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26 Capital Acquisition Corp, a special purpose acquisition company (SPAC) listed on the Nasdaq stock market in the United States, has announced what it termed as “liquidation”. The move follows an adverse court ruling regarding a merger deal with the operator of the Okada Manila casino resort, located in the Philippine capital, that would involve the listing on Nasdaq of the merged entity.
A U.S. court in Delaware ruled on September 7 that Okada Manila’s parent company, Japanese conglomerate Universal Entertainment Corp, did not have to complete the merger.
In a press release on Thursday, 26 Capital announced that it would “be unable to complete” the “business combination” with the Universal Entertainment within a previously agreed time frame due to the court’s decision.
26 Capital “intends to liquidate” a trust account related to the merger deal “effective as of the close of business on September 21”, it said.
The firm stated it expected that the operator of the Nasdaq stock exchange would, in turn, link up with the U.S. Securities and Exchange Commission to delist 26 Capital’s securities.
In its latest press release, 26 Capital said it was still “committed to vigorously pursuing all available remedies” against the Universal Entertainment side, “including damages”.
