26 Capital Acquisition Corp. Announces Hold to Liquidation

Provided By PR Newswire

Last update: Oct 3, 2023

MIAMI, Oct. 3, 2023 /PRNewswire/ -- 26 Capital Acquisition Corp. ("26 Capital") (NASDAQ: ADER) today announced that, on September 27, 2023, the Delaware Court of Chancery (the "Delaware Court") granted a motion for temporary restraining order (the "Motion") filed by Schulte Roth & Zabel LLP ("Schulte") enjoining 26 Capital from, among other things, effecting the previously announced (i) liquidation of 26 Capital's trust account (the "Trust Account" and the process, the "Liquidation") and (ii) redemption of all of the public shares held by 26 Capital's public stockholders (the "Redemption"), prior to paying or making provisions for any outstanding obligations owed to its creditors, including Schulte (the "TRO"). Concurrently with filing the Motion, Schulte also filed a complaint against 26 Capital in the Delaware Court related to disputed legal fees.