Blank-cheque company MAK is set to raise US$100 million in a Toronto Stock Exchange debut, issuing 10 million units at US$10 apiece. Led by former Dye & Durham CEO Matt Proud and CFO Avjit Kamboj, the special purpose acquisition company (SPAC) will target acquisitions in tech-enabled services, space, and defense.
MAK may expand the offering to US$110 million. The listing follows a broader revival in SPACs, with 2025 marking the busiest first half for SPAC IPOs since the 2021 boom. Analysts attribute the resurgence to stronger issuers and improved post-merger performance.
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