Alberton Acquisition today announced that SolarMax Technology intends to terminate its merger with the SPAC, because it reasonably believed that the deal would not be completed by April 26.
Alberton in a news release said if it cannot begin mailing a definitive proxy statement today, it will not be able to close a merger by the deadline, and will be forced to dissolve and liquidate.
Under the SPAC’s charter, Alberton needs to complete an initial business combination on or before April 26.
The SPAC has also obtained an extension from a Nasdaq Hearings Panel to complete the merger by that date in order to remain listed on the exchange. If the deal is not completed, Alberton would trade on the OTC market, which may be a moot point if it is forced to dissolve by then.
Over the last year Alberton has received at least two shareholder and two Nasdaq deadline extensions to close the transaction, which was originally announced in October 2020. Read more.
