Progress Acquisition Corp. Receives Nasdaq Notification of Noncompliance with Listing Rule 5250(c)(1)
26 Avril 2023 - 10:39PM
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
Progress Acquisition (NASDAQ:PGRWW)
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