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Solar energy company SolarMax Technology withdraws $16 million IPO, plans to merge with Alberton Acquisition

October 28, 2020

SolarMax Technology, which operates solar farms in China and sells solar energy systems in the US, withdrew its plans for an initial public offering on Wednesday. It had filed to raise $16 million by offering 4 million shares at a price of $4.

SolarMax's withdrawal request comes concurrent with an announcement that the company will be merging with blank check company Alberton Acquisition (ALACU), a Hong Kong-based blank check company led by Ben Wang of Eon Capital. As consideration for the acquisition, SolarMax's stockholders will receive shares of Alberton worth $300 million. 

The Riverside, CA-based company was founded in 2008 and booked $57 million in sales for the 12 months ended September 30, 2019. The company had last updated its prospectus in January of this year. It had planned to list on the Nasdaq under the symbol SMXT. ViewTrade acted as sole bookrunner on the deal.