Okada Manila operator Universal Entertainment Corp says that it is expecting Special Purpose Acquisition (SPAC) company 26 Capital to appeal a recent decision by a US court judge that the company does not have to complete a proposed $2.5 billion merger to list the operator on the NASDAQ.
According to a Friday note from Universal Entertainment, ‘the Court reserved judgment on a finding of breach until after the damages trial to be held in future. There will also likely be an appeal of the decision’.
The court had previously found that forcing the merger ‘would cause a citizen of a foreign country to risk violating an order issued by that country’s highest court’. This relates to a court order regarding the ownership spat with Kazuo Okada.
The court also found that 26 Capital had engaged in ‘inequitable conducts’.
Universal Entertainment continues to ‘assert the legitimacy of our claims in the Lawsuit’.
The court ruling still leaves open the possibility that 26 Capital could seek damages at a later date.
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