Alberton Acquisition announced today that it issued 1,414,480 dividend warrants, with each warrant entitling the holder to purchase one-half ordinary share, to the public shareholders who were holders of record on April 21, 2020 and did not exercise their right to have their shares redeemed in connection with the SPAC’s April 2020 deadline extension for a business combination.
The dividend warrants are identical to the warrants included in the units sold in Alberton’s IPO.
In connection with the extension, the SPAC received redemption requests in the aggregated amount of 10,073,512 shares, resulting in a total of 1,414,480 remaining public shares issued and outstanding. On Jan. 19, the board approved the issuance of 1,414,480 dividend warrants to those public shareholders who were shareholders on April 21, 2020 and did not redeem shares.
Alberton has a definitive agreement for a merger with SolarMax. Since the $300 million deal was announced in October, the SPAC has had to come back into compliance with the Nasdaq’s Public Holder Rule, as well as face scrutiny of the SolarMax deal by a New York law firm. Read more.
