Okada Manila International Inc. (OMI) will be listed on the US NASDAQ through a merger with 26 Capital Acquisitions Corp, a special purpose acquisition company listed on the US NASDAQ.
In a disclosure to the Tokyo Stock Exchange, Universal Entertainment Corporation (UEC), the parent company of Tiger Resort Asia Limited (TRA) and the ultimate parent company of Tiger Resort Leisure and Entertainment Inc., disclosed the “listing of subsidiary on the US NASDAQ by way of the merger with 26 Capital Acquisition Corp.
This is according to AsiaBest Group International, the listed vehicle of Tiger Resorts group in the Philippine Stock Exchange which owns the $2 billion Okada Manila.
In the disclosure, TRA, TRLEI, OMI and Project Tiger Merger Sub (wholly owned US subsidiary of OMI) will enter into the Agreement and Plan of Merger and Share Acquisition with 26 Capital.
After closing of the series of the transactions, OMI will be listed on the US NASDAQ and 26 Capital will be delisted. 26 Capital will become a wholly-owned subsidiary of OMI, and SPAC shareholders will receive OMI American Depositary Shares representing the OMI common shares as the underlying shares.
The disclosure also stated that “The Merger is conditional on, among others, the approval of the shareholders of 26 Capital, approval for the OMI ADS and the OMI Warrants, xxx, to be listed on the NASDAQ, the registration statements under the US Securities Act related to the issuance of the OMI ADS and OMI Warrants being effective, and the completion of the Reorganization Prior to the Merger. The Closing on the Merger and the listing are expected to be completed no later than the end of June 2022.”
The parent company of ABG has reiterated that the listing of OMI to the US NASDAQ does not affect its plans to commercially operate ABG.
The plans had just been delayed primarily because of the pandemic which has affected most, if not all industries, and more so the resort, leisure and entertainment industry.
“ABG has been informed by its parent companies that the plan to fold-in operations of Okada Manila still remain and that they intend to commence commercial operations in the ensuing year and conduct the required public offering,” ABG said.
It added that, “We will communicate with the Exchange more detailed information within the first quarter of 2022 and should there be any change in the disclosed plans, we undertake to immediately inform the Exchange and the public of the same.”