Alberton Acquisition Corporation Provides an Update with Regards to The Merger
14 April 2022 - 9:30PM
On April 13, 2022, Alberton Acquisition Corp. (the “Company”) was
notified by SolarMax Technology, Inc., a Nevada corporation
(“SolarMax”) that it intended to terminate an agreement and plan of
merger, dated as of October 27, 2020 (as amended, the “Merger
Agreement”) because it reasonably believed that the proposed merger
(the “Merger”) between the Company and SolarMax would not be
completed by April 26, 2022.
Under the current charter of the Company and
pursuant to the Merger Agreement, the Company needs to complete its
initial business combination on or before April 26, 2022.
Additionally, as previously announced, the Company has obtained an
extension from a Nasdaq Hearings Panel through April 26, 2022, to
complete the Merger in order for the Company’s securities – units,
ordinary shares, warrants and rights – to remain listed on Nasdaq.
If the Merger is not completed, the Company’s securities will be
suspended by Nasdaq promptly following April 26, 2022, or such
earlier date as Nasdaq has determined that the Merger cannot be
completed by April 26, 2022. Upon such trading suspension, the
Company’s securities will be traded on the over-the-counter market.
As of April 13, 2022, the registration statement on Form S-4 (file
no. 333-251825, the “S-4”) with a proxy statement containing
information about the Merger was not declared effective by the U.S.
Securities and Exchange Commission (the “Commission”). If the
Company cannot commence mailing of a definitive proxy statement on
April 14, 2022, the Company will not be able to consummate the
Merger by April 26, 2022 and will be forced to dissolve and
liquidate.
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 Merger 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 merger 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 once the
S-4 is declared effective. 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 S-4, its Annual Reports on Form
10-K, its Quarterly Reports on Form 10-Q and all other filings with
the Commission 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)
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