The Globe and Mail reports in its Saturday, Sept. 26, edition that Matthew Proud's special purpose acquisition company is threatening to pull out of its proposed combination with last-mile delivery company UniUni. The Globe's Sean Silcoff writes that the Toronto Stock Exchange-listed SPAC, called MAK Acquisition, said in a release Thursday that it had delivered a notice of breach to UniUni, officially known as Uni Express, pursuant to a purchase agreement struck between the two in May. MAK said that while UniUni had "agreed to operate its business within certain specific parameters" until their proposed combination, that the delivery company's "financial performance has deteriorated" since May. "MAK believes this constitutes a material breach of the purchase agreement." MAK's notice gives UniUni 15 business days to "cure the breach." If UniUni can't do that, MAK said it intends to exercise its right to terminate the purchase agreement. The parties announced their proposed deal four months ago that would value the combined entity at more than $1-billion (U.S.). Under the terms, MAK, led by Mr. Proud, the former chief executive officer of Dye & Durham, would submit to a reverse takeover by UniUni.