{"id":34105,"date":"2022-10-04T18:57:43","date_gmt":"2022-10-04T21:57:43","guid":{"rendered":"https:\/\/focusgn.com\/asia-pacific\/?p=34105"},"modified":"2026-04-23T04:16:39","modified_gmt":"2026-04-23T07:16:39","slug":"universal-postpones-nasdaq-listing-due-to-okada-dispute","status":"publish","type":"post","link":"https:\/\/focusgn.com\/asia-pacific\/universal-postpones-nasdaq-listing-due-to-okada-dispute","title":{"rendered":"Universal postpones Nasdaq listing due to Okada dispute"},"content":{"rendered":"\n

Universal Entertainment will push back its listing on the Nasdaq stock exchange by up to a year due to the legal dispute with Kazuo Okada.<\/p>\n\n\n\n\n\n\n\n

The Philippines.- Universal Entertainment Corp<\/strong> has decided to put back its planned SPAC merger with 26 Capital Acquisition Corp<\/a>. It had initially planned to make the merger by September 30, but may now wait up to year due to its legal dispute with Kazuo Okada over control of Okada Manila.<\/p>\n\n\n\n

The merger was intended to allow Universal to list on the Nasdaq and combine Universal with its Philippine subsidiary Tiger Resorts Asia, which has recently regained control of Okada Manila<\/a>. However, it’s facing the prospect of legal wrangling due to Kazuo Okada’s attempt to regain control of the Philippine venue.<\/p>\n\n\n\n

Universal Entertainment said it will take time to \u201cnormalise the operating structure after the company\u2019s group regained control of Okada Manila facility and operations\u2026 and to amend the registration statement on form F-4 under the US Securities Act that UERI filed with the US Securities and Exchange Commission for the merger.\u201d<\/p>\n\n\n\n

In September, Universal Entertainment filed criminal charges against Kazuo Okada<\/a> and his team in Hong Kong. According to the company, Okada\u2019s team committed \u201cfraud and violence\u201d in their physical takeover of Okada Manila,<\/p>\n\n\n\n

The indictment states that Tiger Resorts Asia Limited (TRAL) had suffered an unfair paralysis of the activities of Tiger Resorts Leisure and Entertainment (TRLEI) and Okada Manila due to criminal activities and had suffered a significant and irreparable loss.<\/p>\n\n\n\n

Earlier this week, a Philippine Department of Justice (DOJ) <\/strong>panel indicted Kazuo Okada and three other people<\/a> for grave coercion after their seizure of control of the casino complex on May 31. Those accused alongside Okada are business partners Antonio \u201cTonyboy\u201d Cojuangco, Dindo Espeleta and Florentino \u201cBinky\u201d Herrera III.<\/p>\n\n\n\n

They are accused of taking over the integrated resort facilities by force. Although Okada was not present during the takeover, he was included by DOJ prosecutors in the indictment because \u201cthe incident happened with his prior knowledge, assent or imprimatur.\u201d <\/p>\n","protected":false},"excerpt":{"rendered":"

Universal Entertainment will push back its listing on the Nasdaq stock exchange by up to a year due to the legal dispute with Kazuo Okada.<\/p>\n","protected":false},"author":176,"featured_media":17254,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"is_press_release":false,"is_interview":false,"is_opinion":false,"focusai_summary":"Universal Entertainment has postponed its planned Nasdaq listing via a SPAC merger with 26 Capital Acquisition Corp by up to a year. This delay is attributed to ongoing legal disputes with Kazuo Okada regarding the control and operational normalization of Okada Manila, following recent criminal indictments in both Hong Kong and the Philippines.","focusai_entities":"Universal Entertainment, Kazuo Okada, 26 Capital Acquisition Corp, Tiger Resorts Asia, Tiger Resorts Leisure and Entertainment, Antonio \u201cTonyboy\u201d Cojuangco, Dindo Espeleta, Florentino \u201cBinky\u201d Herrera III, US Securities and Exchange Commission, Philippine Department of Justice","focusai_location":"Philippines, Hong Kong, United States","focusai_target_profile":"ceo_executive (0.95), regulator (0.9), compliance_legal (0.98), operator_casino (0.9), investor_analyst (0.98), supplier_vendor (0.75), journalist_researcher (0.9)","focusai_suggestions":[{"label":"Nasdaq Listing Impact","query":"What are the specific financial implications for Universal Entertainment and 26 Capital Acquisition Corp resulting from this extended Nasdaq listing delay, particularly concerning SPAC redemption timelines and investor sentiment?"},{"label":"Okada Manila Governance","query":"How will the ongoing legal disputes and criminal indictments impact the long-term governance framework and operational stability of Okada Manila, and what measures are being implemented to mitigate these risks?"}],"footnotes":""},"categories":[157,158,16333],"tags":[8986],"class_list":["post-34105","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-news","category-slider-home","category-south-east-asia-news","tag-okada-manila"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/34105","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/users\/176"}],"replies":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/comments?post=34105"}],"version-history":[{"count":4,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/34105\/revisions"}],"predecessor-version":[{"id":34141,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/34105\/revisions\/34141"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/17254"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=34105"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=34105"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=34105"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}