Item 4.02. Non-Reliance on Previously Issued Financial Statements or
a Related Audit Report or Completed Interim Review.
On April 12, 2021, the staff (the
“Staff”) of the Division of Corporation Finance of the Securities and Exchange Commission issued a public statement
entitled “Staff Statement on Accounting and Reporting Considerations for Warrants Issued by Special Purpose Acquisition Companies”
(the “Staff Statement”). The Staff Statement, among other things, highlighted potential accounting implications of
certain terms that are common in warrants issued in connection with the initial public offerings of special purpose acquisition companies
(“SPACs”) such as Alberton Acquisition Corporation (the “Company”). The Staff Statement reflected
the Staff’s view that in many cases, warrants issued by SPACs should be classified as liabilities for accounting purposes, rather
than as components of equity, unless certain conditions are met.
On June 14, 2021, the Company's
audit committee (the “Audit Committee”), based on the recommendation of, and after consultation with, the Company’s
management, and as discussed with its Independent Registered Public Accounting Firm, concluded that the Company’s financial statements
for the periods ended March 31, 2019, June 30, 2019, September 30, 2019, December 31, 2019, March 31, 2020, June 30, 2020, September 30,
2020 and December 31, 2020 (the “Non-Reliance Periods”), as reported in the Company's Quarterly and Annual Reports
on Form 10-Qs and 10-Ks filed on May 15, 2019, August 12, 2019, November 13, 2019, March 16, 2020, May 11, 2020, August 10, 2020, November
9, 2020 and April 6, 2021, respectively, should no longer be relied upon due to the misclassification of the Company’s outstanding
private warrants as components of equity instead of as liabilities. Similarly, the Report of Independent Registered Public Accounting
Firm dated April 5, 2021 and March 16, 2020 on the financial statements as of December 31, 2020 and December 31, 2019, respectively, and
for the years ended December 31, 2020 and December 31, 2019, respectively, and any communications describing relevant portions of the
Company's financial statements for the Non-Reliance Periods should no longer be relied upon.
As a result, the Company will
restate its historical financial results for the Non-Reliance Periods to reflect the classification of its private warrants as liabilities
(the “Restatement”). The Company anticipates filing an amendment to the Annual Report on Form 10-K for the year ended
December 31, 2020 to reflect the Restatement by June 22, 2021 or shortly thereafter.
The change in accounting for the
private warrants does not impact the amounts previously reported for the Company’s cash and cash equivalents, investments held in
trust account, operating expenses or total cash flows from operations.
The Audit Committee and management
have discussed the matters disclosed pursuant to this Item 4.02 with the Company's independent registered public accounting firm.