Richmond-based delivery company UniUni’s planned public listing has collapsed after MAK Acquisition terminated their merger agreement. The transaction would have valued the combined business at more than US$1 billion.
MAK said UniUni exceeded the agreement’s maximum cumulative pretax loss, leaving a breach it could not remedy within the allotted period.
UniUni had previously announced plans for a private funding round led by an existing investor to support North American growth and strengthen its financial position.
The setback leaves the logistics company seeking another route to public markets as it prepares for peak delivery season and works to finance continued expansion.
Want to know more? Check out the source code on BetaKit.