Universal Entertainment Delaying Okada Manila Nasdaq Listing
Universal Entertainment, a Japanese manufacturing business of pachinko machines and the parent organization of Okada Manila, is delaying its planned US itemization on the Nasdaq.
Universal’s cassino subsidiary, Tiger Resort, Leisure and Entertainment, Inc. (TRLEI), owns and operates Okada Manila. Universal has been planning an offering on the Nasdaq exchange to sell ownership shares in its $2.4 1000000000 integrated gambling casino resort in the Philippines.
But the recent topsy-turvyness regarding TRLEI’s governance has prompted Universal to thrust backrest its US public listing. Universal explained inward an investor discharge that the company’s merger with 26 Capital, a blank-check special design acquisition fellowship led past SpringOwl Asset Management and Jason Ader, is delaying its deadline. It now expects to go game public inwards the window from June 30, 2022, until September 30, 2022.
The decision is inwards response to Nipponese billionaire Kazuo Okada, who founded Univesal TRLEI, and reinforced Okada Manila, and recently attempted to takeover the casino’s incorporated governance. The 79-year-old claims he was wrongly ousted inwards 2017 from the companies he founded on baseless allegations that he was stealing money from the group.
An April “Status Quo Ante Order” from the Philippine Islands Supreme Margaret Court instructed Universal/TRLEI to reestablish their board arrangements to their 2017 makeups with Kazuo in charge.
Scandal Delays Listing
Kazuo Okada claims he is the rightful chairman of the Philippines gaming companies. But Ader and the ousted TRLEI board say the Philippine Islands high up court of justice monastic order does not apply the billionaire force over the group.
Ader and the TRLEI directors who were allegedly “forcibly removed” from their offices on May 31 say Kazuo’s son Takako Okada is Universal’s largest shareholder. The jr. Okada, Ader says, is “totally against his father’s actions.”
Takako Okada was among the table members who voted in 2017 to take his father from the organization’s power. TRLEI has filed criminal charges with the Department of Justice of the Philippines for the alleged offenses committed past the Kazuo-led group’s takeover of the Tiger Resort offices.
Universal, however, maintains that the scandal will non hinder the company’s plans to merge with 26 Capital and bid Okada capital of the Philippines shares on the Nasdaq.
Although the Company has extended the deadline of the Merger Agreement to September 30, 2022, thither is no more convert to the schedule announced,” the Universal notice explained.
Ader’s 26 Capital has agreed to invest upwardly to $275 zillion into Universal Entertainment as part of the merger. If the alignment goes through and through by September 30, the combined companies testament switch on the Nasdaq under the ticker “UERI” for Universal Entertainment Resorts International.
Supreme Margaret Court Appeal
A financial statement from TRLEI room members who were ousted by Kazuo late endure month requests the Philippine Islands Supreme Margaret Court intervene and declare the billionaire’s actions unlawful.
“We are calling on all governance bodies and agencies to only when sell with the logical room of TRLEI,” Universal Entertainment Director Hajime Tokuda pleaded.
After the Supreme Court’s “Status Quo Ante Order” inward April, TRLEI filed an “Urgent Motion for Reconsideration” with the high-pitched court. The courtyard has in time to say whether it testament make upward the appeal.
“We likewise urge the Philippines Securities and Exchange Commission to fulfill their mandate and turn down any try of the outlawed aggroup to wee a mockery of the incorporated institutions inward the Philippines,” Tokuda added.