globe and MailMatthew Proud’s special purpose acquisition company has made good on its threat to pull out of a proposed combination with last-mile delivery company UniUni. The Toronto Stock Exchange-listed SPAC, called MAK Acquisition Corp. MAK-U-T on Tuesday delivered a notice of termination to UniUni, officially known as Uni Express Inc., of a May purchase agreement between the two entities. Mr. Proud, the former chief executive officer of the chronically governance- and debt-challenged Toronto legal software company Dye & Durham Ltd., is CEO of MAK. MAK warned in a notice of breach last month to UniUni that it could pull out of the deal, stating that the delivery company hadn’t lived up to its commitment under their combination agreement “to operate its business within certain specific parameters” including limiting its pretax loss to a defined maximum cumulative amount.
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