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Okada Manila Challenges SPAC Merger, Alleges Fraud by Ader

Okada Manila's operating entities, including Tiger Resort Asia Ltd and other affiliates, have filed counterclaims against SPAC firm 26 Capital Acquisition Corp and its founder, Jason Ader, seeking to terminate their merger agreement intended to list Okada Manila on NASDAQ. The UEC Parties allege that Ader engaged in fraudulent behavior, violated US securities laws, and breached the merger agreement.

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Okada Manila Hits 26 Capital with Fraud Claims, Seeks to Block Merger

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.
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.

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Okada Manila Parents Seek to End Merger, Accuse SPAC Partner of Fraud and Securities Violations

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. 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.

https://www.asgam.com/index.ph....p/2023/03/19/okada-m

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