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Progress Acquisition Corp. Announces Closing of Underwriter’s Option to Purchase Additional Units in Connection With Its Initial Public Offering

Push Launch

current: Feb 22, 2021 14:00 EST

Development Acquisition Corp. (the “Organization”) announced today the closing of the issuance of an added 2,250,000 models pursuant to the training of the underwriters’ option in entire to purchase additional models in relationship with its first public offering at $10.00 for each unit, resulting in gross proceeds of $22,500,000 and bringing the overall gross proceeds of the preliminary general public offering to $172,500,000.

The Firm’s models commenced buying and selling on the Nasdaq Cash Marketplace (“Nasdaq”) on Tuesday, February 9, 2021, beneath the ticker symbol “PGRWU.” Just about every unit is made up of one particular share of the Company’s Course A typical inventory and 1-50 % of one particular redeemable warrant, each whole warrant entitling the holder thereof to obtain a person share of Class A typical stock at a cost of $11.50 for each share. When the securities comprising the units begin independent investing, the shares of Class A frequent inventory and warrants are predicted to be detailed on Nasdaq beneath the symbols “PGRW” and “PGRWW,” respectively.

Progress Acquisition Corp. is a blank verify business formed for the function of effecting a merger, cash stock trade, asset acquisition, inventory purchase, reorganization, or related business enterprise blend with just one or more corporations. While the Organization could pursue an acquisition in any organization business or sector, it intends to concentration on alternatives in media, entertainment, and engineering, with an emphasis on beautiful targets that slide in the electronic ecosystem. The Company is led by Chairman Carl Vogel, CEO and Director, Warren Schlichting, Administrators Richard Battista, Chris Kelly, Sanjay Puri and Luisa Ingargiola, President David Arslanian and CFO Richard Gallagher.

EarlyBirdCapital, Inc. acted as sole ebook-working supervisor of the featuring.  

Of the proceeds gained from the consummation of the initial general public giving (as perfectly as the work out of the alternative to acquire further models) and a simultaneous personal placement of warrants, $172,500,000 (or $10.00 per device sold in the general public giving) was placed in the Firm’s belief account. An audited harmony sheet of the Company as of February 11, 2021 reflecting receipt of the proceeds on consummation of the supplying and the personal placement (but not together with the closing of the extra models explained herein) was incorporated as an show to a Recent Report on Sort 8-K filed by the Organization with the Securities and Trade Fee (the “SEC”) on February 18, 2021.

The presenting was built only by implies of a prospectus. Copies of the preliminary prospectus and final prospectus relating to the offering, may possibly be obtained from EarlyBirdCapital, Inc., 366 Madison Avenue, 8th Floor, New York, New York 10017.

A registration statement relating to these securities has been submitted with, and declared productive by, the Securities and Exchange Fee (“SEC”) on February 8, 2021. This push launch shall not represent an offer to sell or the solicitation of an provide to invest in, nor shall there be any sale of these securities in any point out or jurisdiction in which these types of an offer you, solicitation or sale would be illegal prior to registration or qualification under the securities rules of any this kind of condition or jurisdiction.

Forward-Looking STATEMENTS

This push launch contains statements that represent “forward-searching statements,” which include with regard to the original general public supplying and the research for an original small business combination. Ahead-wanting statements are subject matter to several problems, lots of of which are further than the command of the Business, which include those set forth in the Hazard Things segment of the Company’s registration statement for the giving filed with the SEC. Copies are offered on the SEC’s web page, www.sec.gov. The Corporation undertakes no obligation to update these statements for revisions or changes right after the day of this release, apart from as demanded by legislation.

Get hold of

Richard Gallagher
Main Financial Officer
Progress Acquisition Corp.
(617) 401-2700

Source: Development Acquisition Corp.