Alberton Acquisition Corp. Announces Payment Date of Dividend Warrants
Alberton Acquisition Corp (ALAC) has changed the record date for issuing 1,414,480 dividend warrants to holders of public ordinary shares from April 21, 2020, to April 22, 2020. This follows a significant redemption request totaling 10,073,512 shares, leaving 1,414,480 public shares outstanding. The dividend warrants, which allow the purchase of half a share, are set to be paid on April 8, 2021. The company has also filed a registration statement regarding its proposed business combination with SolarMax Technology, Inc..
- Issuance of 1,414,480 dividend warrants could incentivize shareholders.
- Upcoming merger with SolarMax presents growth potential.
- 10,073,512 shares redeemed, indicating shareholder uncertainty.
- Market response may be cautious due to high redemption rate.
New York, New York, April 07, 2021 (GLOBE NEWSWIRE) -- Alberton Acquisition Corp. (“Alberton”) (NASDAQ: ALAC) announced that it changed the record date for issuance of 1,414,480 dividend warrants to the holders of public ordinary shares and/or public units from April 21, 2020 to April 22, 2020.
On April 20, 2020, Alberton announced that it had agreed that if the April 2020 extension was approved, it would issue, with respect to each public share or public unit (with respect of the underlying public share) that is not redeemed in connection with April 2020 extension, one dividend warrant to purchase one-half of one ordinary share. The dividend warrants are identical to the warrants included in the units sold in Alberton’s initial public offering.
In connection with the April 2020 extension, the Company received redemption request in the aggregated amount of 10,073,512 shares by April 21, 2020, the cut-off date for shareholders to submit their redemption request. Accordingly, 10,073,512 public shares were redeemed, resulting in a total of 1,414,480 remaining public shares issued and outstanding including public shares underlying public units. With the change of the record date, the holders of public ordinary shares and/or pubic units who did not redeem in connection with April 2020 extension but sold their positions, if any, on April 21, 2020 are no longer eligible to receive the dividend warrants. The Company expects payment of such dividend warrants be made on April 8, 2021.
Additional Information about the Transaction and Where to Find It
Alberton filed with the Securities and Exchange Commission (“SEC”) a registration statement on Form S-4 with a proxy statement containing information about the proposed business combination and the respective businesses of Alberton and SolarMax Technology, Inc., a Nevada corporation (“SolarMax”) initially on December 30, 2020 and may be amended from time to time (file no. 333-251825). Alberton will mail a final prospectus and definitive proxy statement and other relevant documents after the SEC completes its review. Alberton and SolarMax shareholders are urged to read the preliminary prospectus and proxy statement and any amendments thereto and the final prospectus and definitive proxy statement in connection with the solicitation of proxies for the special meetings to be held to approve the proposed transaction, because these documents will contain important information about Alberton, SolarMax and the proposed transaction. The final prospectus and definitive proxy statement will be mailed to shareholders of Alberton and SolarMax as of a record date to be established for voting on the proposed transaction. Shareholders will also be able to obtain a free copy of the proxy statement, as well as other filings containing information about Alberton without charge, at the SEC’s website (www.sec.gov) or by calling 1-800-SEC-0330. Copies of the proxy statement and other filings with the SEC can also be obtained, without charge, by directing a request to: Alberton Acquisition Corporation, Room 1001, 10/F, Capital Center, 151 Gloucester Road, Wanchai, Hong Kong.
About Alberton
Alberton is a British Virgin Islands blank check company, also commonly referred to as a Special Purpose Acquisition Company, or SPAC, formed for the purpose of effecting a merger, asset acquisition or other business combination with one or more businesses or entities. Alberton’s units, ordinary shares and warrants are currently listed on the Nasdaq Capital Market under the symbols “ALACU,” “ALAC” and “ALACW, respectively.
About SolarMax
SolarMax, a Nevada corporation, is an integrated solar energy company. Its principal executive offices are located at 3080 12th Street, Riverside, California 92507. SolarMax’ website is http://www.solarmaxtech.com. Any information contained on, or that can be accessed through, SolarMax’ website or any other website is not a part of this press release.
Cautionary Note Regarding 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 Alberton 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. In addition, please refer to the Risk Factors section of Alberton’s Form S-4, its Annual Reports on Form 10-K, its Quarterly Reports on Form 10-Q for additional information identifying important factors that could cause actual results to differ materially from those anticipated in the forward looking statements. Except as expressly required by applicable securities law, Alberton disclaims any intention or obligation to update or revise any forward looking statements whether as a result of new information, future events or otherwise.
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FAQ
What are the details of the record date change for ALAC's dividend warrants?
How many shares were redeemed before the record date for ALAC?
What is the significance of the dividend warrants announced by ALAC?
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What merger is Alberton Acquisition Corp. pursuing?
