In an effort to revoke a previously arranged merger agreement that would have seen the company listed on the NASDAQ, the operating entities of the Philippines integrated resort Okada Manila have filed a number of counterclaims against the US-based SPAC firm 26 Capital Acquisition Corp. The counterclaims, which have been filed with the Delaware Court of Chancery, are a reaction to a complaint that 26 Capital and its founder, Jason Ader, filed in early February. In that litigation, they claimed that the Okada Manila businesses had broken their agreement to complete the merger as soon as possible. The lawsuit further requested that the court grant the consummation order.

Read more: https://www.asgam.com/index.php/2023/03/19/okada-manila-parents-looking-to-terminate-merger-agreement-for-us-listing-accuse-spac-partner-of-fraud-and-breaching-us-securities-laws/