Progress Acquisition, a blank check company targeting media, entertainment, and technology, raised $150 million by offering 15 million units at $10. The company offered 2.5 million more units than anticipated. Each unit consists of one share of common stock and one-half of a warrant, exercisable at $11.50.
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 plans to list on the Nasdaq under the symbol PGRWU. EarlyBirdCapital acted as a lead manager on the deal.
