Okada Manila delays Nasdaq listing to September amid leadership dispute
Universal Entertainment Corporation - the parent company of Okada Manila operator Tiger Resort, Leisure and Entertainment (TRLEI) - has delayed Tiger Resort's listing on the Nasdaq stock exchange by three months until 30 September 2022.
Okada Manila is to be listed on the stock exchange through a merger with special purpose acquisition company 26 Capital Acquisition Corp, which was announced in October 2021.
26 Capital is led by “activist investor” Jason Ader. The company was listed on the Nasdaq stock exchange in January 2021.
Okada Manila was initially supposed to merge with 26 Capital, allowing it to list on the exchange, on 30 June 2022.
Earlier this month, TRLEI announced that it would file criminal charges after a number of people - led by Okada founder Kazuo Okada - “violently entered and occupied” its Okada Manila resort.
Before this, TRLEI filed a motion for the Second Division of the Supreme Court of the Philippines to reconsider a “status quo” order, which saw Kazuo Okada removed from his roles within the company in 2017 due to what the business called a “misappropriation” of funds.