US-based 26 Capital Acquisition Corp has announced that it has liquidated its trust account and will terminate its registration as a NASDAQ-listed company.
According to a company press release, the liquidation took effect on September 21st, with the cancellation of public shares on September 25th.
Shareholders will be granted a per-share redemption price of ‘approximately $10.95 minus a portion of accrued interest ‘to pay taxes and dissolution expenses’.
The liquidation and delisting comes after a failed merger with Okada Manila operator Universal Entertainment Corp, aimed at bringing the Philippine gaming operator onto the US stock market.
Earlier this month, a top US judge ruled that Universal Entertainment did not have to complete the merger with the Special Purpose Acquisition Company (SPAC) ‘in part because 26 Capital “engaged in conduct that should not be rewarded”.
The ruling notes that a majority shareholder in 26 Capital had engaged in “a conspiracy to mislead Universal”.
The merger was initially proposed before Universal Entertainment’s former owner Kazuo Okada’s forced seizure of the controlling entity of Okada Manila, Tiger Resort, Leisure & Entertainment (TRLEI).
Okada was ousted from the board of TRLEI in 2017 on charges he embezzled $3 million from the company.
Pursuing all available remedies
The SPAC has announced that it is ‘committed to vigorously pursuing all available remedies […] including damages’, saying it will release new updates ‘as needed’.
In the meantime, the share redemption disbursement ‘is expected to be completed within 10 business days after September 28th, 2023’.
26 Capital is a blank cheque company formed exclusively to act as a vehicle for companies to list on the NASDAQ, with the company noting it was focused on ‘gaming, gaming technology, lodging and entertainment’.