Progress Acquisition filed a proxy seeking shareholder approval of a deadline extension from May 8 to Nov. 8. If approved, the SPAC’s sponsor will pour the lesser of $32,327.52 or 4 cents a sahre into trust for each months that is required.
Stockholders who opt to redeem ahead of the vote can expect a price of $10.19 for each share.
The SPAC raised $150 million in an IPO two years ago to target companies involved in cutting-edge media, entertainment and digital technology. Read more.
