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MAK Acquisition Corp. issues notice of breach regarding Uni Express Inc. reverse take-over

2 reports, 2 independent Updated Sep 24
Gone quiet Reached 2 outlets in its first 24 hours
Reports
2
Developments
2
Repetition
0%

New informationRepeats or wire copies

AI-generated briefing. Brind wrote this from the reports listed below. It can be wrong. Each section says how much you can rely on it, and the sources are linked so you can check.

What happened

Some supportReported by 1 outlet

MAK Acquisition Corp. announced that it has delivered a notice of breach to Uni Express Inc. regarding the proposed reverse take-over under the Purchase Agreement. The agreement required Uni Express Inc. to operate within specific parameters, including a maximum cumulative pre-tax loss. MAK stated that Uni Express Inc.'s business and financial performance had deteriorated, leading to the belief of a material breach.

From recorder.ca

Why it matters

Some supportBrind's analysis of the reports

The notice of breach initiates a 15 business day cure period for Uni Express Inc. If the breach cannot be cured within this timeframe, MAK intends to exercise its rights to terminate the Purchase Agreement.

From recorder.ca

Who's involved

How it developed

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  1. MAK listed on TSX via Cayman formation.1 source
  2. MAK attempts to acquire UniUni, with Scotiabank underwriting the deal.1 source

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