Alberton’s existing shareholders will own 17.23% stake in the combined entity
Alberton Acquisition, a British Virgin Islands-based special purpose company, has signed a merger agreement with SolarMax Technology.
Under the merger agreement, Alberton Merger Subsidiary will be merged with SolarMax.
SolarMax will be the surviving company and will in-turn become a subsidiary of Alberton. SolarMax shareholders will receive Alberton shares worth a total of $300m.
Founded in 2008, in Nevada in the US, SolarMax is an integrated solar company. The company began operations in China in 2015, after acquiring two companies.
Through its subsidiaries, it engaged in selling and installing integrated photovoltaic (PV) systems for residential and commercial customers in the US.
SolarMax also procures solar farm projects for resale to third party developers and related services in China. It also offers engineering, procuring and construction services for solar farms in the country.
Alberton CEO Guan Wang said: “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 shareholders to own 82.7% stake in the combined entity
Upon completion of the merge, SolarMax shareholders will hold about 82.77% stake in the combined entity, while and Alberton’s existing shareholders will retain the remaining 17.23% stake.
The deal is expected to be closed by April 2021.
SolarMax CEO David Hsu said: “We are very excited about the future prospect of the combined entity. We believe that the merger with Alberton can help us to further the development of our business.”