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26 Capital Acquisition Corp. (NASDAQ: ADER) and UE Resorts International, Inc. (UERI) have extended their merger agreement termination date from October 1, 2022, to October 1, 2023. This extension demonstrates the commitment of both parties to finalize the merger, which aims to transition UERI into a publicly traded entity on Nasdaq. The merger is expected to unlock value and growth opportunities for shareholders, particularly in the rapidly growing Asian gaming market. CEO Jason Ader expressed enthusiasm for the transaction and its potential benefits for investors.
26 Capital Acquisition Corp. (NASDAQ: ADER) has postponed the record date and special meeting for stockholders regarding the merger with UE Resorts International, Inc. The new dates will be announced soon. Recent events at Okada Manila, including an illegal occupation led by former director Kazuo Okada, have raised serious concerns. Universal Entertainment Corp. has highlighted ongoing legal issues related to this incident, affecting the merger process. The deadline for the Merger Agreement has been extended to September 30, 2022.
26 Capital Acquisition Corp. (NASDAQ: ADER) announced that the SEC has declared effective its Form F-4 registration statement for the proposed merger with UE Resorts International, Inc. This merger will result in Okada Manila becoming publicly traded. A special meeting for stockholders to approve the business combination is set for June 28, 2022. The new company will trade under the ticker symbols "UERI" and "UERIW" on Nasdaq.
26 Capital Acquisition Corp. (NASDAQ: ADER) reported impressive financial results for Okada Manila, which exceeded expectations in Q4 and full-year 2021. Total revenue reached $399.6 million, surpassing forecasts by $82 million and marking a 24% increase from 2020. Adjusted EBITDA stood at $46.8 million, exceeding projections by 122%. Q4 revenue jumped 74% to $148 million with a market share of 36.5% in December. Management anticipates continued growth, projecting EBITDA to exceed $500 million by 2025.
Okada Manila International, Inc., a subsidiary of Universal Entertainment, and 26 Capital Acquisition Corp. announced plans to respond to the New York State Gaming Commission's request for information regarding three new casino licenses. These licenses are part of the last batch authorized by a 2013 ballot measure. With Okada Manila now operating under the name UE Resorts International, Inc., the response will be submitted under this new name.
Okada Manila International, Inc. has officially changed its name to UE Resorts International, Inc. to reflect its global expansion ambitions. This transition aligns with its merger with 26 Capital Acquisition Corporation (NASDAQ: ADER), aimed at becoming publicly traded and potentially securing $275 million in cash. The integrated resort in Manila, one of Asia's largest, boasts extensive gaming facilities and luxury accommodations, with plans to increase its gaming capacity significantly by 2022.
