Okada Manila Delays Nasdaq Listing to September Amid Leadership Dispute

Okada Manila is postponing its listing on the stock exchange to September as it prepares for a merger with the special purpose acquisition company 26 Capital Acquisition Corp. This merger was first announced in October 2021. 26 Capital, which went public on the Nasdaq stock exchange in January 2021, is led by activist investor Jason Ader. Initially, the merger was scheduled for June 30, 2022. Recently, TRLEI stated it would file criminal charges following a violent incident at the Okada Manila resort, where individuals led by the founder, Kazuo Okada, forcibly entered and occupied the property. Prior to this, TRLEI had sought a reconsideration from the Second Division of the Supreme Court of the Philippines regarding a 'status quo' order that removed Kazuo Okada from his positions in the company in 2017 over alleged funds misappropriation.