Progress Acquisition Corp. Receives Nasdaq Notification of Noncompliance with Listing Rule 5250(c)(1)
Progress Acquisition Corp. (Nasdaq: PGRW) announced it received a notice from Nasdaq stating it failed to timely file its Annual Report on Form 10-K for the fiscal year ended December 31, 2022. The notice allows the Company 60 days, until June 20, 2023, to submit a compliance plan. If accepted, Nasdaq may grant an additional 180 days, up until October 18, 2023, for compliance. The notice does not affect the current listing status of the Company's Class A common stock, warrants, or units on the Nasdaq Capital Market. Progress Acquisition Corp. is a blank check company aiming to pursue mergers and acquisitions, focusing on media, entertainment, and technology sectors.
- The notice does not have an immediate impact on the listing of Class A common stock, warrants, or units, allowing operations to continue as usual.
- Failure to file the Form 10-K could indicate potential governance or operational issues.
- The company faces a compliance deadline, which adds pressure on management to meet Nasdaq's requirements.
Boston, MA, April 26, 2023 (GLOBE NEWSWIRE) -- Progress Acquisition Corp. (Nasdaq: PGRW) (the “Company”) announced today that the Company had received a notice (the “Notice”) from the Listing Qualifications Department of The Nasdaq Stock Market (“Nasdaq”) stating that the Company was not in compliance with Nasdaq Listing Rule 5250(c)(1) because the Company had failed to timely file with the Securities and Exchange Commission (“SEC”) its Annual Report on Form 10-K for the fiscal year ended December 31, 2022 (the “Form 10-K”). The Notice provides the Company with 60 days, or until June 20, 2023, to submit to Nasdaq a plan to regain compliance in accordance with Nasdaq’s listing requirements. If the Company’s plan is accepted, Nasdaq may grant the Company up to 180 days, or until October 18, 2023, for the Company to regain compliance. If Nasdaq does not accept the Company’s plan, the Company will have the opportunity to appeal that decision to a Nasdaq hearings panel under Nasdaq Listing Rule 5815(a). The Notice has no immediate effect on the listing of the Company’s Class A common stock, warrants or units on the Nasdaq Capital Market. The Company is continuing in its efforts to file the Form 10-K as soon as reasonably practicable.
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 is the significance of the notice received by Progress Acquisition Corp. on April 26, 2023?
What are the consequences if Progress Acquisition Corp. fails to submit a compliance plan by June 20, 2023?
How does the failure to file the Form 10-K affect Progress Acquisition Corp. stock?
What are the next steps for Progress Acquisition Corp. following this Nasdaq notice?
