Progress Acquisition Corp. (NASDAQ:PGRW) announced that it adjourned today’s special meeting and will reconvene on April 26.
Earlier today, Progress held a special meeting where stockholders approved a proposal to adjourn the meeting to a later date to permit further solicitation of proxies for an extension proposal.
The SPAC currently has a deadline of May 8, but is looking to gain stockholder approval to extend this timeline to November 8. At the upcoming meeting, stockholders will also be voting on a proposal to provide holders of Class B common stock the right to convert their shares into Class A common stock on a one-for-one basis prior to the closing of a business combination.
Progress announced the pricing of its upsized $150 million IPO in February 2021, but saw 95.48% of its trust redeemed in an October 2022 meeting, leaving the SPAC with just $7.83 million in its trust post-vote.
The company is still searching for a target, but aims to combine with a digital media, entertainment and technology company with a low-churn subscription model. Progress is led by CEO Warren Schlichting, CFO Richard Gallagher and President David Arslanian.
Rice II (NYSE: RONI) announced in an 8-K today that its shareholders have approved its combination with energy technology company NET Power with relatively low redemptions. In the end, 21,195,224 shares were redeemed in connection vote, removing 61% of Rice II’s trust. This is the second best result among the 32 deals that have come...
Trajectory Alpha (NYSE:TCOA) announced in an 8-K this morning that it has opted to postpone its June 8 extension vote to June 12 at 10 am ET. The SPAC will use this extra time to engage with shareholders at work to reverse redemption decisions. Trajectory Alpha’s team may still be getting acquainted with some major...
Tracking SPACs and all of their various types of “corporate actions” can be challenging. After all, a SPAC can postpone, adjourn, extend, complete, liquidate early, do a tender offer, and in some cases, one SPAC do all of those actions within its lifespan. Naturally, this can be challenging to manage. More importantly, it can very...
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Avalon Acquisition Inc. (NASDAQ:AVAC) announced in an 8-K this morning that it has entered into a prepaid forward purchase agreement with RiverNorth SPAC Arbitrage Fund, the purchaser, as it works to close its combination with financial services firm The Beneficient Company, or Ben. As part of the agreement, RiverNorth agreed to effect certain purchases of shares...