Alberton Acquisition Corporation Regains Compliance with Certain Nasdaq Listing Requirement
February 22 2021 - 5:00PM
Alberton Acquisition Corporation (NASDAQ: ALAC, the
“
Company”) today announced that on February 18,
2021, the Company received a letter from the Listing Qualifications
Department of The NASDAQ Stock Market ("
Nasdaq"),
advising the Company that the Company had regained compliance with
Nasdaq Listing Rule 5550(a)(3) which requires, among other
requirements, that companies listed on the Nasdaq Capital Market
have at least 300 public holders for continued listing (the
"
Minimum Public Holders Rule").
As previously reported, the Company had been
notified by the Listing Qualifications Department of Nasdaq that it
did not comply with the Minimum Public Holders Rule. Based on the
Company's submissions to Nasdaq of shareholder records dated
January 20, 2021, the Company had more than 300 public holders.
Also as previously reported, the Company has
also been notified by Nasdaq that the Company no longer complies
with Nasdaq Listing Rule 5620(a) due to the Company’s failure to
hold an annual meeting of shareholders within twelve months of the
end of the Company’s fiscal year ended December 31, 2019. The
Company has submitted to Nasdaq a plan for compliance with the
stockholder meeting rule.
About the Company
The Company 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 the
Company’s 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, including,
but not limited to, the disclosure in “Risk Factors” and
“Management’s Discussion and Analysis of Financing Condition and
Results of Operations” in the Company’s Form 10-K annual report,
its quarterly reports on Form 10-Q and its registration statement
on Form S-4 relating to its proposed business combination with
SolarMax Technology, Inc. (“SolarMax”), any of which could cause
actual results to differ materially from those anticipated in the
forward- looking statements. The proposed business combination,
which is described in the S-4 Registration Statement, is subject to
closing conditions, including Nasdaq approval and other closing
conditions. The Company can give no assurance that the
business combination with SolarMax can or will be completed.
The business of SolarMax is subject to significant risks which are
described in the S-4 Registration Statement, and the Company cannot
give any assurance that, if the business combination is completed,
the Company’s business following the completion of the business
combination can or will ever operate profitably. Further,
there is no assurance that Nasdaq will accept the Company’s plan to
address its failure to hold a stockholders’ meeting. If
Nasdaq does not approve the Company’s plan to address its failure
to meet the Nasdaq stockholder meeting requirement or otherwise
determines that, upon completion of the business combination, the
Company does not meet Nasdaq’s initial listing requirements, the
business combination will not be completed and, if the Company does
not complete a business combination by April 26, 2021, the Company
will have to dissolved. Except as expressly required by applicable
securities law, the Company 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
Gateway Group, Inc. ALAC@gatewayir.com
Alberton Acquisition (NASDAQ:ALAC)
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