Alberton Acquisition Corporation (NASDAQ: ALAC, the
“
Company”) today announced that in light of the upcoming
special shareholder meeting in lieu of the 2020 annual meeting of
shareholders to be held on April 23, 2021, if the shareholders
approves the proposal to extend the date by which the Company must
complete its initial business combination from April 26, 2021 to
October 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 $0.06 per Remaining
Share. If no shares are redeemed, the monthly payment to the
trust account as additional interest will be $84,808.80, based on a
commitment from its sponsor (the “
Cash Contribution”).
The per-share pro rata portion of the trust
account on March 18, 2021 (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 $10.97. If the Extension is approved and
the Company takes the 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 $11.33, in comparison to the
current redemption amount of $10.97 (solely based on redemption
price as of the current Record Date).
On April 12, 2021, the U.S. Securities and
Exchange Commission (the “SEC”) released a statement
highlighting a number of important financial reporting
considerations for SPACs, which among other matters included the
accounting considerations for SPAC warrants. The Company is
currently in the process of reassessing the accounting treatment of
its warrants in accordance with the recent SEC guidance and its
potential impact on the Company’s financial statements, including
its historical financial statements. Although there has yet to be
any conclusion or determination as of the date of this release, the
Company is committed to ensuring compliance with its filing
obligations under the Securities Exchange Act of 1934.
Additional Information about the Shareholder
Meeting to be held on April 23, 2021
The Company has filed with the SEC a definitive
proxy statement in connection with the Extension and other matters
and, on or about March 26, 2021, mailed the definitive proxy
statement and other relevant documents to the Company’s
shareholders as of the March 18, 2021 record date for the Special
Meeting. The Company’s shareholders and other interested persons
are advised to read the definitive proxy statement and any other
relevant documents (including a supplement to the definitive proxy
statement) that have been or will be filed with the SEC in
connection with the Company’s solicitation of proxies for the
Special Meeting because these documents will contain important
information about the Company, the Cash Contribution, the Extension
and related matters. Shareholders may also obtain a free copy of
the definitive proxy statement, as well as other relevant documents
that have been or will be filed with the SEC (including a
supplement to the definitive proxy statement), without charge, at
the SEC's website located at www.sec.gov or by directing a request
to Advantage Proxy, Inc., the Company’s proxy solicitor, at (877)
870-8556 (banks and brokers can call collect at (206) 870-8565) or
at ksmith@advantageproxy.com .
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”) initially filed on
December 30, 2020, and amended on February 10, 2021, and may be
amended from time to time. 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: |
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Gateway Group, Inc. |
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ALAC@gatewayir.com |
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