Alberton Acquisition Corporation Announced Revised Contribution in connection with the Extension and Issuance of a Promissory...
20 Abril 2020 - 6:00AM
Alberton Acquisition Corporation (NASDAQ: ALAC, the
“
Company”) today announced that in light of the upcoming
special shareholder meeting to be held on April 23, 2020, if
the shareholders approves to extend the date by which the Company
must complete its initial business combination from April 27,
2020 to October 26, 2020 or such earlier date as determined by the
board (the “
Extension”), for aggregate public shares
that are not redeemed by the public shareholders in connection with
the Extension (collectively, the “
Remaining Shares”, each, a
“
Remaining Share”), for each monthly period, or portion
thereof, that is needed by the Company to complete an initial
business combination, it will deposit $60,000 per month during the
Extension into the trust account as additional interest on the
proceeds in the trust account Extension (the “
Cash
Contribution”). The deposit of first two months’ contribution
of $120,000 will be made within 7 business days of April 27, 2020
and deposit of each subsequent month’s contribution of $60,000 will
be made within 7 business days of 27th day of such month.
In addition to the Cash Contribution, at the
earlier date (the “Issuance Date”) of the consummation of
its initial business combination and the expiry of the Extension,
the Company will issue a dividend of one warrant to purchase
one-half of one ordinary share for each Remaining Share. Each such
warrant will be identical to the warrants included in the units
sold in the Company’s initial public offering (the
“Dividend”, collectively with the Cash Contribution, the
“Revised Contribution”). The Revised Contribution replaces
the $0.02 per public share per month (the “Original
Contribution”) that was previously disclosed in the Company’s
definitive proxy statement filed and mailed to shareholders in
connection with the Extension on or about March 31, 2020.
Furthermore, on April 17,2020, the Company
issued a promissory note (the “Note”) to Qingdao Zhongxin
Huirong Distressed Asset Disposal Co., Ltd, its registered assignee
or successor in interest (“AMC Sino”) in connection with a
non-binding letter of intent (“LOI”) to consummate a
business combination with Zhongxin AmcAsset Limited
(“AmcAsset”), an affiliate of AMC Sino. The principal amount
of the note is $500,000 to be paid in installments according to the
needs of the Company with the first payment of no less than
$100,000 to be made within one business day after the execution of
the Note.
Guan Wang, Chairman and CEO of the Company
stated, “we are very excited about this important step forward in
our search of suitable targets. AmcAsset has demonstrated strong
interest and capability in cooperating with us to consummate a
qualified business combination. We intend to deposit the proceeds
of the Note into the trust account as the Cash Contribution for
public shareholders and I personally will contribute to the Company
as a loan for remaining balance, if any. We hope to come back soon
with more updates on the progress of our work in this regard.”
Notwithstanding the issuance of the Note and the
non-binding LOI, the Company has not entered into any definitive
agreements, for the purpose of acquiring, engaging in a share
exchange, share reconstruction and amalgamation with, purchasing
all or substantially all of the assets of, entering into
contractual arrangements with, or engaging in any other similar
business combination with one or more businesses or entities.
About ALAC
ALAC is a blank check company, also commonly
referred to as a Special Purpose Acquisition Company, or SPAC,
formed for the purpose of acquiring, engaging in a share exchange,
share reconstruction and amalgamation, purchasing all or
substantially all of the assets of, entering into contractual
arrangements, or engaging in any other similar business combination
with one or more businesses or entities. ALAC’s efforts to identify
a target business have not been limited to a particular industry or
geographic region.
About AmcAsset
AmcAsset is a transnational distressed asset
management company with foothold in the U.S. and China and
undergoing global expansion. AmcAsset is a British Virgin Island
company holding 100% equity interest of Quest Mark Capital Inc., a
California corporation located in Los Angeles, and Qingdao
Zhongbiao Distressed Asset Disposal Co., Ltd, a Chinese entity and
an affiliate of AMC Sino.
Disclaimer
This communication shall not constitute an offer
to sell or the solicitation of an offer to buy any securities, nor
shall there be any sale of securities in any jurisdiction in which
the offer, solicitation or sale would be unlawful prior to the
registration or qualification under the securities laws of any such
jurisdiction. No offering of securities shall be made except by
means of a prospectus meeting the requirements of Section 10 of the
Securities Act of 1933, as amended.
Forward-Looking Statements
This press release includes “forward-looking
statements” that involve risks and uncertainties that could cause
actual results to differ materially from what is expected. Words
such as “expects”, “believes”, “anticipates”, “intends”,
“estimates”, “seeks”, “may”, “might”, “plan”, “possible”, “should”
and variations and similar words and expressions are intended to
identify such forward-looking statements, but the absence of these
words does not mean that a statement is not forward-looking. Such
forward-looking statements relate to future events or future
results, based on currently available information and reflect ALAC
management's current beliefs. A number of factors could cause
actual events or results to differ materially from the events and
results discussed in the forward-looking statements. In addition,
please refer to the Risk Factors section of ALAC’s Form 10-K, its
Quarterly Reports on Form 10-Q for additional information
identifying important factors that could cause actual results to
differ materially from those anticipated in the forward looking
statements. Except as expressly required by applicable securities
law, ALAC disclaims any intention or obligation to update or revise
any forward looking statements whether as a result of new
information, future events or otherwise.
Contacts
Alberton Acquisition Corp.
Kevin Liu
Email: kevinliu@albertoncorp.com
Alberton Acquisition (NASDAQ:ALAC)
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