Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or
Standard; Transfer of Listing.
On October 28, 2021, Alberton Acquisition Corporation (the "Company") received
notice from the staff of the Listing Qualifications Department of The Nasdaq
Stock Market LLC ("Nasdaq") indicating that, unless the Company timely requests
a hearing before the Nasdaq Hearings Panel (the "Panel"), the Company's
securities (common stock, warrants, units and rights) would be subject to
suspension and delisting from The Nasdaq Capital Market due to the Company's
non-compliance with Nasdaq IM-5101-2, which requires that a special purpose
acquisition company must complete one or more business combinations within 36
months of the effectiveness of its IPO registration statement. Accordingly, the
Company intends to timely request a hearing before the Panel. The hearing
request will result in a stay of any suspension or delisting action pending the
hearing and the expiration of any additional extension period granted by the
Panel following the hearing. In that regard, pursuant to the Nasdaq Listing
Rules, the Panel has the authority to grant the Company an additional extension
not to exceed 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
"S-4") for the merger on October 8, 2021. The Company intends to mail the S-4 to
shareholders promptly follow completion of the Securities and Exchange
Commission review process and to hold the shareholder meeting at which it will
seek approval for the merger transaction as soon as possible. The Company
believes that the combined company will satisfy all requirements for initial
listing upon completion of the merger; however, there can be no assurance that
the Panel will grant the Company the required extension, the merger will be
successfully completed or that the combined company will meet all applicable
requirements for initial listing on The Nasdaq Capital Market.
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