Progress Acquisition, a blank check company targeting media, entertainment, and technology, filed on Wednesday with the SEC to raise up to $125 million in an initial public offering.
The Boston, MA-based company plans to raise $125 million by offering 12.5 million units at $10. Each unit will consist of one share of common stock and one-half of a warrant, exercisable at $11.50. At the proposed deal size, Progress Acquisition will command a market value of $158 million.
The company is led by Chairman Carl Vogel, who previously served as President of DISH Network (Nasdaq: DISH) and as President and CEO of Charter (Nasdaq: CHTR); CEO and Director Warren Schlichting, who previously was Group President of Sling TV; CFO Richard Gallagher, who is a Senior Managing Director, COO, and CFO of Progress Partners; and President David Arslanian, who is a Managing Director at Progress Partners. Progress Acquisition currently intends to focus on target companies in the nexus of media, entertainment, and technology, with an emphasis on attractive targets that fall in the digital ecosystem.
Progress Acquisition was founded in 2020 and plans to list on the Nasdaq under the symbol PGRWU. EarlyBirdCapital is the sole bookrunner on the deal.
