MAK Acquisition Corp. Files Final Prospectus for Initial Public Offering

The final long form prospectus is accessible through SEDAR+

Strong Institutional Demand Underscores Confidence in 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. 23, 2025 (GLOBE NEWSWIRE) -- MAK Acquisition Corp. (“MAK” or the “Company”), a Special Purpose Acquisition Company (“SPAC”) announced today that it has filed a final long form prospectus (the “Final Prospectus”) with the securities regulatory authorities in each of the provinces of Canada, except Quebec, and has obtained a receipt therefor in respect 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 closing of the Offering is expected to occur on or about October 29, 2025.

MAK is pleased to report strong demand from leading Canadian institutional investors in connection with its initial public offering. The level of interest has thus far exceeded expectations, underscoring investor confidence in MAK’s strategy and growth potential.

As a newly formed special purpose acquisition corporation 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”). 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 is expected to 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 Option is exercised in full, the gross proceeds of the Offering would be US$110,000,000.

1001329901 Ontario Inc. and 1001361651 Ontario Inc. (together, the "Sponsors") intend to acquire an aggregate of 189,000 Class B units of the Company (the "Class B Units") for an aggregate purchase price of $1,890,000 concurrently with the closing of the Offering. Each Class B Unit will consist of one Class B share of the Company (a “Class B Share”) and one half of one Warrant. Each Class B Share is expected to convert into a multiple voting share of the Company on completion of the qualifying acquisition, as described in the Final Prospectus. If the Over-Allotment is exercised in full, the Sponsors may acquire up to an aggregate of 194,000 Class B Units for an aggregate purchase price of $1,940,000. The Sponsors are controlled by Matt Proud, our Chairman, Chief Executive Officer and Director, and Avjit Kamboj, our Chief Financial Officer and Director.

The Toronto Stock Exchange (“TSX”) has conditionally approved the Company's listing of the Class A Restricted Voting Units, the Class A Restricted Voting Shares, and the Warrants under the symbols “MAK.V”, “MAK.U” and “MAK.WT.U”, respectively, subject to the Company fulfilling all of the listing requirements of the TSX, including the distribution of the Class A Restricted Voting Units to a minimum number of public holders.

Net proceeds of the Offering, together with any proceeds from the exercise of the Over-Allotment, are expected to be placed in an escrow account and invested in accordance with Canadian securities laws in U.S. dollar denominated instruments which evidence obligations issued or fully guaranteed by the Government of the United States of America, to be released upon the completion of a qualifying acquisition within 15 months of closing, or 18 months if the Company has executed a definitive agreement within 15 months from closing 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 Final Prospectus contains important information relating to these securities and has been filed with securities commissions or similar authorities in each of the provinces of Canada, except Quebec. Investors should read the Final Prospectus before making an investment decision. Delivery of the Final Prospectus and any amendment will be satisfied in accordance with the “access equals delivery” provisions of applicable securities legislation. The Prospectus is accessible on SEDAR+ (www.sedarplus.ca) under the Company’s issuer. An electronic or paper copy of the Final Prospectus and any amendment may be obtained, without charge, from Canaccord Genuity Corp. at ecm@cgf.com by providing Canaccord Genuity Corp. with an email address or address, as applicable.

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.

Completion of the Offering is subject to the receipt of customary approvals, including regulatory and TSX approvals.

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 conditions, timing, anticipated used of proceeds, completion thereof, the Over-Allotment and the intentions of the Sponsors), the qualifying acquisition (including the target business criteria, conditions, timing and completion thereof), the deposit of the gross proceeds from the Offering into an escrow account and the conditional release thereof, and TSX matters (including the listing and trading of certain securities of the Company).

Forward-looking statements are based on assumptions, including expectations and assumptions concerning: the Company’s ability to complete the Offering, 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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