26 Capital Acquisition Corp. and UE Resorts International (UERI) have postponed the cutoff date for their amalgamation accord.
Although the initial arrangement was unveiled on October 15, 2021, both sides reiterated their “mutual dedication and complete backing” for the consolidation and consented to prolong the termination period.
Initially slated to lapse on October 1, 2022, the deadline has been extended to October 1, 2023.
“The postponement demonstrates the commitment of both sides to effectively finalize the proposed business amalgamation transaction,” 26 Capital stated in a media announcement. “The extension will furnish supplementary time for the closing of the transactions. Both sides remain dedicated to concluding the transactions as soon as feasible.”
Upon completion of the merger, UERI will transform into a publicly listed company with its ordinary shares and warrants listed on NASDAQ, utilizing the strengths of both entities to unlock value and generate growth prospects for the combined enterprise and its stakeholders.
“I remain incredibly enthusiastic about this transaction and the chance for our investors to partake in one of the most rapidly expanding gaming sectors in Asia,” remarked Jason Ader, Chairman and CEO of 26 Capital.
The one-year extension of the agreement by Universal Entertainment demonstrates a continued mutual desire to conclude the merger.”
In a recent discussion with *Gaming Inside*, Adelson addressed Universal Entertainment’s ongoing legal dispute to regain authority over Okada Manila. He recounted the removal of Kazuo Okada, a co-founder and board member, from the company, followed by Okada’s unlawful takeover of Okada Manila in May.
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