Progress Acquisition in a press release said it has cancelled today’s shareholder meeting, when a voite was expected on an extension proposal. No reason was given for the cancellation, nor did the SPAC indicate its next move.
The meeting had already been postponed from last week so the SPAC could solicit additional proxies, according to an 8-K filing April 17.
The purpose of the shareholder vote was to gain apprvoal for a deadline extension from May 8 to Nov. 8. The SPAC’s sponsor had already agreed to deposit the lesser of $32,327.52 or 4 cents a share into trust for each months that is required — if the measure was approved.
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.
