Alberton announces extension of deadline for initial business combination
Updated: Apr 6, 2020
Alberton Acquisition Corporation today announced that, on January 23, 2020, the Company deposited $1,148,800 into the trust account to extend the time available for the Company to consummate a business combination to April 27, 2020. The extension fund was partially ($780,000) from a loan provided by the sponsor and partially ($368,800) from the contribution of the working capital of the Company.
In connection with the loan provided by the sponsor, the Company issued a promissory note to the sponsor and/or its designee or successor in interest in the principal amount of $780,000, with no interest, payable upon the consummation of a business combination or, at the discretion of the sponsor, convertible into private units of the Company.