TORONTO, Oct. 20, 2026 (GLOBE NEWSWIRE) -- MAK Acquisition Corp. (TSX: MAK.U) (“MAK”) announced today that it has delivered a notice of termination to Uni Express Inc. (“UniUni”) the purchase agreement dated May 15, 2026 (the “Purchase Agreement”) among MAK, UniUni and Jun Wei (Peter) Lu, which governed the proposed reverse take-over transaction between MAK and UniUni that was intended to constitute MAK’s “qualifying acquisition” under Part X of the TSX Company Manual (the “Proposed Transaction”).
As previously announced on September 24, 2026, MAK delivered a notice of breach to UniUni regarding UniUni’s breach of its interim covenant to operate its business within specified parameters, including a defined maximum cumulative pre-tax loss. 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. That cure period expired on October 19, 2026 without the breach having been cured. As a result, MAK has exercised its right to terminate the Purchase Agreement, and the Proposed Transaction will not proceed. MAK has also advised UniUni that it reserves all of its rights.
MAK remains a special purpose acquisition corporation formed under the laws of the Cayman Islands for the purpose of effecting a qualifying acquisition of one or more businesses or assets. MAK will continue its search for niche-market businesses providing critical solutions, with strong revenue retention and diversified customer bases, with a view to completing a qualifying acquisition.
Withdrawal of Preliminary Prospectus
In connection with the Proposed Transaction, MAK filed a preliminary long form non-offering prospectus dated June 10, 2026 (the “Preliminary Prospectus”) with securities regulatory authorities in each of the provinces of Canada except Québec, for which a receipt was issued on June 11, 2026. As the Proposed Transaction will not proceed, MAK is withdrawing the Preliminary Prospectus and will not file a final prospectus. Investors should not rely on the Preliminary Prospectus, or on the information concerning UniUni or the Proposed Transaction contained in it or in MAK’s news releases dated May 15, 2026 and June 11, 2026.
About MAK Acquisition Corp.
MAK is a special purpose acquisition corporation focused on niche-market businesses providing critical solutions, with strong revenue retention and diversified customer bases. MAK is an exempted company formed under the laws of the Cayman Islands. MAK completed its initial public offering in October 2025 and its securities are listed on the Toronto Stock Exchange under the symbols “MAK.U” and “MAK.WT”. For more information, visit www.makacquisitioncorp.com.
Forward-Looking Information
This press release contains “forward-looking information” and “forward-looking statements” (collectively, “forward-looking information”) within the meaning of applicable securities laws, including with respect to the termination of the Purchase Agreement, MAK’s pursuit of a qualifying acquisition and MAK’s rights and remedies. This forward-looking information is identified by the use of terms and phrases such as “may”, “would”, “should”, “could”, “expect”, “intend”, “estimate”, “anticipate”, “plan”, “foresee”, “believe”, or “continue”, the negative of these terms and similar terminology, including references to assumptions, although not all forward-looking information contains these terms and phrases. Economic and geopolitical uncertainties, including regional conflicts and wars, including potential impacts of sanctions, may also heighten the impact of certain factors described herein. In addition, any statements that refer to expectations, intentions, projections or other characterizations of future events or circumstances contain forward-looking information. Statements containing forward-looking information are not historical facts but instead represent management’s expectations, estimates and projections regarding future events or circumstances.
Forward-looking information is based on management’s beliefs and assumptions and on information currently available to management. Although the forward-looking information contained herein is based upon what we believe are reasonable assumptions, investors are cautioned against placing undue reliance on this information since actual results may vary from the forward-looking information.
Forward-looking information involves known and unknown risks and uncertainties, many of which are beyond our control, that could cause actual results to differ materially from those that are disclosed in or implied by such forward-looking information. These risks and uncertainties include, but are not limited to, the risk that MAK may not identify or complete an alternative qualifying acquisition on suitable terms, or at all, within the permitted time, the risk of disputes or litigation arising from the termination of the Purchase Agreement, and the other risk factors described in detail under “Risk Factors” in MAK’s final long form prospectus dated October 22, 2025.
Consequently, all of the forward-looking information contained herein is qualified by the foregoing cautionary statements, and there can be no guarantee that the results or developments that we anticipate will be realized or, even if substantially realized, that they will have the expected consequences or effects on our business, financial condition or results of operations. Unless otherwise noted or the context otherwise indicates, the forward-looking information contained herein represents our expectations as of the date hereof or as of the date it is otherwise stated to be made, as applicable, and is subject to change after such date. However, we disclaim any intention or obligation or undertaking to update or amend such forward-looking information whether as a result of new information, future events or otherwise, except as may be required by applicable law.
