Item 8.01. Other Events.
On March 3, 2022, Alberton Acquisition Corporation (the "Company") received
notice that the Nasdaq Listing Qualifications Panel (the "Panel") has granted
the Company's request for continued listing on The Nasdaq Capital Market
pursuant to a further extension and subject to, among other things, the
Company's demonstration of compliance with all initial listing standards
required by The Nasdaq Stock Market's ("Nasdaq") rules and consummation of the
merger with SolarMax Technology, Inc. ("SolarMax") by April 26, 2022.
As previously disclosed, in December 2021, the Company attended a hearing before
the Panel, at which it presented its plan to regain 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 initial public offering registration statement. Following the hearing,
and as disclosed on January 5, 2022, the Panel granted the Company's request to
continue its listing on Nasdaq through the original March 14, 2022. On February
28, 2022, the Company submitted a request for additional extension through April
26, 2022 because it needed additional time to prepare and include the audited
financial statements for the year ended December 31, 2021 for the Company and
SolarMax in the registration statement on Form S-4 and the related proxy
statement/prospectus in connection with the merger, which request was granted by
the Panel on March 3, 2022. The Panel stated that April 26, 2022 represents the
full extent of the Panel's discretion to grant continued listing while the
Company is non-compliant. As a result, if the merger is not completed and the
Company does not demonstrate compliance with the applicable Nasdaq listing
requirements by April 26, 2022, the Panel will issue a final delist
determination and the Company will be suspended from trading on Nasdaq.
While the Company is working toward regaining compliance with all applicable
requirements for continued listing on Nasdaq, there can be no assurance that the
Company will be able to demonstrate compliance by the deadlines set forth above
or that the Panel will grant the Company an extension in the event compliance is
not timely achieved.
Item 9.01 Financial Statements and Exhibits
(d) Exhibits
Exhibit
Number Exhibit Description
99.1 Press release dated March 7, 2022
104 Cover Page Interactive Data File (embedded within the Inline XBRL document)
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