ALAC - Alberton Acquisition and Solarmax Technology announces merger

SPAC Alberton Acquisition (ALAC) along with its wholly-owned subsidiary Alberton Merger Subsidiary and SolarMax Technology (SMXT) has inked a merger agreement, wherein Merger Sub would combine with SolarMax and the combined surviving corporation of the Merger, SolarMax will become a direct wholly-owned subsidiary of Alberton.SolarMax’ stockholders will receive Alberton shares worth $300M in merger consideration. Mrs. Guan Wang, chief executive officer of Alberton, stated “We are very pleased to announce the signing of our merger agreement with SolarMax and our entry into the solar and renewable energy sectors, both extremely attractive and rapidly growing market segments, with great potential for many years to come.”SolarMax will represent ~82.77% ownership in the new entity and Alberton’s existing shareholders will retain ~17.23% ownership interest.The transaction is currently expected to close by April 2021.

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Alberton Acquisition and Solarmax Technology announces merger