Alberton Acquisition Corporation Announced Cash Contribution in connection with the Extension
09 Octobre 2020 - 6:45PM
Alberton Acquisition Corporation (NASDAQ: ALAC, the
“
Company”) today announced that in light of the
upcoming special shareholder meeting to be held on October 26,
2020, if the shareholders approves the proposal to extend the date
by which the Company must complete its initial business combination
from October 26, 2020 to April 26, 2021 or such earlier date as
determined by the board (the “
Extension”), for
each public share that is not redeemed by the Company’s
shareholders in connection with the Extension (collectively, the
“
Remaining Shares”, each, a “
Remaining
Share”), for each monthly period, or portion thereof
during the Extension, it will deposit $0.05 per share per month
into the trust account as additional interest on the proceeds in
the trust account Extension, based on a commitment from its sponsor
(the “
Cash Contribution”).
As the date of this release, the Company has
deposited the committed cash contribution in the full amount to the
trust account in connection with its first extension. The
per-share pro rata portion of the trust account on September
18, 2020 (the “Record Date”) after taking into
account taxes owed but not paid by such date (which is expected to
be the same approximate amount two business days prior to the
meeting) was approximately $10.73. If the Extension is approved and
the Company takes full six months to complete its initial business
combination, the redemption amount per share at the meeting for
such business combination or the Company’s subsequent liquidation
will be approximately $11.03, in comparison to the current
redemption amount of $10.73 (solely based on redemption price as of
the current Record Date).
About ALAC
ALAC is a blank check company, also commonly
referred to as a Special Purpose Acquisition Company, or SPAC,
formed for the purpose of acquiring, engaging in a share exchange,
share reconstruction and amalgamation, purchasing all or
substantially all of the assets of, entering into contractual
arrangements, or engaging in any other similar business combination
with one or more businesses or entities. ALAC’s efforts to identify
a target business have not been limited to a particular industry or
geographic region.
Disclaimer
This communication shall not constitute an offer
to sell or the solicitation of an offer to buy any securities, nor
shall there be any sale of securities in any jurisdiction in which
the offer, solicitation or sale would be unlawful prior to the
registration or qualification under the securities laws of any such
jurisdiction. No offering of securities shall be made except by
means of a prospectus meeting the requirements of Section 10 of the
Securities Act of 1933, as amended.
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 ALAC
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 Risk Factors section of ALAC’s 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, ALAC disclaims any intention or obligation to update or revise
any forward looking statements whether as a result of new
information, future events or otherwise.
Contacts
Alberton Acquisition Corp.Kevin LiuEmail:
kevinliu@albertoncorp.com
Alberton Acquisition (NASDAQ:ALAC)
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