Progress Acquisition Corp. (PGRW) Adjourns Extension Vote
Progress Acquisition Corp. (NASDAQ:PGRW) announced that it adjourned today’s special meeting and will reconvene on April 26.
Earlier today, Progress held a special meeting where stockholders approved a proposal to adjourn the meeting to a later date to permit further solicitation of proxies for an extension proposal.
The SPAC currently has a deadline of May 8, but is looking to gain stockholder approval to extend this timeline to November 8. At the upcoming meeting, stockholders will also be voting on a proposal to provide holders of Class B common stock the right to convert their shares into Class A common stock on a one-for-one basis prior to the closing of a business combination.
Progress announced the pricing of its upsized $150 million IPO in February 2021, but saw 95.48% of its trust redeemed in an October 2022 meeting, leaving the SPAC with just $7.83 million in its trust post-vote.
The company is still searching for a target, but aims to combine with a digital media, entertainment and technology company with a low-churn subscription model. Progress is led by CEO Warren Schlichting, CFO Richard Gallagher and President David Arslanian.