The United States-based Special Acquisition Company (SPAC) 26 Capital has informed that it has received a ‘notice of termination’ from the operator of Okada Manila regarding the planned listing on NASDAQ, which it deems to be ‘baseless’.
In a written statement, the company claims that Okada operator Tiger Resorts Asia Ltd has ‘engaged in repeated contractual breaches to avoid closing’- leading to the upcoming trial on July 10th over the group’s exit from a proposed acquisition and listing on the US marketplace.
The group further claims that allegations against 26 Capital ‘are meritless’.
The litigation harks back to an October, 2021 agreement to take the company public on NASDAQ via the SPAC, which Okada Manila parent company Universal Entertainment called off.
At the time, the company had called out 26 Capital for alleged disregard of SEC laws, and misleading of investors over the listing.
The initial agreement had been expected to be completed by June of 2022, later being changed to September of 2023.
The case between the companies starts on July 10th, with Capital 26 noting it ‘remains fully committed to closing the transaction and improving the merged company’s corporate governance’.