MAK Acquisition Corp. Closes Oversubscribed Initial Public Offering

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

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 will consist of one Class A restricted voting share of the Company (a "Class A Share") and one-half of a warrant (each whole warrant, 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 US$11.50 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 over-allotment option to purchase up to an additional 1,000,000 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 over-allotments, if any, and for market stabilization purposes (the "Over-Allotment"). If the Over-Allotment is exercised in full, the gross proceeds of the Offering would be US$110,000,000.

1001329901 Ontario Inc. and 1001361651 Ontario Inc. (collectively, the “Sponsors”), each beneficially owns or controls (i) 1,268,750 Class B shares (the “Class B Shares”) (including 1,174,250 Class B Shares referred to as "Founders’ Shares" in the final prospectus of the Company dated October 22, 2025 (the “Final Prospectus”) and including the 94,500 Class B Shares forming part of the 94,500 Class B units (“Class B Units”) owned by each Sponsor), representing over 42% of the Class B shares and approximately 9.8% of the issued and outstanding shares, and (ii) an aggregate of 94,500 Class B Units, representing 50% 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 October 22, 2025, for approximately US$0.0089 per share (or approximately US$10,490 in total per Sponsor) and each Sponsor’s Class B Units were acquired on October 29, 2025 for US$10.00 per Class B Unit (or US$945,000 in total per Sponsor). All above numbers and percentages assume no exercise of the Over-Allotment by the underwriters and no relinquishment by the Sponsors of any Class B Shares. If the Over-Allotment is not exercised, the Sponsors will relinquish a maximum of 251,250 Class B Shares as further described in the Final Prospectus. If the Over-Allotment 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 advisor to MAK. Bennett Jones LLP is acting as legal advisor to the underwriters.

The securities referred to herein have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “U.S. Securities Act”), or any state securities laws of any state of the United States, and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent registration or an applicable exemption from the registration requirements of the U.S. Securities Act and applicable state securities laws. This press release does not constitute an offer to sell or a solicitation of an offer to buy any securities in any jurisdiction. “United States” and “U.S. persons” have the meanings ascribed to them in Regulation S under the U.S. Securities Act.

About MAK Acquisition Corp.

MAK Acquisition Corp. is a newly formed SPAC focused on niche-market businesses providing critical solutions, with strong revenue retention and diversified customer bases. MAK Acquisition Corp. is an exempted company formed under the laws of Cayman Islands. Our team targets unique opportunities where operational expertise can unlock growth and long-term shareholder value. For more information, please visit www.makacquisitioncorp.com.

Forward-Looking Information

This press release contains “forward-looking information” and “forward-looking statements” (together “forward-looking statements”) within the meaning of applicable Canadian securities legislation and applicable U.S. securities laws, which reflects the Company’s and the Sponsors’ current expectations regarding future events. Forward looking statements are often identified by terms such as "may", "should", "anticipate", "expect", "potential", "believe", "intend", "estimate" or the negative of these terms and similar expressions.

Forward-looking statements in this press release include, but are not limited to, statements with respect to the Offering (including the anticipated used of proceeds, the Over-Allotment and the intentions of the Sponsors) and the qualifying acquisition (including the target business criteria, conditions, timing and completion thereof).

Forward-looking statements are based on assumptions, including expectations and assumptions concerning the technology sector and the Company's ability to complete a qualifying acquisition. While the Company considers these assumptions to be reasonable based on information currently available, they may prove to be incorrect. Readers are cautioned not to place undue reliance on forward-looking statements. In addition, forward-looking statements necessarily involve known and unknown risks, including, without limitation, risks associated with general economic conditions; adverse industry events; future legislative, tax and regulatory developments; and the factors discussed under “Risk Factors” in the Final Prospectus.

Readers are cautioned that the foregoing list is not exhaustive and other risks are set out in the Company's public disclosure record filed under the Company's profile on www.sedarplus.ca. Readers are further cautioned not to place undue reliance on forward-looking statements as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this press release are expressly qualified by this cautionary statement and reflect our expectations as of the date hereof, and thus are subject to change thereafter. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable law.

Neither the TSX nor its Regulation Services Provider (as that term is defined in the policies of the TSX) accepts responsibility for the adequacy or accuracy of this release.

Media:

Riyaz Lalani / Nik Schwenker
Gagnier Communications
MAK@gagnierfc.com

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