26 Capital in a regulatory filing expanded its previous agreement with Okada Manila casino operator Tiger Resort Asia to “irrevocably waive” rights by either side to terminate the merger deal. The parties in June initially agreed to waive termination rights only until Oct. 1. Even though the latest regulatory filing states termination rights are “irrevocably” waived, the SPAC in a press release cited a new outside date of Oct. 1, 2023 to seal the deal.
Tiger Resort Asia also agreed the SPAC may sell debt securities, warrants or other rights to acquire any debt securities up to $5 million.
This deal has been fraught with drama almost since the day it was announced nearly a year ago.
A shareholder meeting to vote on the proposed merger was postponed in June in the wake of a criminal investigation instigated by the casino’s parent company, Universal Entertainment Corporation, against casino founder Kazou Okada and others.
Okada Manila is to be listed on the stock exchange through the SPAC merger, which was announced last October. June 30 was the original target date for the merger completion and Nasdaq listing.
Also in June, Tiger Resort announced that it would file criminal charges after a number of people – allegedly led by Kazou Okada – “violently entered and occupied” the company’s resort in Manila, Phillipines.
Before this, Tieger Resort had filed a motion for the Second Division of the Supreme Court of the Philippines to reconsider a “status quo” order, which saw Okada removed from his roles within the company five years ago due to what the business called a “misappropriation” of funds. Read more.
