Welcome to our dedicated page for 26 Capital Acquisition news (Ticker: ADER), a resource for investors and traders seeking the latest updates and insights on 26 Capital Acquisition stock.
26 Capital Acquisition Corp. (NASDAQ: ADER) is a publicly traded special purpose acquisition company (SPAC) based in Miami, Florida. Founded by Jason Ader, a renowned expert in gaming, gaming technology, lodging, entertainment, and internet commerce, the firm is dedicated to identifying promising acquisition targets with significant growth opportunities. 26 Capital aims to enhance these opportunities using its extensive experience and proven track record of creating and unlocking value.
The company garnered attention for its merger agreement with Okada Manila, a premier destination casino resort in Asia and the largest integrated resort in the Philippines, which is currently operated by Tiger Resort, Leisure and Entertainment Inc. The transaction, valued at approximately $2.6 billion, aims to make Okada Manila a publicly traded entity listed on NASDAQ.
Upon completion of the merger, 26 Capital is expected to provide Okada Manila with up to $275 million in available cash, facilitating growth opportunities and general corporate purposes. The integrated resort spans over 50 acres and boasts nearly 35,000 square meters of gaming space, including 599 gaming tables and 4,263 electronic gaming machines. The property also features luxury hotel rooms, a retail boulevard, multiple dining options, and one of the world's largest multicolor dancing and musical fountains.
Recent developments indicate strong financial performance from Okada Manila, surpassing revenue and Adjusted EBITDA projections for the fiscal year 2021. Despite the challenges posed by the COVID-19 pandemic, the resort achieved a market share of 36.5% in Entertainment City by December 2021.
However, the merger process has faced hurdles, including legal disputes and a purported notice of termination by Tiger Resorts Asia Ltd, which 26 Capital believes to be baseless. A pending trial in Delaware will address these issues. Despite these challenges, 26 Capital remains committed to closing the transaction and improving the merged company's corporate governance.
To learn more and stay updated, investors can visit the company's official website.
26 Capital Acquisition Corp. (NASDAQ: ADER) and UE Resorts International, Inc. (UERI) have extended their merger agreement termination date from October 1, 2022, to October 1, 2023. This extension demonstrates the commitment of both parties to finalize the merger, which aims to transition UERI into a publicly traded entity on Nasdaq. The merger is expected to unlock value and growth opportunities for shareholders, particularly in the rapidly growing Asian gaming market. CEO Jason Ader expressed enthusiasm for the transaction and its potential benefits for investors.
26 Capital Acquisition Corp. (NASDAQ: ADER) has postponed the record date and special meeting for stockholders regarding the merger with UE Resorts International, Inc. The new dates will be announced soon. Recent events at Okada Manila, including an illegal occupation led by former director Kazuo Okada, have raised serious concerns. Universal Entertainment Corp. has highlighted ongoing legal issues related to this incident, affecting the merger process. The deadline for the Merger Agreement has been extended to September 30, 2022.
26 Capital Acquisition Corp. (NASDAQ: ADER) announced that the SEC has declared effective its Form F-4 registration statement for the proposed merger with UE Resorts International, Inc. This merger will result in Okada Manila becoming publicly traded. A special meeting for stockholders to approve the business combination is set for June 28, 2022. The new company will trade under the ticker symbols "UERI" and "UERIW" on Nasdaq.
26 Capital Acquisition Corp. (NASDAQ: ADER) reported impressive financial results for Okada Manila, which exceeded expectations in Q4 and full-year 2021. Total revenue reached $399.6 million, surpassing forecasts by $82 million and marking a 24% increase from 2020. Adjusted EBITDA stood at $46.8 million, exceeding projections by 122%. Q4 revenue jumped 74% to $148 million with a market share of 36.5% in December. Management anticipates continued growth, projecting EBITDA to exceed $500 million by 2025.
Okada Manila International, Inc., a subsidiary of Universal Entertainment, and 26 Capital Acquisition Corp. announced plans to respond to the New York State Gaming Commission's request for information regarding three new casino licenses. These licenses are part of the last batch authorized by a 2013 ballot measure. With Okada Manila now operating under the name UE Resorts International, Inc., the response will be submitted under this new name.
Okada Manila International, Inc. has officially changed its name to UE Resorts International, Inc. to reflect its global expansion ambitions. This transition aligns with its merger with 26 Capital Acquisition Corporation (NASDAQ: ADER), aimed at becoming publicly traded and potentially securing $275 million in cash. The integrated resort in Manila, one of Asia's largest, boasts extensive gaming facilities and luxury accommodations, with plans to increase its gaming capacity significantly by 2022.
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