UniUni Eyes $1B SPAC Debut on TSX

Richmond, BC-based last-mile delivery specialist UniUni is reportedly in advanced discussions to merge with a special purpose acquisition company (SPAC), a move that would propel the rapidly expanding firm onto the public markets with a valuation exceeding $1 billion USD. The transaction, aimed at listing on the Toronto Stock Exchange (TSX), is expected to involve MAK Acquisition, a SPAC led by former Dye & Durham CEO Matthew Proud. This potential public offering comes as UniUni projects significant revenue growth, anticipating sales to surpass $1 billion USD this year.

Sources indicate the deal could be finalized and announced within the week. Alongside the SPAC merger, UniUni is also reportedly seeking to raise an additional $100 million USD through a private investment in public equity (PIPE) offering. MAK Acquisition currently holds approximately $100 million USD in trust, though this capital is subject to potential investor redemptions. While MAK Acquisition has confirmed it is engaged in discussions for potential qualifying acquisitions, it has not yet entered into any definitive agreements, emphasizing that no assurance can be given that these talks will result in a transaction.

UniUni, which has established itself as a crucial delivery partner for major e-commerce platforms like Shein and Temu, has experienced a dramatic growth trajectory. The company, which began as a food delivery service, pivoted to e-commerce fulfillment powered by gig workers during the pandemic. This strategic shift has fueled its expansion, with recent reports highlighting its projected revenue climb from $113 million USD in 2023 to an anticipated $683 million USD by 2025. The company's ambitious forecast suggests sales could reach $1.1 billion USD this year and climb to over $1.5 billion USD by 2027.

Financially, UniUni has navigated a path toward profitability. Despite reporting a loss of $70 million USD in 2025, the company anticipates achieving profitability in the current year. Projections indicate pre-tax profits could reach $125 million USD by 2027, driven by an increasing share of business from higher-margin North American clients, operational efficiencies, and expanding delivery volumes. This financial outlook underpins the company's push for public market access, following a recent $85 million USD funding round from investors including Rockets Capital and the Royal Bank of Canada.

The operational scale of UniUni is substantial. As of late last year, the company reported having over 100,000 registered drivers utilizing their personal vehicles to deliver approximately 1.2 million packages daily. This extensive network supports its rapid growth in the competitive last-mile delivery sector, a market segment that has seen significant investment and consolidation. The successful completion of this SPAC deal would position UniUni alongside other Canadian tech firms like Xanadu that have recently pursued public listings via similar routes.

While the company's rapid ascent is notable, it has also faced scrutiny regarding its labor practices, including proposed class-action lawsuits and past media reports concerning warehouse conditions. Nevertheless, the proposed $1 billion USD SPAC transaction signifies a major milestone for UniUni, reflecting investor confidence in its business model and its potential to capture a larger share of the burgeoning e-commerce logistics market.