Universal plans to merge with 26 Capital by September 30

Universal Entertainment Group has extended the deadline to merge with 26 Capital Acquisition Corp.

The Philippines.- Universal Entertainment Corp has announced that it has extended the June 30 deadline for its merger with 26 Capital Acquisition Corp by three months to gain time to submit risk information in a registration statement with the US Securities and Exchange Commission. 

The merger is intended to allow Universal to list on the Nasdaq and combine Universal with its Philippine subsidiary Tiger Resorts Asia, which controlled Okada Manila before the return of Kazuo Okada (the cause of the delay to the merger).

Once the framework conditions are in place, the company hopes to complete the merger before the new deadline of September 30.

Universal Entertainment has announced a formal indictment against Kazuo Okada and his associates Antonion Cojuangco and Dindo Espeleta for the violent takeover of the Okada Resort in Manila. The operator had reported that three Philippine banks had frozen accounts held by Okada Manila. However, Kazuo Okada’s group says all financial obligations are being met.