{"id":777009109,"date":"2023-09-11T08:12:17","date_gmt":"2023-09-11T11:12:17","guid":{"rendered":"https:\/\/focusgn.com\/asia-pacific\/?p=777009109"},"modified":"2026-04-22T18:13:01","modified_gmt":"2026-04-22T21:13:01","slug":"universal-ent-expects-26-capital-to-appeal-merger-ruling","status":"publish","type":"post","link":"https:\/\/focusgn.com\/asia-pacific\/universal-ent-expects-26-capital-to-appeal-merger-ruling","title":{"rendered":"Universal Ent expects 26 Capital to appeal merger ruling"},"content":{"rendered":"\n<p>Universal Entertainment anticipates an appeal by 26 Capital after a US court ruled against a proposed US$2.5bn merger for NASDAQ listing.<\/p>\n\n\n\n<!--more-->\n\n\n\n<p>The Philippines.- Universal Entertainment Corp, the operator of Okada Manila, expects the special purpose acquisition company (SPAC) 26 Capital to appeal\u00a0against <a rel=\"noreferrer noopener\" href=\"https:\/\/focusgn.com\/asia-pacific\/universal-ent-will-not-be-forced-to-complete-okada-manila-merger\" target=\"_blank\">a recent decision by a US court judge<\/a>. The judge ruled against the completion of a proposed US$2.5bn merger aimed at listing the operator on the NASDAQ.<\/p>\n\n\n\n<p>In a statement released on Friday, Universal Entertainment noted that while the court reserved judgment until after a trial for damages, an appeal of the decision is highly likely. The legal dispute revolves around a court order related to the ownership dispute involving Kazuo Okada.<\/p>\n\n\n\n<p>The agreement\u00a0<a rel=\"noreferrer noopener\" href=\"https:\/\/focusgn.com\/asia-pacific\/okada-manila-to-go-public-by-merging-with-spac\" target=\"_blank\">announced in October 2021<\/a>\u00a0was intended to allow Universal to combine with its Philippine subsidiary Tiger Resorts Asia and list Okada on the Nasdaq. However, Universal Entertainment called off the agreement, accusing 26 Capital of disregarding SEC laws and misleading investors.\u00a0<\/p>\n\n\n\n<p>The court&#8217;s previous ruling found that enforcing the merger could lead to a foreign citizen risking a violation of a court order and that <strong>26 Capital had engaged in &#8220;inequitable conduct.&#8221;<\/strong> Universal Entertainment asserts the legitimacy of its claims. Despite the recent court decision, the possibility remains that 26 Capital may pursue damages at a later date.<\/p>\n\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Universal Entertainment anticipates an appeal by 26 Capital after a US court ruled against a proposed US$2.5bn merger for NASDAQ listing.<\/p>\n","protected":false},"author":176,"featured_media":10582,"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 anticipates an appeal from 26 Capital following a US court's rejection of their proposed US$2.5bn merger, which aimed to list Okada Manila on NASDAQ. The court cited \"inequitable conduct\" by 26 Capital and potential foreign citizen violation of a court order related to an ownership dispute involving Kazuo Okada, leading Universal to terminate the agreement. This ruling introduces uncertainty regarding the listing and potential future damages claims.","focusai_entities":"Universal Entertainment Corp, 26 Capital, Okada Manila, NASDAQ, Tiger Resorts Asia, Kazuo Okada, SEC","focusai_location":"Philippines, US","focusai_target_profile":"ceo_executive (0.9), regulator (0.9), compliance_legal (0.95), operator_casino (0.8), investor_analyst (1.0), supplier_vendor (0.7), journalist_researcher (0.9)","focusai_suggestions":[{"label":"Impact on SPAC Market?","query":"What are the broader implications of this court ruling on the viability and regulatory scrutiny of SPAC mergers, particularly for iGaming entities seeking US public listings?"},{"label":"Okada Manila's Capital Strategy?","query":"How will Universal Entertainment's capital raising strategy for Okada Manila be impacted by the failed NASDAQ listing, and what alternative financing avenues might be explored?"}],"footnotes":""},"categories":[439,158,16333],"tags":[8986,23749],"class_list":["post-777009109","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-legal-news","category-slider-home","category-south-east-asia-news","tag-okada-manila","tag-universal-entertainment-corporation"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777009109","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=777009109"}],"version-history":[{"count":2,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777009109\/revisions"}],"predecessor-version":[{"id":777009132,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777009109\/revisions\/777009132"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/10582"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=777009109"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=777009109"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=777009109"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}