{"id":5770,"date":"2023-09-25T05:09:36","date_gmt":"2023-09-25T05:09:36","guid":{"rendered":"https:\/\/slategray-wallaby-310340.hostingersite.com\/index.php\/2023\/09\/25\/26-capital-initiates-delisting-and-liquidation-following-okada-manila-merger-setback\/"},"modified":"2023-09-25T05:09:36","modified_gmt":"2023-09-25T05:09:36","slug":"26-capital-initiates-delisting-and-liquidation-following-okada-manila-merger-setback","status":"publish","type":"post","link":"https:\/\/casino-online-best.com\/index.php\/2023\/09\/25\/26-capital-initiates-delisting-and-liquidation-following-okada-manila-merger-setback\/","title":{"rendered":"26 Capital Initiates Delisting and Liquidation Following Okada Manila Merger Setback"},"content":{"rendered":"<div>\n<p>In a significant turn of events, 26 Capital Acquisition Corp, a special purpose acquisition company (SPAC) listed on the Nasdaq stock market in the United States, has announced its decision to undergo \u201cliquidation.\u201d This decision comes in the wake of an adverse court ruling concerning a proposed merger deal with the operator of the Okada Manila casino resort, situated in the heart of the Philippine capital, which had plans for the merged entity to be listed on Nasdaq.<\/p>\n<p>On September 7, a U.S. court in Delaware delivered a ruling that exempted Okada Manila\u2019s parent company, the Japanese conglomerate Universal Entertainment Corp, from fulfilling the merger agreement.<\/p>\n<div class=\"main-org-3-item-ins box-100 relative mb-4\">\n<div class=\"space-org-3-items box-100 relative\">\n<div class=\"box-100 space-org-3-item relative border-tb mt-1 \">\n<div class=\"space-org-3-item-ins box-100 relative\">\n<div class=\"space-org-3-item-logo box-25 relative\">\n<div class=\"space-org-3-item-logo-ins box-100 text-center relative\">\n<div class=\"space-org-logo-title-box box-100 text-left relative\">\n<div class=\"space-org-3-item-logo-box box-25 relative img-radius\">\n\t\t<a href=\"https:\/\/7bit.partners\/p617d974b\" title=\"Visit Site\" target=\"_blank\" rel=\"nofollow noopener\"><br \/>\n\t\t<amp-img alt=\"7Bit Casino\" src=\"https:\/\/igaming.org\/wp-content\/uploads\/2023\/01\/7BitCasino.png\" width=\"50\" height=\"50\" layout=\"fixed\"><br \/>\n\t\t<\/amp-img><br \/>\n\t\t<\/a>\n\t\t<\/div>\n<div class=\"space-org-3-item-logo-title box-25 relative py-10\">\n\t\t<a href=\"https:\/\/7bit.partners\/p617d974b\" title=\"7Bit Casino\" target=\"_blank\" rel=\"nofollow noopener\">7Bit Casino<\/a>\n\t\t<\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<div class=\"space-org-3-item-terms box-25 relative\">\n<div class=\"space-org-3-item-terms-ins box-100 text-center relative\">\n\t\t<strong>177% up to 5BTC + 77 <strong>\u00a0Free Spins<\/strong>!<\/strong><br \/>\n\t\t<\/p>\n<div class=\"pt-1\">New players only. Exclusive Welcome Bonus of 177% + 77 Free Spins\n<\/div>\n<\/p><\/div>\n<\/p><\/div>\n<div class=\"space-org-3-item-rating box-25 relative mb-10\">\n<div class=\"rating-box text-center box-100  relative\">\n<div class=\"space-org-3-item-rating-box relative\">\n<div class=\"stars\"><span class=\"star on\"><\/span><span class=\"star on\"><\/span><span class=\"star on\"><\/span><span class=\"star on\"><\/span><span class=\"star on\"><\/span><\/div>\n<div class=\"space-org-rating-notice relative\">Casino<\/div>\n<\/p><\/div>\n<p>\t\n\t\t\t\t <\/div>\n<\/p><\/div>\n<div class=\"space-org-3-item-button box-25 relative\">\n<div class=\"space-org-3-item-button-ins box-100 text-center relative\">\n\t\t\t\t<a href=\"https:\/\/7bit.partners\/p617d974b\" title=\"Visit Site\" target=\"_blank\" rel=\"nofollow noopener\">\tVisit Site<\/a>\n\t\t\t<\/div>\n<\/p><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<p>As a result of this court ruling, 26 Capital issued a press release stating that it would be unable to complete the planned \u201cbusiness combination\u201d with Universal Entertainment within the agreed-upon timeframe due to the legal setback.<\/p>\n<p>26 Capital further revealed its intention to initiate the liquidation of a trust account associated with the merger deal, effective as of September 21. Additionally, the company expressed its expectation that the Nasdaq stock exchange operator would collaborate with the U.S. Securities and Exchange Commission (SEC) to delist 26 Capital\u2019s securities.<\/p>\n<p>In the same press release, 26 Capital affirmed its commitment to aggressively pursuing all available legal remedies against Universal Entertainment, including seeking damages.<\/p>\n<div class=\"main-org-3-item-ins box-100 relative mb-4\">\n<div class=\"space-org-3-items box-100 relative\">\n<div class=\"box-100 space-org-3-item relative border-tb mt-1 \">\n<div class=\"space-org-3-item-ins box-100 relative\">\n<div class=\"space-org-3-item-logo box-25 relative\">\n<div class=\"space-org-3-item-logo-ins box-100 text-center relative\">\n<div class=\"space-org-logo-title-box box-100 text-left relative\">\n<div class=\"space-org-3-item-logo-box box-25 relative img-radius\">\n\t\t<a href=\"https:\/\/katsubet.partners\/p49d913a1\" title=\"Visit Site\" target=\"_blank\" rel=\"nofollow noopener\"><br \/>\n\t\t<amp-img alt=\"Katsubet\" src=\"https:\/\/igaming.org\/wp-content\/uploads\/2023\/01\/Katsubet.png\" width=\"50\" height=\"50\" layout=\"fixed\"><br \/>\n\t\t<\/amp-img><br \/>\n\t\t<\/a>\n\t\t<\/div>\n<div class=\"space-org-3-item-logo-title box-25 relative py-10\">\n\t\t<a href=\"https:\/\/katsubet.partners\/p49d913a1\" title=\"Katsubet\" target=\"_blank\" rel=\"nofollow noopener\">Katsubet<\/a>\n\t\t<\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<div class=\"space-org-3-item-terms box-25 relative\">\n<div class=\"space-org-3-item-terms-ins box-100 text-center relative\">\n\t\t<strong>5BTC or 111% + 111 Free Spins!<\/strong><br \/>\n\t\t<\/p>\n<div class=\"pt-1\">New players only. Exclusive 111% Welcome Bonus  + 111 Free Spins<\/div>\n<\/p><\/div>\n<\/p><\/div>\n<div class=\"space-org-3-item-rating box-25 relative mb-10\">\n<div class=\"rating-box text-center box-100  relative\">\n<div class=\"space-org-3-item-rating-box relative\">\n<div class=\"stars\"><span class=\"star on\"><\/span><span class=\"star on\"><\/span><span class=\"star on\"><\/span><span class=\"star on\"><\/span><span class=\"star on\"><\/span><\/div>\n<div class=\"space-org-rating-notice relative\">Casino<\/div>\n<\/p><\/div>\n<p>\t\n\t\t\t\t <\/div>\n<\/p><\/div>\n<div class=\"space-org-3-item-button box-25 relative\">\n<div class=\"space-org-3-item-button-ins box-100 text-center relative\">\n\t\t\t\t<a href=\"https:\/\/katsubet.partners\/p49d913a1\" title=\"Visit Site\" target=\"_blank\" rel=\"nofollow noopener\">\tVisit Site<\/a>\n\t\t\t<\/div>\n<\/p><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<p>The court ruling acknowledged 26 Capital\u2019s entitlement to seek damages and outlined the conditions under which the SPAC could potentially recover damages. It stated that if 26 Capital can prove a breach of the agreement, if the defendants fail to establish their affirmative defenses, and if 26 Capital adequately substantiates causally related damages, then it may have a legal basis to recover damages.<\/p>\n<p>The dispute traces back to February when 26 Capital initiated legal action against Tiger Resort, Leisure and Entertainment Inc, the promoter of Okada Manila, and other subsidiaries of Universal Entertainment, urging the prompt consummation of the previously announced merger between the two entities.<\/p>\n<p>In July of the same year, Universal Entertainment declared its decision to terminate the deal as of June 30, citing \u201cvarious material breaches of the merger agreement\u201d by 26 Capital and alleging \u201cfraudulent conduct\u201d on the part of 26 Capital. The latter firm vehemently contested these allegations, asserting they were without merit.<\/p>\n<p>At the outset of the merger deal announcement in October 2021, it implied an enterprise value of US$2.6 billion for Okada Manila. As the legal battle unfolds, the future course of action for both 26 Capital and Universal Entertainment remains uncertain.<\/p>\n<p>The post <a rel=\"nofollow\" href=\"https:\/\/igaming.org\/casino-news\/26-capital-initiates-delisting-and-liquidation-following-okada-manila-merger-setback\/\">26 Capital Initiates Delisting and Liquidation Following Okada Manila Merger Setback<\/a> appeared first on <a rel=\"nofollow\" href=\"https:\/\/igaming.org\/\">iGaming.org<\/a>.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>In a significant turn of events, 26 Capital Acquisition Corp, a special purpose acquisition company (SPAC) listed on the Nasdaq stock market in the United States, has announced its decision to undergo \u201cliquidation.\u201d This decision comes in the wake of an adverse court ruling concerning a proposed merger deal with the operator of the Okada [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"footnotes":""},"categories":[],"tags":[],"class_list":["post-5770","post","type-post","status-publish","format-standard","hentry"],"blocksy_meta":{"styles_descriptor":{"styles":{"desktop":"","tablet":"","mobile":""},"google_fonts":[],"version":6}},"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/casino-online-best.com\/index.php\/wp-json\/wp\/v2\/posts\/5770","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/casino-online-best.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/casino-online-best.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/casino-online-best.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/casino-online-best.com\/index.php\/wp-json\/wp\/v2\/comments?post=5770"}],"version-history":[{"count":0,"href":"https:\/\/casino-online-best.com\/index.php\/wp-json\/wp\/v2\/posts\/5770\/revisions"}],"wp:attachment":[{"href":"https:\/\/casino-online-best.com\/index.php\/wp-json\/wp\/v2\/media?parent=5770"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/casino-online-best.com\/index.php\/wp-json\/wp\/v2\/categories?post=5770"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/casino-online-best.com\/index.php\/wp-json\/wp\/v2\/tags?post=5770"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}