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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D. C. 20549

 

FORM 8-K

 

CURRENT REPORT

 

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

 

Date of Report (Date of earliest event reported):

March 30, 2022

 

26 Capital Acquisition Corp.

(Exact Name of Registrant as Specified in Charter)

 

Delaware   001-39900   85-2695910
(State or Other Jurisdiction
of Incorporation)
  (Commission File Number)   (IRS Employer
Identification No.)

 

OfficeEdge Miami

701 Brickell Avenue

Suite 1550

Miami, Florida 33131

(Address of principal executive office and zip code)

 

(305) 709-6664

(Registrant’s telephone number, including area code)

 

Not Applicable

(Former Name or Former Address, if Changed Since Last Report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class   Trading Symbol(s)   Name of each exchange on which registered
Units, each consisting of one share of Class A common stock, par value $0.0001 per share, and one-half of one Redeemable Warrant   ADERU   The Nasdaq Stock Market LLC
Shares of Class A common stock, par value $0.0001 per share, included as part of the Units   ADER   The Nasdaq Stock Market LLC
Redeemable Warrants included as part of the Units   ADERW   The Nasdaq Stock Market LLC

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

 

Emerging growth company

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

 

 

 

 

 

 

Item 1.01   Entry Into a Material Definitive Agreement.

 

As previously reported, on October 15, 2021, 26 Capital Acquisition Corp. (“26 Capital” or the “Company”) entered into an Agreement and Plan of Merger and Share Acquisition (the “Merger and Share Acquisition Agreement”) with Tiger Resort Asia Ltd., a Hong Kong private limited company (“TRA”), Tiger Resort, Leisure and Entertainment Inc., a Philippine corporation and a subsidiary of TRA (“TRLEI”), Okada Manila International, Inc., a Philippine corporation which is currently a subsidiary of TRLEI (“OMI”), and Project Tiger Merger Sub, Inc., a Delaware corporation and a wholly-owned subsidiary of OMI (“Merger Sub” and with TRA, TRLEI, and OMI, the “UEC Parties”). Pursuant to the Merger and Share Acquisition Agreement, Merger Sub will merge with and into 26 Capital (the “Business Combination”).

 

On March 30, 2022, the Company and the UEC Parties entered into an amendment to the Merger and Share Acquisition Agreement (“Amendment No. 2”). Amendment No. 2 eliminates the requirement for OMI to amend the ground lease for Okada Manila in full prior to the closing of the transactions contemplated by the Merger and Share Acquisition Agreement and instead provides for a portion of the amendment of the lease to occur after closing. Amendment No. 2 further allows for completion of the Reorganization (as defined in the Merger and Share Acquisition Agreement) prior to the recording in the stock and transfer book of TRLEI of the transfer of the shares of TRLEI from TRA to OMI.

 

Important Information About the Business Combination

 

In connection with the proposed Business Combination, Okada Manila intends to file with the SEC a registration statement (the “Registration Statement”), which will include a proxy statement/prospectus, prepared by Okada Manila and 26 Capital, and certain other related documents, which will be both the proxy statement to be distributed to holders of shares of 26 Capital’s common stock in connection with 26 Capital’s solicitation of proxies for the vote by 26 Capital’s stockholders with respect to the Business Combination and other matters as may be described in the Registration Statement, as well as the prospectus relating to the offer and sale of the securities of Okada Manila. 26 Capital’s stockholders and other interested persons are advised to read, when available, the preliminary proxy statement/prospectus included in the Registration Statement and the amendments thereto and the definitive proxy statement/prospectus, as these materials will contain important information about the parties to the Merger and Share Acquisition Agreement, 26 Capital, Okada Manila and the Business Combination. After the Registration Statement is declared effective, the definitive proxy statement/prospectus will be mailed to stockholders of 26 Capital as of a record date to be established for voting on the Business Combination and other matters as may be described in the Registration Statement. Stockholders will also be able to obtain copies of the proxy statement/prospectus and other documents filed with the SEC that will be incorporated by reference in the proxy statement/prospectus, without charge, once available, at the SEC’s web site at sec.gov, or by directing a request to: 26 Capital Acquisition Corp., 701 Brickell Avenue, Suite 1550, Miami, Florida 33131, Attention: Jason Ader.

 

Participants in the Solicitation

 

26 Capital and certain of its directors and executive officers may be deemed participants in the solicitation of proxies from 26 Capital ’s stockholders with respect to the Business Combination. A list of the names of those directors and executive officers and a description of their interests in 26 Capital is set forth in 26 Capital Acquisition Corp.’s filings with the SEC (including 26 Capital’s final prospectus related to its initial public offering (File No. 333-251682) declared effective by the SEC on January 14, 2021), and are available free of charge at the SEC’s web site at www.sec.gov, or by directing a request to 26 Capital Acquisition Corp., Inc., 701 Brickell Avenue, Suite 1550, Miami, Florida 33131, Attention: Jason Ader. Additional information regarding the interests of such participants will be contained in the registration/proxy statement for the Business Combination when available.

 

Okada Manila and certain of their directors and executive officers may also be deemed to be participants in the solicitation of proxies from the stockholders of 26 Capital in connection with the Business Combination. A list of the names of such directors and executive officers and information regarding their interests in the proposed business combination transaction will be included in the registration/proxy statement for the Business Combination when available.

 

1

 

 

Forward Looking Statements

 

This Current Report on Form 8-K includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on by any investor as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Okada Manila’s actual results may differ from their expectations, estimates, and projections and, consequently, you should not rely on these forward-looking statements as predictions of future events. Words such as “expect,” “estimate,” “project,” “budget,” “forecast,” “anticipate,” “intend,” “plan,” “may,” “will,” “could,” “should,” “believes,” “predicts,” “potential,” “continue,” and similar expressions (or the negative versions of such words or expressions) are intended to identify such forward-looking statements. These forward-looking statements include, without limitation, 26 Capital’s and Okada Manila’s expectations with respect to future performance and anticipated financial impacts of the Business Combination.

 

These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially, and potentially adversely, from those expressed or implied in the forward-looking statements. Most of these factors are outside 26 Capital’s and Okada Manila’s control and are difficult to predict. Factors that may cause such differences include, but are not limited to: (1) the outcome of any legal proceedings that may be instituted against 26 Capital and/or Okada Manila following the consummation of the Business Combination; (2) the impact of COVID-19 and related regulatory responses (such as local community quarantine and international travel restrictions) on Okada Manila’s business; (3) the dependence of Okada Manila’s business on its casino gaming license; (4) the inability to maintain the listing of Okada Manila’s common shares on the Nasdaq following the consummation of the Business Combination; (5) the risk that the Business Combination disrupts current plans and operations; (6) the ability to recognize the anticipated benefits of the Business Combination, which may be affected by, among other things, competition, the ability of Okada Manila to grow and manage growth profitably, and retain its key employees; (7) costs related to the Business Combination; (8) changes in applicable laws or regulations; and (9) the possibility that Okada Manila may be adversely affected by other economic, business, and/or competitive factors. The foregoing list of factors is not exclusive. All subsequent written and oral forward-looking statements concerning 26 Capital or Okada Manila, the transactions described herein or other matters attributable to 26 Capital, Okada Manila or any person acting on their behalf are expressly qualified in their entirety by the cautionary statements above. Readers are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made. Each of 26 Capital and Okada Manila expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in their expectations with respect thereto or any change in events, conditions, or circumstances on which any statement is based, except as required by law.

 

No Offer or Solicitation

 

This Current Report on Form 8-K shall not constitute a solicitation of a proxy, consent or authorization with respect to any securities or in respect of the Business Combination. This Current Report on Form 8-K shall also not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any states or jurisdictions in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act.

 

Item 9.01   Financial Statements and Exhibits.

 

(d) Exhibits. The following exhibits are being filed herewith:

 

2.1   Amendment No. 2 to the Merger and Share Acquisition Agreement, dated March 30, 2022, by and among 26 Capital Acquisition Corp., Tiger Resort Asia Ltd., Tiger Resort, Leisure and Entertainment Inc., Okada Manila International, Inc. and Project Tiger Merger Sub, Inc.
104   Cover Page Interactive Data File (embedded within the Inline XBRL document)

 

2

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

  26 Capital Acquisition Corp.
  (Registrant)
     
March 30, 2022 By: /s/ Jason Ader
  Name:  Jason Ader
  Title: Chief Executive Officer

 

 

3

 

 

Exhibit 2.1

 

26 Capital Acquisition Corp.

701 Brickell Avenue, Suite 1550

Miami, FL 33131

 

March 30, 2022

 

Universal Entertainment Corporation

Ariake Frontier Building A

3-7-26 Ariake

Koto-ku

Tokyo 135-0063

 

Japan

Attention: Toji Takeuchi

 

Tiger Resort, Leisure and Entertainment, Inc.

New Seaside Drive, Entertainment City, Barangay Tambo

Paranaque City 1701

Metro Manila, Philippines

Attention: Hans Van Der Sande

 

Re:Agreement and Plan of Merger and Share Acquisition

 

Ladies and Gentlemen:

 

Reference is made to the Agreement and Plan of Merger and Share Acquisition, dated as of October 15, 2021, as amended by Amendment No. 1, dated as of February 15, 2022 (the “Agreement”), by and among Tiger Resort Asia Ltd., Tiger Resort, Leisure and Entertainment, Inc., Okada Manila International, Inc. (which, pending approval by the Philippine Securities and Exchange Commission, is changing its name to UE Resorts International, Inc.), Project Tiger Merger Sub, Inc., and 26 Capital Acquisition Corp. Capitalized terms used and not otherwise defined in this letter agreement will have the meanings ascribed to such terms in the Agreement.

 

Notwithstanding anything in the Agreement to the contrary, the Parties hereby agree that:

 

(i) the Reorganization will not include the amendment of the Okada Manila Lease in full, as set forth in Step 5 of the Reorganization Step Plan, and that the Okada Manila Lease will instead (a) be amended in part prior to the Closing and (b) be further amended after the Closing;

 

(ii) Section 6.18 of the Merger Agreement is hereby deleted and replaced with “[Reserved.]”; and

 

(iii) for purposes of Sections 2.1, 3.1 and 7.1(e) of the Agreement, the Reorganization will be deemed complete prior to the recording in the stock and transfer book of the Company of the transfer of the shares of the Company from TRA to Parent, as contemplated in Step 3 of the Reorganization Step Plan, as long as the contribution agreement providing for such transfer has been executed and remains in full force and effect.

 

The Parties further agree that the other Transaction Documents shall be amended, as applicable, to reflect the above agreements.

 

Except as expressly modified pursuant to this letter agreement, all of the terms, conditions and other provisions of the Agreement are hereby ratified and confirmed and shall continue to be in full force and effect in accordance with their respective terms.

 

All references to the Agreement in Sections 4.2, 4.5, 5.2 and 5.3 of the Agreement shall be read to include this letter agreement and the representations and warranties made in such Sections shall be made as of the date of the Agreement and as of the date of this letter agreement.

 

The provisions of Article 9 of the Agreement shall apply to this letter agreement mutatis mutandis, and to the Agreement as modified by this letter agreement, taken together as a single agreement, reflecting the terms as modified hereby.

 

[Signature Page Follows]

 

 

 

 

Please indicate your agreement with the foregoing, effective as of the date first above mentioned, by signing below.

 

  Sincerely,
     
  26 Capital Acquisition Corp.
     
  By: /s/ Jason Ader
  Name:  Jason Ader
  Title: Chief Executive Officer

 

AGREED AND ACCEPTED:  
     
Tiger Resort Asia Ltd.  
     
By: /s/ Kenshi Asano  
     
Name: Kenshi Asano  
Title: Director  
     
Tiger Resort, Leisure and Entertainment, Inc.  
     
By: /s/ Byron Yip  
     
Name:  Byron Yip  
Title: President and Chief Operating Officer  
     
Okada Manila International, Inc.  
     
By: /s/ Byron Yip  
     
Name: Byron Yip  
Title: President and Chief Operating Officer  
     
Project Tiger Merger Sub, Inc.  
     
By: /s/ Byron Yip  
     
Name: Byron Yip  
Title: President and Director  

 

 

[Signature Page to Letter Agreement re: Agreement and Plan of Merger and Share Acquisition]