On April 17, 2020, Alberton Acquisition Corporation issued an unsecured promissory note in the aggregate principal amount of $500,000 to Qingdao Zhongxin Huirong Distressed Asset Disposal Co Ltd., a PRC company based in Qingdao, China, its registered assignees or successor in interest . The Note was issued in connection with a non-binding letter of intent entered into by and between Alberton and Zhongxin AmcAsset Limited, a holding company incorporated in the British Virgin Islands, to consummate a potential business combination with AmcAsset. AmcAsset is a transnational distressed asset management company with foothold in the U.S. and China, and undergoing global expansion. AmcAsset holds 100% equity interest of Quest Mark Capital Inc., a California corporation located in Los Angeles, and Qingdao Zhongbiao Distressed Asset Management Co., Ltd, to which AMC Sino is related. The principle of the Note of $500,000 will be paid in installments according to the needs of Alberton, with the first payment of no less than $100,000 to be made within one business day after execution of the Note. The Note is non-interest bearing and is payable on the date on which Alberton consummates its initial business combination with Payee or another qualified target company, subject to certain mandatory repayment arrangement set fourth in the Note. The principal balance may be prepaid at any time without penalty. Notwithstanding the issuance of the Note and the non-binding LOI, Alberton 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.