Alberton Acquisition Corporation Receives NASDAQ Notice on Late Filing of its Form 10-Q

Rhea-AI Summary

Alberton Acquisition Corporation (NASDAQ: ALAC) announced receiving a notice from NASDAQ for failing to file its Form 10-Q by the due date of May 17, 2021. This non-compliance does not immediately affect trading or listing status. The company has until August 9, 2021, to submit a plan for regaining compliance, which could extend the deadline to November 22, 2021, if accepted. The company plans to submit the compliance plan within the time frame. This announcement adheres to NASDAQ Listing Rule 5810(b) for timely notification of deficiencies.

Positive

• Company plans to submit a compliance plan by August 9, 2021, potentially allowing up to 180 days for compliance.

Negative

• Failure to file Form 10-Q on time raises concerns about regulatory compliance.
• Notification signifies potential risks for maintaining NASDAQ listing.

New York, June 11, 2021 (GLOBE NEWSWIRE) -- Alberton Acquisition Corporation (NASDAQ: ALAC, the “Company”) today announced that it has received a notice from the NASDAQ Stock Market on June 9, 2021 notifying the Company that, because its Form 10-Q for the period ended March 31, 2021 (the "2021 10-Q") was not filed with the Securities and Exchange Commission by the required due date of May 17, 2021, the Company is therefore not in compliance with the periodic filing requirements for continued listing set forth in NASDAQ Listing Rule 5250(c)(1).

This Notice received has no immediate effect on the listing or trading of the Company's shares. Nasdaq has provided the Company with 60 calendar days, until August 9, 2021 to submit a plan to regain compliance. If Nasdaq accepts the Company's plan, then Nasdaq may grant the Company up to 180 days from the prescribed due date for the filing of the 2021 10-Q, or November 22, 2021, to regain compliance.

The Company expects and intends to submit to NASDAQ the compliance plan by August 9, 2021.

This announcement is made in compliance with Nasdaq Listing Rule 5810(b), which requires prompt disclosure of receipt of a deficiency notification.

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.

Additional Information about the Proposed Business Combination and Where to Find It

Alberton filed with the SEC a registration statement on Form S-4 (file no. 333-251825) 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 filed on December 30, 2020, and amended on February 10, 2021, and may be amended from time to time. 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.

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”Cautionary Note Regarding Forward-Looking Statements,” “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections 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. 

Company Contact:
Gateway Group, Inc.
ALAC@gatewayir.com

FAQ

What is Alberton Acquisition Corporation's compliance issue with NASDAQ?

Alberton Acquisition Corporation failed to file its Form 10-Q by the due date, resulting in a notice of non-compliance from NASDAQ.

What are the consequences of Alberton's failure to file the 10-Q on time?

While there is no immediate effect on trading or listing, the company must submit a compliance plan by August 9, 2021, to regain compliance.

How long does Alberton have to regain compliance with NASDAQ?

Alberton has until August 9, 2021, to submit a compliance plan, which could extend the compliance deadline to November 22, 2021, if accepted.

What is the significance of the notice received by ALAC?

The notice indicates that ALAC is not currently in compliance with NASDAQ's periodic filing requirements, a critical aspect for maintaining its listing.