- Canadian delivery platform UniUni is going public through a Toronto Stock Exchange merger with MAK Acquisition Corp. (TSX:MAK.U) at a US$1 billion valuation
- Driven by massive e-commerce clients like Shein and Temu, the company expects its annual revenue to skyrocket past US$1 billion in 2026
- The platform undercuts traditional courier costs by leveraging a gig-economy network of over 100,000 independent drivers paired with AI route optimization
- Currently processing over one million parcels daily, the logistics firm expects the public market transaction to officially close in the second half of 2026
Richmond, BC-based last-mile e-commerce delivery platform Uni Express Inc. (known as UniUni) is taking the leap into the public markets. The company announced that it has signed a definitive purchase agreement to go public via a business combination that values the fast-growing logistics firm at approximately US$1 billion (C$1.37 billion).
The transaction, structured as a reverse takeover, will see UniUni merge with MAK Acquisition (TSX:MAK.U), a special purpose acquisition company (SPAC) currently listed on the Toronto Stock Exchange.
Inside the deal structure
Under the terms of the agreement dated May 15, 2026, UniUni will combine with MAK Acquisition Corp. and its wholly owned subsidiary, Finco, to form a newly amalgamated public entity dubbed New UniUni.
Upon closing, shareholders from both companies will hold common shares in New UniUni, which has reserved the TSX trading ticker symbols “UN” for common shares and “UN.W” for its warrants. The transaction is backed by a simultaneous private placement of up to US$100 million to fund the company’s aggressive North American expansion plans. Following the transaction’s close, existing UniUni shareholders are expected to own approximately 78 per cent of the combined company.
The companies have also agreed to pursue a near-term cross-listing on the Nasdaq following the TSX debut.
This article is a journalistic opinion piece that has been written based on independent research. It is intended to inform investors and should not be taken as a recommendation or financial advice.
Metaphysical growth trajectory
Founded in 2019, UniUni got its start as a local restaurant delivery service before pivoting strictly to e-commerce fulfillment during the pandemic. The platform now operates by transporting goods from major airports to regional warehouses before dispersing them across its vast distribution web.
Driven heavily by the explosive rise of global bargain e-commerce giants like Shein and Temu, UniUni’s financial growth curve highlights the current scale of discount online retail logistics:
| Fiscal year | Annual revenue (USD) | Status |
| 2023 | $113 Million | Actual |
| 2024 | $295 Million | Actual |
| 2025 | $683 Million | Actual |
| 2026 | $1.1 Billion+ | Projected |
| 2027 | $1.5 Billion+ | Projected |
Financial turnaround
While internal investor documents reveal that UniUni posted a net loss of US$70 million in 2025 amid massive physical expansion, the company expects to reach net profitability by the end of 2026, projecting up to US$125 million in pre-tax profits by 2027.
Leadership insights
“Customer demand for UniUni continues to grow alongside the expansion of ecommerce across North America,” UniUni’s founder and CEO, Peter Lu, said in a news release. “We believe our technology-enabled platform and flexible operating model position us well to support the evolving needs of customers as we continue investing in automation and long-term growth.”
Tech-driven crowdsourcing
UniUni attributes its ability to undercut traditional postal and courier services on price and speed to a flexible, asset-light business model. Much like UberEats (NYSE:UBER) or DoorDash (NASDAQ:DASH), the company bypasses traditional fleet liabilities by utilizing a crowdsourced network of more than 100,000 independent contract drivers who operate their own personal vehicles.
To manage this massive network, the platform handles more than one million parcels daily using automated robotic sorting systems and proprietary AI-driven routing technology. According to the company, its algorithm optimizes delivery routes dynamically, utilizing machine learning from every processed package to continuously refine its physical operation.
The transaction is subject to final shareholder and regulatory approvals, with the deal expected to officially close during the second half of 2026.
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