New York, April 22, 2022 (GLOBE NEWSWIRE) — As previously reported, on April 13, 2022, Alberton Acquisition Corp. (the “Company”) has been notified by SolarMax Technology, Inc., a Nevada corporation (“SolarMax”) that it intends to terminate an agreement and plan to merge, dated October 27, 2020 (as 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.
On April 20, 2022, the Company received written notice from SolarMax stating that SolarMax is terminating the Merger Agreement pursuant to the termination clause provided in the Merger Agreement.
On April 22, 2022, the Company received notice of decision from the Nasdaq Hearings Panel (“the Panel”) to remove the shares of the Company from Nasdaq and to suspend trading in such shares effective at the opening of the markets of the April 26, 2022 because the Company is not expected to complete the initial business combination by April 26, 2022.
The Company will liquidate its trust account and distribute payments to public shareholders on the record date of April 26, 2022.
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 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.
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 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, quarterly reports on Form 10-Q and all other documents filed with the Commission for additional information identifying important factors that could cause actual results to differ materially from those anticipated in 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.
Company Contact:
Gateway Group, Inc. ALAC@gatewayir.com
