Alberton Acquisition Corporation receives further Nasdaq extension to complete merger with SolarMax Technology, Inc.
07 March 2022 - 11:00PM
On March 3, 2022, Alberton Acquisition Corp. (the “Company”)
received notice from the Nasdaq Office of General Counsel that a
Nasdaq Hearings Panel (the “Panel”) had granted the Company’s
request to continue its listing on Nasdaq through April 26, 2022
(the “Extended Date”). As previously disclosed, in December 2021,
the Company attended a hearing before the Panel, at which it
presented its plan to regain compliance with Nasdaq IM-5101-2,
which requires that a special purpose acquisition company must
complete one or more business combinations within 36 months of the
effectiveness of its initial public offering registration
statement; and demonstrate compliance with all initial listing
standards required by the Nasdaq. Following the hearing, and as
disclosed on January 5, 2022, the Panel granted the Company’s
request for an extension to regain compliance by the original March
14, 2022 (the “Original Extended Date”). On February 28, 2022, the
Company submitted a request for additional extension as a result of
the need for additional time to prepare and include the audited
financial statements for the fiscal year ended December 31, 2021
for the Company and SolarMax in the S-4, which request was granted
by the Panel on March 3, 2022. The Panel’s decision is subject to
certain conditions, including that the Company will have completed
its previously announced proposed business combination (the
“Business Combination”) with SolarMax Technology, Inc. (“SolarMax”)
on or before April 26, 2022, the Extended Date, and that the
combined company will have demonstrated compliance with all
applicable requirements for initial listing on Nasdaq. The Panel
stated that April 26, 2022 represents the full extent of the
Panel’s discretion to grant continued listing while the Company is
non-compliant. As a result, if the merger is not completed and the
Company does not demonstrate compliance with the applicable Nasdaq
listing requirements by April 26, 2022, the Panel will issue a
final delist determination and the Company will be suspended from
trading on Nasdaq.
As previously announced, the Company has entered
into a binding definitive agreement to merge with SolarMax. The
Company filed its most recent amendment to the Proxy
Statement/Registration Statement on Form S-4 (the “S-4”) for the
merger on December 13, 2021. The Company intends to mail the S-4 to
shareholders promptly following completion of the Securities and
Exchange Commission review process and to hold the shareholder
meeting at which it will seek approval for the Business Combination
as soon as possible.
About Alberton
Alberton is a British Virgin Islands blank check
company, also commonly referred to as a Special Purpose Acquisition
Company, or SPAC, formed for the purpose of effecting a merger,
asset acquisition or other business combination with one or more
businesses or entities. Alberton’s units, ordinary shares and
warrants are currently listed on the Nasdaq Capital Market under
the symbols “ALACU,” “ALAC” and “ALACW, respectively.
About
SolarMax
SolarMax, a Nevada corporation, is an integrated
solar energy company. Its principal executive offices are located
at 3080 12th Street, Riverside, California 92507. SolarMax’ website
is http://www.solarmaxtech.com. Any information contained on,
or that can be accessed through, SolarMax’ website or any other
website is not a part of this press release.
Additional Information about the
Proposed Business Combination and Where to Find It
Alberton filed with the SEC a registration
statement on Form S-4 (file no. 333-251825) with a proxy statement
containing information about the proposed business combination and
the respective businesses of Alberton and SolarMax Technology,
Inc., a Nevada corporation (“SolarMax”). Alberton will mail a final
prospectus and definitive proxy statement and other relevant
documents after the SEC completes its review. Alberton and SolarMax
shareholders are urged to read the preliminary prospectus and proxy
statement and any amendments thereto and the final prospectus and
definitive proxy statement in connection with the solicitation of
proxies for the special meetings to be held to approve the proposed
transaction, because these documents will contain important
information about Alberton, SolarMax and the proposed transaction.
The final prospectus and definitive proxy statement will be mailed
to shareholders of Alberton and SolarMax as of a record date to be
established for voting on the proposed transaction. Shareholders
will also be able to obtain a free copy of the proxy statement, as
well as other filings containing information about Alberton without
charge, at the SEC’s website (www.sec.gov) or by calling
1-800-SEC-0330. Copies of the proxy statement and other filings
with the SEC can also be obtained, without charge, by directing a
request to: Alberton Acquisition Corporation, Room 1001, 10/F,
Capital Center, 151 Gloucester Road, Wanchai, Hong Kong.
Cautionary Note Regarding Forward-Looking
Statements
This press release includes “forward-looking
statements” that involve risks and uncertainties that could cause
actual results to differ materially from what is expected. Words
such as “expects”, “believes”, “anticipates”, “intends”,
“estimates”, “seeks”, “may”, “might”, “plan”, “possible”, “should”
and variations and similar words and expressions are intended to
identify such forward-looking statements, but the absence of these
words does not mean that a statement is not forward-looking. Such
forward-looking statements relate to future events or future
results, based on currently available information and reflect
Alberton management’s current beliefs. A number of factors could
cause actual events or results to differ materially from the events
and results discussed in the forward-looking statements. In
addition, please refer to the “Cautionary Note Regarding
Forward-Looking Statements,” “Risk Factors” and “Management’s
Discussion and Analysis of Financial Condition and Results of
Operations” sections of Alberton’s Form S-4, its Annual Reports on
Form 10-K, its Quarterly Reports on Form 10-Q for additional
information identifying important factors that could cause actual
results to differ materially from those anticipated in the forward
looking statements. Except as expressly required by applicable
securities law, Alberton disclaims any intention or obligation to
update or revise any forward looking statements whether as a result
of new information, future events or otherwise.
Company Contact:
Gateway Group, Inc. ALAC@gatewayir.com
Alberton Acquisition (NASDAQ:ALAC)
Historical Stock Chart
From Mar 2024 to Apr 2024
Alberton Acquisition (NASDAQ:ALAC)
Historical Stock Chart
From Apr 2023 to Apr 2024