Special purpose acquisition company Alberton Acquisition Corp. (Nasdaq: ALAC) announced that its proposed merger with energy firm SolarMax has been terminated by the latter. The failed business combination was the last chance for the SPAC to continue trading on the Nasdaq Stock Market.
The blank check firm has been granted extensions by the big board to consummate its business combination as it continues to run the risk of violating Nasdaq IM-5101-2. The rule requires SPACs to consummate a business combination within 36 months from its initial public offering.
Alberton Acquisition completed its US$100 million IPO in October 2018.
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The firm secured the latest extension from Nasdaq Hearings Panel through April 26, 2022 as it has been negotiating with SolarMax. However, the big board panel warned the SPAC that failure to complete the merger by the said date would lead to delisting and suspension of trading.
Two weeks ago, SolarMax has sent its intention to terminate the definitive agreement signed with the SPAC in October 2020 “because it reasonably believed that the proposed merger… would not be completed by April 26, 2022.”
The blank check firm’s units, shares, and warrants, currently trading under the ticker symbols “ALACU”, “ALAC”, and “ALACW”, are set to be delisted and suspended from trading on the Nasdaq big board.
The firm is also planning to liquidate its trust account and distribute the proceeds to the shareholders.
Alberton Acquisition last traded at US$12.01 on the Nasdaq.
Information for this briefing was found via Edgar and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
