26 Capital and UERI extend merger agreement end date
26 Capital Acquisition Corp. and UE Resorts International (UERI) have extended their merger agreement end date.
The groups reiterated their “mutual commitment to and strong support of” the previously announced agreement dated 15 October 2021 by jointly consenting to extend the termination date.
Both parties have agreed to extend the date from 1 October 2022 until 1 October 2023.
“The extension of the termination date illustrates the commitment on the part of both parties to successfully close the merger transaction contemplated by the agreement,” a statement from 26 Capital read. “The amendment will provide additional time to complete the transaction. Both parties remain dedicated to working to close the transaction as expeditiously as possible.
“Upon closing of the transaction, UERI will become a publicly traded company and have its common stock and warrants listed on Nasdaq. When completed, the merger will bring together the complementary strengths of both organisations allowing the publicly traded company to unlock value and drive growth opportunities for the business and its shareholders.”
26 Capital Chairman and CEO Jason Ader commented: “I remain extremely excited about this transaction and the opportunity for our investors to participate in one of the fastest growing Asian gaming markets.
“The fact that Universal Entertainment is willing to extend the agreement by a year demonstrates the dedication of both parties to complete the merger.”
Last month, Gambling Insider spoke to Ader, who discussed Universal Entertainment’s reclamation of the Okada Manila, which was taken by force in May this year by the company’s deposed Co-Founder and board member, Kazuo Okada.
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