Progress Acquisition shareholders agreed to adjourn until April 26 and reconsider a deadline extension after the SPAC uses the additional time to solicit proxies.
Progress Acquisition wants to move its deadline from May 8 to Nov. 8. If shareholders agree, the SPAC’s sponsor will pour the lesser of $32,327.52 or 4 cents a share into trust for each months that is required.
A separate proposal, if approved, would allow shareholders of Class B stock to convert their holdings into Class A shares on a one-for-one basis ahead of any merger.
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.
