MAK Acquisition Corp. Closes Oversubscribed Initial Public Offering

Executive Summary

• MAK Acquisition Corp. closed its IPO of 10 million Class A Units at US$10.00 each, raising US$100 million in gross proceeds.
• The offering was oversubscribed, indicating strong institutional demand and validating the company’s growth strategy in technology, defence, and space sectors.
• Underwriters have a 1‑million unit over‑allotment option that could increase total proceeds to US$110 million; warrants attached to each unit are exercisable at US$11.50 per share after a qualifying acquisition.

Key Details

• Offering Size & Price: 10,000,000 Class A Restricted Voting Units @ US$10.00 per Unit → US$100,000,000 gross proceeds.
• Trading Commencement: Units began trading on the Toronto Stock Exchange under ticker “MAK.V” at market open on closing day.
• Escrow & Use of Proceeds: Funds placed in escrow; release contingent upon completion of a qualifying acquisition (target enterprise value up to US$1 billion).
• Over‑Allotment Option: Underwriters may purchase up to an additional 1,000,000 Units on the same terms within 30 days, potentially raising total gross proceeds to US$110,000,000.
• Unit Composition: Each Unit = 1 Class A restricted voting share + ½ warrant. Full warrants become exercisable 65 days after a qualifying acquisition at an exercise price of US$11.50, valid for 60 months.
• Separate Trading of Components: Anticipated split of shares and warrants ~40 days post‑closing; symbols “MAK.U” (shares) and “MAK.WT.U” (warrants).
• Sponsor Holdings: Two sponsors each own 1,268,750 Class B shares (~42% of Class B) and 94,500 Class B Units (50% of Class B Units); purchased at US$0.0089 per share and US$10.00 per Unit respectively.
• Management Team: Chairman & CEO Matt Proud (former CEO Dye & Durham) and Director & CFO Avjit Kamboj (former CFO Converge Technology Solution). Additional directors bring extensive tech‑sector M&A experience.
• Underwriters & Legal Counsel: Lead underwriter/sole bookrunner – Canaccord Genuity Corp.; syndicate includes CIBC Capital Markets. Legal advisors – Goodmans LLP (company) and Bennett Jones LLP (underwriters).

Notable Quotes

(No direct quotes were provided in the release.)