Progress Acquisition Corp. announced the pricing of its upsized $150 million IPO this morning and its units are expected to begin trading on the Nasdaq under the symbol “PGRWU” Tuesday, February 9.
The new company 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.
Total SPAC deal count for 2021 year-to-date is now 128 with $37.7 billion in gross proceeds raised. This offering is expected to close on Thursday, February 11.
EarlyBirdCapital, Inc. is acting as the sole book-running manager for the offering. Ellenoff Grossman & Schole LLP is serving as Issuer’s Counsel with Graubard Miller LLP serving as Underwriter’s Counsel. Marcum LLP serves as auditor. Continental Stock Transfer & Trust Company is acting as trustee.
At the SPAC of Dawn Yesterday’s high CPI readings may have dampened hopes of summer rate cuts, but the public markets do seem increasingly content to shoot towards the cosmos in terms of the new types of companies they hope to welcome. SPACs have been a major part of commercial space ventures accessing public capital,...
In a surprise move, the NYSE has proposed a rule change to its listing standards to allow SPACs to continue listing up to an additional six months beyond the current 36. However, this is only if the SPAC has signed a definitive agreement prior to the 36 month deadline. As background, both the Nasdaq and...
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Blockchain Coinvestors Acquisition Corp. I (NASDAQ:BCSA) has entered into a definitive agreement to combine with fintech firm Linqto at an enterprise value of $700 million. San Jose, California-based Linqto provides a platform for investors to invest in private venture-backed startups. The combined company is expected to trade on the Nasdaq once the deal is completed...
At the SPAC of Dawn As noted in Monday’s morning roundup, SPAC activity has slowed to start April, but one of today’s votes is notable for a variety of reasons. Screaming Eagle (NASDAQ:SCRM) shareholders are set to vote on the fourth-largest deal by enterprise value that has been announced since the start of 2023. The...