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Alberton received notice from Nasdaq indicating our non-compliance with listing rule that we have min. 300 public holders for continued listing. It is only a notification of deficiency, not of imminent delisting, and has no current effect on the listing or trading of our securities on Nasdaq .


On September 1, 2020, Alberton received a written notice from the Listing Qualifications Department of The Nasdaq Stock Market indicating Alberton’s non-compliance with Listing Rule 5550(a)(3) that Alberton have min. 300 public holders for continued listing on Nasdaq. The Notice is only a notification of deficiency, not of imminent delisting, and has no current effect on the listing or trading of our securities on Nasdaq.

The Notice states that we have 45 calendar days to submit a plan to regain compliance with the Minimum Public Holders Rule. We intend to submit a plan to regain compliance with the Rule within the required timeframe. If Nasdaq accepts our plan, Nasdaq may grant us an extension of up to 180 calendar days from the date of the Notice to evidence our compliance. If Nasdaq does not accept our plan, we will have the opportunity to appeal the decision in front of a Nasdaq Hearings Panel.

Forward-Looking Statements

Alberton makes forward-looking statements in this report within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements relate to expectations or forecasts for future events. These forward-looking statements are based on information available to us as of the date of this report, and involve substantial risks and uncertainties. Actual results may vary materially from those expressed or implied by the forward-looking statements herein due to a variety of factors, including our ability to submit a plan of compliance satisfactory to Nasdaq, our ability to evidence that we have min. 300 public holders, and other risks and uncertainties set forth in our reports filed with the SEC. We do not undertake any obligation to update forward-looking statements as a result of new information, future events, or developments or otherwise.

Alberton’s Board of Directors on July 29, 2020 reelected Mr. Keqing (Kvin) Liu its member, effective immediately. As a result, our Board currently has two executive directors and three independent directors.

In order to satisfy Nasdaq listing standards that the majority of Alberton’s Board be independent, Mr. Liu tendered his resignation from his position as a director of Alberton effective on October 11, 2019. The Board accepted his resignation, effective immediately. His decision did not result from a disagreement with Alberton on any matter relating to its operations, policies or practices.

On April 23, 2020, Alberton held its special meeting of the shareholders. At the meeting, our shareholders voted on two proposals, each of which is described in more details in our definitive proxy statement filed with the SEC on March 31, 2020). At the beginning of the meeting, there were 10,065,492 ordinary shares in person or by proxy, representing 68.52% of the voting power of the ordinary shares entitled to vote at the meeting, which constituted a quorum for the transaction of business:

For Against Abstain

9,816,19 2 249,300 0

At the meeting, the following proposal were voted on and approved:

To amend our memorandum and articles of association (M&A, as may amended from time to time), to extend the date before which we must complete a business combination from April 27, 2020 to October 26, 2020 or such earlier date as determined by our Board, and provide that the date for our cessation of operations if it has not completed a business combination would similarly be extended by amending the M&A to include an additional regulation 47.15 in the Articles of Association.

Shareholders holding 10,073,512 public shares exercised their right to redeem such public shares for a pro rata portion of the trust account. As a result, an aggregate of $105,879,118 (or $10.51 per share) was removed from the trust account to pay such holders.

On the same day, in connection with the meeting, Alberton filed with the Registrar of the British Virgin Islands an Amendment to Regulation 47 of Alberton's Articles of Association.

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Alberton Acquisition Corporation

Room 1001, 10th Floor, Capital Center

151 Gloucester Road, Wanchai, Hongkong

      ☎: (+852) 2117 1621

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          info@albertoncorp.com

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