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.
LatAmGrowth SPAC (NASDAQ:LATG) announced in an 8-K that it adjourned its special meeting yesterday to liquidate early and will reconvene it at 2 pm ET September 28. The proposals on its ballot would have initiated the process of winding down the SPAC and returning all trust capital to investors outside of $100,000 for dissolution expenses....
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