MAK Expects to Benefit from Strong Tailwinds Driven by Private-Sector Pursuit of Growth and Margin Expansion, Coupled with Historic Public-Sector Investment in Defence and Space
Experienced Technology Executives Matt Proud and Avjit Kamboj with a Proven Ability to Build Scaled Tech Companies to Lead MAK's Management Team
TORONTO, Oct. 29, 2025 (GLOBE NEWSWIRE) -- MAK Acquisition Corp. ("MAK" or the "Company"), a special purpose acquisition company ("SPAC"), today announced the closing of its initial public offering of 10,000,000 Class A Restricted Voting Units of the Company (the "Class A Units") at a price of US$10.00 per Class A Unit for gross proceeds of US$100,000,000 (the "Offering").
The Class A Units will commence trading on the Toronto Stock Exchange (the "TSX") under the symbol "MAK.V" at the open of market today. The proceeds from the Offering have been deposited into an escrow account and will be released only upon certain prescribed conditions, including the completion of a qualifying acquisition.
MAK is pleased to report that the Offering was oversubscribed, reflecting strong demand from leading Canadian institutional investors. The level of interest exceeded expectations, underscoring investor confidence in MAK's strategy, management team, and long-term vision to build the next great Canadian-listed technology champion.
As a new SPAC incorporated under the laws of the Cayman Islands for the purpose of effecting a qualifying acquisition of one or more businesses or assets (a "qualifying acquisition"), MAK intends to focus its search for target businesses within the technology sector, with an emphasis on companies positioned to benefit from strong private-sector demand for growth and margin expansion, as well as historic public-sector investment in defence and space. While MAK's primary focus is on Canadian and North American opportunities, it is not limited to a particular industry segment or geographic region for the purpose of completing its qualifying acquisition. MAK intends to target one or more businesses with an estimated aggregate enterprise value of up to US$1 billion.
The Company is led by experienced technology executives Matt Proud and Avjit Kamboj, who bring a proven track record of building and scaling technology companies as well as completing value generating M&A. Further, the management and board of directors of MAK are composed of individuals with extensive experience in technology, successful M&A, driving organic growth, optimizing operations, capital allocation, and who bring proven track records of generating shareholder value:
Matt Proud, Chairman & CEO
Former CEO of Dye & Durham
Completed over 70 M&A transactions
Successful catalyst investor in multiple public companies
Avjit Kamboj, Director & CFO
Former CFO of Converge Technology Solution
Former CFO of Dye & Durham
Successfully integrated over 50 acquisitions
Ian Kidson, Director
Director of Lakeshore Recycling Systems
Former CFO of Docebo
Former CEO & CFO of Apollo Health
Art Mesher, Director
Former CEO & Chairman of The Descartes Systems Group
Chancellor of CleanSL8 DNA
Former Chairman of Versapay Corporation
Tyler Willox, Director
Partner at Flowing River Capital
Chairman of the Regina Airport Authority
Director of SGI Canada
Each Class A Unit ...
