Okada Manila terminates listing on NASDAQ

Universal Entertainment Corp has ended its deal with 26 Capital Acquisition Corp, a US-listed special purpose acquisition company (SPAC).

The Philippines.- Universal Entertainment Corp has issued a company filing announcing the termination of the merger agreement with 26 Capital Acquisition Corp. The move involves the US listing of the operator of the Okada Manila casino resort.

The company alleged repeated contractual breaches by 26 Capital, leading to an upcoming trial scheduled for July 10. 26 Capital has dismissed the allegations as ‘baseless’ and claimed that the litigation is without merit.

A merger agreement announced in October 2021 was intended to allow Universal to list on the Nasdaq and combine Universal with its Philippine subsidiary Tiger Resorts Asia, which regained control of Okada Manila in September 2022. 

However, Universal Entertainment called off the agreement, accusing 26 Capital of disregarding SEC laws and misleading investors. The original completion timeline for the agreement was set for June 2022 but was later changed to September 30, 2023.

Capital 26 stated it “remains fully committed to closing the transaction and improving the merged company’s corporate governance.”