MAK Acquisition closes $100-million (U.S.) IPO

Mr. Matt Proud reports MAK ACQUISITION CORP. CLOSES OVERSUBSCRIBED INITIAL PUBLIC OFFERING MAK Acquisition Corp. has closed its initial public offering of 10 million Class A restricted voting units of the company at a price of $10.00 (U.S.) per Class A unit for gross proceeds of $100-million (U.S.). Oversubscribed offering and strong institutional participation validate MAK's strategy and vision to build the next great Canadian technology champion; 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. 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 (special purpose acquisition company) incorporated under the laws of the Cayman Islands for the purpose of effecting a qualifying acquisition of one or more businesses or assets, 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 $1-billion (U.S.). The company is led by experienced technology executives Matt Proud and Avjit Kamboj, who bring a proven record of building and scaling technology companies as well as completing value generating M&A (merger and acquisition). 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 records of generating shareholder value: Matt Proud, chairman and chief executive officer Former CEO of Dye & Durham; Completed over 70 M&A transactions; Successful catalyst investor in multiple public companies. Avjit Kamboj, director and chief financial officer 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 and CFO of Apollo Health. Art Mesher, director Former CEO and chairman of The Descartes Systems Group; Chancellor of CleanSL8 DNA; Former chairman of Versapay Corp. Tyler Willox, director Partner at Flowing River Capital; Chairman of the Regina Airport Authority; Director of SGI Canada. Each Class A unit will consist of one Class A restricted voting share of the company and one-half of a warrant. The Class A shares and the warrants comprising the Class A units will initially trade as a unit but it is anticipated that the Class A shares and the warrants will begin trading separately 40 days following today under the symbols MAK.U and MAK.WT.U, respectively. Each whole warrant will become exercisable commencing 65 days after the completion of the qualifying acquisition and will entitle the holder thereof to purchase one Class A share at an exercise price of $11.50 (U.S.) for a period of 60 months following completion of the company's qualifying acquisition, subject to customary adjustments and terms described in the final prospectus. Each Class A share will automatically convert into a subordinate voting share of the company on completion of the qualifying acquisition. The underwriters have been granted an overallotment option to purchase up to an additional one million Class A units sold under the offering, on the same terms and conditions, for a period of 30 days from the closing date, to cover overallotments, if any, and for market stabilization purposes. If the overallotment is exercised in full, the gross proceeds of the offering would be $110-million (U.S.). 1001329901 Ontario Inc. and 1001361651 Ontario Inc. (collectively, the sponsors), each beneficially owns or controls (i) 1,268,750 Class B shares (including 1,174,250 Class B shares referred to as founders' shares in the final prospectus of the company dated Oct. 22, 2025, and including the 94,500 Class B shares forming part of the 94,500 Class B units owned by each sponsor), representing over 42 per cent of the Class B shares and approximately 9.8 per cent of the issued and outstanding shares, and (ii) an aggregate of 94,500 Class B units, representing 50 per cent of the issued and outstanding Class B units. The Class B shares and Class B units were acquired by the sponsors through private agreements and not through the facilities of any stock exchange or any other marketplace. Each sponsor's Class B shares were acquired on Oct. 22, 2025, for approximately 0.89 U.S. cent per share (or approximately $10,490 (U.S.) in total per sponsor) and each sponsor's Class B units were acquired on Oct. 29, 2025, for $10.00 (U.S.) per Class B unit (or $945,000 (U.S.) in total per sponsor). All above numbers and percentages assume no exercise of the overallotment by the underwriters and no relinquishment by the sponsors of any Class B shares. If the overallotment is not exercised, the sponsors will relinquish a maximum of 251,250 Class B shares as further described in the final prospectus. If the overallotment is exercised, the sponsors may acquire up to an additional 5,000 Class B units. The sponsors' positions in the company were acquired for investment purposes. The sponsors are each subject to certain restrictions from selling their respective Class B shares and Class B units (including the underlying securities, each consisting of one Class B share and one-half of one warrant), as described in the final prospectus. Each sponsor may purchase and/or sell any Class A units, Class A shares or warrants from time to time, subject to applicable law. In connection with the offering, and as sponsors to the company, each sponsor entered into certain material agreements, all as described in the final prospectus. The offering is being underwritten by Canaccord Genuity Corp., as lead underwriter and sole bookrunner, for and on behalf of a syndicate that includes CIBC Capital Markets. Goodmans LLP is acting as legal adviser to MAK. Bennett Jones LLP is acting as legal adviser to the underwriters. About MAK Acquisition Corp. MAK Acquisition is a newly formed SPAC focused on niche-market businesses providing critical solutions, with strong revenue retention and diversified customer bases. MAK Acquisition is an exempted company formed under the laws of Cayman Islands. The company's team targets unique opportunities where operational expertise can unlock growth and long-term shareholder value. We seek Safe Harbor.