26 Capital Acquisition Corp.
ADERW
NASDAQ Capital Market0.01
USD
+0.00
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26 Capital Acquisition Corp.
ADERW
(NASDAQ Capital Market)
Recent
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0.01
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div
yld
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ROIC.AI
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- Business
- 26 Capital Acquisition Corp. is a blank check company formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses; it focuses on high-growth opportunities in gaming and gaming technology, branded consumer products, lodging and entertainment, and internet commerce sectors. Incorporated in 2020 and headquartered in Miami, Florida, the company has not commenced material operations or generated revenue. Its securities trade on Nasdaq under the ticker ADER with warrants under ADERW. The company targets acquisition opportunities that align with the expertise of its sponsor, SpringOwl Asset Management, and management team led by CEO and Chairman Jason Ader; it initially pursued a $2.5 billion merger with Tiger Resort Leisure and Entertainment Inc., operator of Okada Manila, the Philippines' largest integrated resort, announced in 2021 and valued at a $2.6 billion enterprise value. Geographic focus includes opportunities in Asia, particularly the Philippines, alongside North America; no subsidiaries or parent relationships exist as it remains a special purpose acquisition company without a completed de-SPAC transaction. Recent developments include the termination of the Okada Manila merger in June 2023 following allegations of material breaches and fraudulent conduct by 26 Capital, leading to delisting announcements, liquidation of its trust account at approximately $10.95 per share, and cancellation of public shares in September 2023; litigation ensued with creditors such as Schulte Roth & Zabel over fees, resulting in a temporary restraining order on liquidation and a Delaware Chancery Court ruling permitting trust fund distributions amid disputes. In April 2024, the court allowed immediate return of roughly $37.5 million in remaining IPO proceeds to Class A stockholders pending further litigation; on July 11, 2025, 26 Capital filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the District of Delaware (Case No. 25-11323), reporting $1 million to $10 million in assets and $10 million to $50 million in liabilities with funds available for unsecured creditors. On August 14, 2025, it filed a Chapter 11 plan of liquidation and disclosure statement, with a hearing scheduled for November 12, 2025.