MAK Acquisition Issues Notice of Breach to UniUni Over Financial Deterioration

Key Facts

1MAK Acquisition Corp. delivered a notice of breach to Uni Express Inc. (UniUni) citing a material breach of their purchase agreement due to deteriorating financial performance.

2MAK alleges that UniUni failed to operate within specified parameters, including exceeding a defined maximum cumulative pre-tax loss.

MAK Acquisition Corp. delivered a notice of breach to Uni Express Inc. (UniUni) citing a material breach of their purchase agreement due to deteriorating financial performance. According to a statement on GlobeNewswire, MAK alleges that UniUni failed to operate within specified parameters, including exceeding a defined maximum cumulative pre-tax loss.

The notice of breach concerns the terms governing the proposed reverse take-over of UniUni by MAK. The formal notice triggers a 15-business day cure period, after which MAK intends to exercise its rights to terminate the agreement if the breach remains unresolved.