Richmond delivery company UniUni's go-public deal collapses as SPAC terminates merger

UniUni, the Richmond, B.C.-based last-mile delivery company, will need a new path to the public markets after MAK Acquisition, a Toronto Stock Exchange-listed special purpose acquisition company led by former Dye & Durham CEO Matthew Proud, said on Tuesday that it had terminated their merger agreement, BetaKit reported. The deal, signed earlier this year, would have valued the combined company at more than $1 billion ($1.4 billion).

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MAK had warned UniUni nearly a month ago that it was in breach of an interim covenant as its business and financial performance deteriorated. “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.

The day after that warning, UniUni said it had entered a term sheet for a private funding round led by an undisclosed existing investor, to support its growth across North America and strengthen its finances ahead of peak delivery season.

UniUni uses gig workers and passenger vehicles to deliver goods to consumers and has partnered with Temu, Shein and AliExpress. In 2025 it claimed more than 100,000 registered drivers across Canada and the U.S. BetaKit said it had asked UniUni for comment.