New York, March 07, 2022 (GLOBE NEWSWIRE) — On March 3, 2022, Alberton Acquisition Corp. (the “Company”) has received notice from the Nasdaq Office of General Counsel that a Nasdaq Panel of Hearings (the “Panel”) has granted the Company’s request to maintain its Nasdaq listing until April 26, 2022 (the “Extended Date”). As previously reported, in December 2021, the Company attended a hearing before the Panel, during which it presented its plan to regain compliance with Nasdaq IM-5101-2, which requires an acquisition company with a special vocation carries out one or more business combinations within 36 months of the entry into force of its IPO registration statement; and demonstrate compliance with all initial listing standards required by Nasdaq. Following the hearing, and as disclosed on January 5, 2022, the Panel granted the Company’s request for an extension to restore compliance by the original March 14, 2022 (the “Initial Extension Date”). On February 28, 2022, the Company submitted a request for further extension due to the need for additional time to prepare and include the audited financial statements for the year ended December 31, 2021 for the Company and SolarMax in the S- 4, the request of which was granted by the Panel on March 3, 2022. The Panel’s decision is subject to certain conditions, including that the Company has completed its previously announced proposed business combination (the “Business Combination”) with SolarMax Technology, Inc. (“SolarMax”) no later than April 26, 2022, the extension date, and that the combined company has demonstrated compliance with all applicable requirements for initial listing on the 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. Accordingly, if the merger is not completed and the Company does not demonstrate compliance with applicable Nasdaq listing requirements by April 26, 2022, the Panel will issue a final delisting decision and the Company will be suspended from trading on the 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 Circular/Registration Statement on Form S-4 (the “S-4”) for the Merger on December 13, 2021. The Company intends to send S-4 to shareholders promptly after the completion of the Securities and Exchange Commission’s review process and to hold the meeting of shareholders at which it will seek approval of the business combination as soon as possible.
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 companies or entities. Alberton’s units, common stock and warrants currently trade on the Nasdaq Capital Market under the symbols “ALACU”, “ALAC” and “ALACW”, respectively.
SolarMax, a Nevada corporation, is an integrated solar energy company. Its principal executive offices are located at 3080 12th Street, Riverside, CA 92507. SolarMax’s website is http://www.solarmaxtech.com. Any information contained or accessible through SolarMax’s website or any other website does not form part of this press release.
Additional information on the proposed business combination and where to find it
Alberton has filed with the SEC a registration statement on Form S-4 (File No. 333-251825) together with a proxy statement containing information about the proposed business combination and the respective businesses of Alberton and of SolarMax Technology, Inc., a Nevada corporation (“SolarMax”) Alberton will mail a definitive prospectus and proxy statement and other relevant materials 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 that will be held to approve the proposed transaction, as these documents contain important information s on Alberton, SolarMax and the proposed transaction. The final prospectus and definitive proxy statement will be mailed to shareholders of Alberton and SolarMax on a record date to be set to vote on the proposed transaction. Shareholders will also be able to obtain a free copy of the proxy statement, as well as other documents containing information about Alberton, at the SEC’s website (www.sec.gov) or by calling 1-800- SEC-0330. Copies of the proxy statement and other documents filed with the SEC may also be obtained, free of charge, by sending a request to: Alberton Acquisition Corporation, Room 1001, 10/F, Capital Center, 151 Gloucester Road, Wanchai, Hong Kong.
Caution Regarding Forward-Looking Statements
This press release contains “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”, “could”, “plans”, “possible” , “should” and variations and similar words and phrases are intended to identify such forward-looking statements, but the absence of such words does not mean that a statement is not forward-looking. These forward-looking statements relate to future events or future results, based on currently available information and reflect the current beliefs of Alberton’s management. 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 see 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 laws, Alberton disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
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