Progress Acquisition Corp.
PGRWW
NASDAQ Capital Market0.00
USD
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Progress Acquisition Corp.
PGRWW
(NASDAQ Capital Market)
Recent
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ROIC.AI
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in mil. unless spec.- Similar Companies
- Business
- Progress Acquisition Corp. (PGRWW) operates as a blank check company, or special purpose acquisition company (SPAC), whose primary purpose is to effect a merger, share exchange, asset acquisition, stock purchase, recapitalization, reorganization, or similar business combination with one or more businesses or entities. The company generates no significant independent operations or products and services, instead focusing exclusively on identifying and pursuing merger targets, particularly in the media, entertainment, technology, and digital ecosystem sectors. Incorporated in 2020 and headquartered in Boston, Massachusetts, it raised $150 million in gross proceeds through its initial public offering of 15 million units in February 2021, with EarlyBirdCapital acting as the sole book-running manager. Geographically, the company targets opportunities primarily within the United States, led by Chairman Carl Vogel, CEO and Director Warren Schlichting, President David Arslanian, and CFO Richard Gallagher. In a major development, Progress Acquisition Corp. dissolved and liquidated in May 2023 after failing to complete an initial business combination by its deadline, resulting in a per-share redemption price of approximately $10.29 and the cancellation of a proposed extension vote for stockholders. Warrants under ticker PGRWW continue to trade post-liquidation as legacy securities tied to the defunct SPAC structure.