Item 3.01 Notice of De-listing or Non-Compliance with a Continuing Listing Rule or Standard; Registration transfer.
At 28 October 2021, Alberton Acquisition Company (the “Company”) has received a notice from the personnel of the Qualifications Department of the The Nasdaq Stock Market LLC (“Nasdaq”) indicating that, unless the Company requests in due time a hearing before the Nasdaq audience panel (the âPanelâ), the Company’s securities (ordinary shares, warrants, units and rights) would be suspended and delisted from the Nasdaq Capital Market due to non-compliance with the Company with the Nasdaq IM-5101-2, which requires that a special purpose acquisition company must complete one or more business combinations within 36 months of the entry into force of its IPO registration statement . Therefore, the Company intends to request a hearing before the Panel in a timely manner. The request for a hearing will result in the suspension of any suspension or expungement measure pending the hearing and the expiration of any additional extension period granted by the panel after the hearing. In this regard, in accordance with the Nasdaq listing rules, the Panel has the authority to grant the Company an additional extension not exceeding April 26, 2022.
As previously announced, the Company has entered into a binding definitive agreement to merge with SolarMax Technology, Inc. The Company filed its most recent amendment to the proxy statement / registration statement on Form S-4 (the âS-4â) for the merger on October 8, 2021. The Company intends to send the S-4 to shareholders soon after the completion of the Security and Trade Commission review process and to hold as soon as possible the shareholders’ meeting during which it will request approval of the merger transaction. The Company believes that the combined company will meet all the requirements for initial listing following the merger; however, there can be no assurance that the Panel will grant the Company the required extension, that the Merger will be completed successfully, or that the Merged Company will meet all applicable requirements for initial listing on The Nasdaq Capital Market.
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