MAK Acquisition Corp completes $100 million initial public offering

MAK Acquisition Corp. (TSX: MAK.V) closed its initial public offering of 10 million Class A restricted voting units at $10.00 per unit, raising $100 million in gross proceeds. The special purpose acquisition company began trading on the Toronto Stock Exchange today.

The offering was oversubscribed with strong participation from Canadian institutional investors, according to the company's statement. Proceeds have been placed in escrow and will be released upon completion of a qualifying acquisition.

MAK intends to target technology sector businesses with an estimated enterprise value of up to $1 billion. The company plans to focus on companies positioned to benefit from private-sector growth initiatives and public-sector investment in defense and space, while maintaining flexibility to pursue opportunities across different industry segments and geographic regions.

The management team includes Chairman and CEO Matt Proud, former CEO of Dye & Durham, and Director and CFO Avjit Kamboj, former CFO of Converge Technology Solutions and Dye & Durham. Additional board members include Ian Kidson, former CFO of Docebo; Art Mesher, former CEO of The Descartes Systems Group; and Tyler Willox, partner at Flowing River Capital.

Each Class A unit consists of one Class A share and one-half warrant. The shares and warrants will initially trade together but are expected to separate after 40 days under symbols MAK.U and MAK.WT.U respectively. Warrants become exercisable 65 days after completing a qualifying acquisition at an exercise price of $11.50.

Underwriters received a 30-day over-allotment option for up to 1 million additional units, which would increase gross proceeds to $110 million if exercised fully. Canaccord Genuity Corp. served as lead underwriter with CIBC Capital Markets participating in the syndicate.

Two sponsor entities collectively own 1.27 million Class B shares and 94,500 Class B units, representing approximately 9.8% of issued shares.

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