ALAC - SPAC Alberton SolarMax to terminate proposed merger over deadline concerns

SPAC Alberton Acquisition Corp. (ALAC) said that solar energy company SolarMax Technology intends to terminate their merger agreement over concerns that the deal would not be completed by Alberton’s charter deadline of April 26. Under Alberton’s charter, the SPAC must complete an initial business combination by April 26 or it will be forced to dissolve. Alberton's securities will also cease trading on Nasdaq if a business combination can't be completed by that date, according to the SPAC. Alberton said that as of April 13, the S-4 Form with its proxy statement about the merger had not been declared effective by the SEC. Alberton and Solar Max announced their plans to merge in October. For more SPAC news, check out SA's SPAC News page.

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SPAC Alberton, SolarMax to terminate proposed merger over deadline concerns