Progress Acquisition Corp. Cancels Special Meeting of Stockholders

Rhea-AI Summary

Progress Acquisition Corp. (Nasdaq: PGRW) has announced the cancellation of its special meeting of stockholders that was originally set for April 26, 2023. This decision reflects the company's ongoing strategy as a blank check entity, focused on potential mergers and acquisitions within sectors such as media, entertainment, and technology. The firm aims to identify appealing targets in the digital ecosystem to drive future growth.

The announcement also includes forward-looking statements regarding possible business combinations and related financing, emphasizing that actual results may differ from projected outcomes due to various uncertainties beyond the company's control.

Positive

• Focus on media, entertainment, and technology sectors could lead to attractive acquisitions.
• Blank check structure allows for flexibility in pursuing various business combinations.

Negative

• Cancellation of the stockholder meeting may signal indecision or lack of direction.
• Uncertainties associated with forward-looking statements could pose risks to potential investors.

Boston, MA, April 25, 2023 (GLOBE NEWSWIRE) -- Progress Acquisition Corp. (Nasdaq: PGRW) (the “Company”) announced today that the Company has cancelled its special meeting of stockholders that was previously scheduled for April 26, 2023. 

About Progress Acquisition Corp.

Progress Acquisition Corp. is a blank check company formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization, or similar business combination with one or more businesses. While the Company may pursue an acquisition in any business industry or sector, it intends to focus on opportunities in media, entertainment, and technology, with an emphasis on attractive targets that fall in the digital ecosystem. 

Forward-Looking Statements

This press release may include, and oral statements made from time to time by representatives of the Company may include, “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Statements regarding possible business combinations and the financing thereof, and related matters, as well as all other statements other than statements of historical fact included in this press release are forward-looking statements. When used in this press release, words such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “would” and similar expressions, as they relate to us or our management team, identify forward-looking statements. Such forward-looking statements are based on the beliefs of management, as well as assumptions made by, and information currently available to, the Company’s management. Actual results could differ materially from those contemplated by the forward-looking statements as a result of certain factors detailed in the Company’s filings with the Securities and Exchange Commission (“SEC”). All subsequent written or oral forward-looking statements attributable to us or persons acting on our behalf are qualified in their entirety by this paragraph. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2021 and other documents the Company has filed, or to be filed, with the SEC. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

Investor Relations Contact:

Winston Meade
Progress Acquisition Corp.
10 Winthrop Square 6th Floor
Boston, Massachusetts 02110
E-mail: contact@progressacquisition.com
Telephone: (617) 401-2700

FAQ

What does the cancellation of Progress Acquisition Corp.'s stockholder meeting mean?

The cancellation may indicate internal strategy changes or challenges in finalizing potential acquisitions.

What is the focus area for Progress Acquisition Corp. in terms of business acquisitions?

The company aims to target opportunities in the media, entertainment, and technology sectors.

How does the blank check structure benefit Progress Acquisition Corp.?

It provides flexibility to pursue a variety of potential mergers or acquisitions across different industries.

What are the risks mentioned in Progress Acquisition Corp.'s press release?

Forward-looking statements highlight uncertainties that could impact the company's future financial performance.