MAK Acquisition Corp. issues notice of breach regarding Uni Express Inc. reverse take-over
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New informationRepeats or wire copies
What happened
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
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
Newest first. Tap a step to see who reported it.MAK listed on TSX via Cayman formation.1 source
MAK attempts to acquire UniUni, with Scotiabank underwriting the deal.1 source
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The entities involved
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Cayman Islands
British overseas territory in the Caribbean
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Toronto Stock Exchange
stock exchange in Canada
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