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Progress Acquisition Corp. (PGRW) Cancels Extension Vote

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Progress Acquisition Corp. (PGRW) Cancels Extension Vote

Progress Acquisition Corp. (Nasdaq: PGRW) announced this afternoon that it has cancelled its April 26 special meeting.

The SPAC originally intended to hold the meeting on April 17, but adjourned it until tomorrow to permit further solicitation of proxies for its extension proposal.

Progress did not disclose any further information on the cancellation, but has a completion deadline quickly approaching on May 8. At the meeting, Progress intended to gain stockholder approval to extend its timeline to November 8 and 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.

The company is still searching for a target, but originally set out to combine with a digital media, entertainment and technology company with a low-churn subscription model.

Progress announced the pricing of its upsized $150 million IPO in February 2021, and had 21 months to find a target. It had held a shareholder vote in October 2022  to extend an additional six months but, it saw 95.48% of its trust redeemed leaving the SPAC with just $7.83 million in its trust post-vote.