Alberton Acquisition in a news release said a Nasdaq Hearings Panel granted the company’s request to continue its listing on Nasdaq through March 14. The SPAC had received notice from the exchange that without a hearing it would be delisted for non-compliance with the 36-month deadline for Nasdaq-traded SPACs to complete a merger. SPACs on the Nasdaq generally have 3 years to seal a deal after the effectiveness of its IPO registration statement with the SEC.
The SolarMax deal, valued at $300 million, was announced more than a year ago and the SPAC last fall asked shareholderrs for a second deadline extension to shore up the merger. The first deadline extension was granted in April 2020.
Alberton in the news release said it is still waiting for SEC approval of its proxy before the documents will be distributed to shareholders.
SolarMax is an integrated solar energy company founded in 2008 to conduct business in the U.S. It subsequently began operations in China following two acquisitions in 2015. Read more.
