{"id":777006843,"date":"2023-07-03T09:36:07","date_gmt":"2023-07-03T12:36:07","guid":{"rendered":"https:\/\/focusgn.com\/asia-pacific\/?p=777006843"},"modified":"2026-04-22T20:27:15","modified_gmt":"2026-04-22T23:27:15","slug":"okada-manila-terminates-listing-on-nasdaq","status":"publish","type":"post","link":"https:\/\/focusgn.com\/asia-pacific\/okada-manila-terminates-listing-on-nasdaq","title":{"rendered":"Okada Manila terminates listing on NASDAQ"},"content":{"rendered":"\n<p>Universal Entertainment Corp has ended its deal with 26 Capital Acquisition Corp, a US-listed special purpose acquisition company (SPAC).<\/p>\n\n\n\n<!--more-->\n\n\n\n<p>The Philippines.-<strong> Universal Entertainment Corp<\/strong> has issued a company filing announcing the termination of the merger agreement with <strong>26 Capital Acquisition Corp<\/strong>. The move involves the US listing of the operator of the <strong>Okada Manila casino resort<\/strong>.<\/p>\n\n\n\n<p>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 &#8216;baseless&#8217; and claimed that the litigation is without merit.<\/p>\n\n\n\n<p>A merger agreement&nbsp;<a target=\"_blank\" href=\"https:\/\/focusgn.com\/asia-pacific\/okada-manila-to-go-public-by-merging-with-spac\" rel=\"noreferrer noopener\">announced in October 2021<\/a>&nbsp;was intended to allow Universal to list on the Nasdaq and combine Universal with its Philippine subsidiary Tiger Resorts Asia, which&nbsp;<a target=\"_blank\" href=\"https:\/\/focusgn.com\/asia-pacific\/tral-and-universal-entertainment-retake-control-of-okada-manila\" rel=\"noreferrer noopener\">regained control of Okada Manila<\/a>&nbsp;in September 2022.&nbsp;<\/p>\n\n\n\n<p>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&nbsp;<a rel=\"noreferrer noopener\" href=\"https:\/\/focusgn.com\/asia-pacific\/universal-plans-to-merge-with-26-capital-by-september-30\" target=\"_blank\">to September 30, 2023<\/a>.<\/p>\n\n\n\n<p>Capital 26 stated it &#8220;remains fully committed to closing the transaction and improving the merged company\u2019s corporate governance.&#8221;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Universal Entertainment Corp has ended its deal with 26 Capital Acquisition Corp, a US-listed special purpose acquisition company (SPAC).<\/p>\n","protected":false},"author":176,"featured_media":777006346,"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 Corp has terminated its merger agreement with 26 Capital Acquisition Corp, which aimed to list the Okada Manila casino resort on Nasdaq. Universal Entertainment alleges repeated contractual breaches and disregard for SEC laws by 26 Capital, leading to an upcoming trial. 26 Capital refutes these claims, asserting commitment to the transaction.","focusai_entities":"Universal Entertainment Corp, 26 Capital Acquisition Corp, Okada Manila, Tiger Resorts Asia, Nasdaq, SEC","focusai_location":"Philippines, US","focusai_target_profile":"ceo_executive (1.0), regulator (0.9), compliance_legal (1.0), operator_casino (0.9), investor_analyst (1.0), supplier_vendor (0.7), journalist_researcher (1.0)","focusai_suggestions":[{"label":"SEC Allegations Impact","query":"Beyond the contractual breaches, what specific SEC regulatory compliance failures are alleged against 26 Capital, and what are the potential enforcement implications for the SPAC market?"},{"label":"Okada Manila Capital Strategy","query":"Given the failed Nasdaq listing via SPAC, what alternative capital markets strategies might Universal Entertainment pursue to optimize Okada Manila's valuation and fund future growth initiatives?"}],"footnotes":""},"categories":[157,16333],"tags":[8986],"class_list":["post-777006843","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-news","category-south-east-asia-news","tag-okada-manila"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777006843","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=777006843"}],"version-history":[{"count":3,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777006843\/revisions"}],"predecessor-version":[{"id":777006870,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777006843\/revisions\/777006870"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/777006346"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=777006843"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=777006843"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=777006843"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}