Alex Eiseman

Universal Entertainment Inc. and its affiliates with ties to the Okada Manila integrated scored a legal victory Thursday when a judge in the Delaware Court of Chancery ruled the gaming entity doesn’t need to move forward with a reverse merger proposed by Jason Ader’s 26 Capital Acquisition Corp. (NASDAQ: ADER). Citing multiple factors, Vice Chancellor Travis Laster ruled that Okada Manila isn’t obligated to proceed with a merger agreement that was originally reached in October 2021. The judge also ruled that 26 Capital — a special purpose acquisition company (SPAC) — can seek monetary damages and that he’ll make a ruling on that matter at a later date.