Toji Takeuchi
The operating entities of Philippines integrated resort Okada Manila have filed a series of counterclaims against US-based SPAC firm 26 Capital Acquisition Corp, seeking to terminate a previously planned merger agreement that would have seen the company listed on the NASDAQ.
Okada Manila parents looking to terminate merger agreement for US listing, accuse SPAC partner of fraud and breaching US securities laws
The counterclaims, lodged with the Delaware Court of Chancery, are in response to a lawsuit filed by 26 Capital and its founder, Jason Ader, in early February which alleged the Okada Manila entities had breached their obligations under the merger agreement to consummate the merger promptly. The lawsuit also called on the court to order the consummation to take place.
However, in a lengthy 103-page response, the so-called UEC Parties – comprising Tiger Resort Asia Ltd (TRA), Tiger Resort, Leisure and Entertainment, Inc (TRLEI), UE Resorts International Inc and Project Tiger Merger Sub Inc – call for the agreement to be terminated, accusing Ader of fraud, of breaching US securities laws and of breaching the terms of the merger agreement.
https://www.asgam.com/index.php/2023/03/19/okada-manila-parents-looking-to-terminate-merger-agreement-for-us-listing-accuse-spac-partner-of-fraud-and-breaching-us-securities-laws/