Progress Acquisition Corp.
PGRW · Nasdaq
NO ACTION REQUIRED
Nothing left to do
The cash went back to shareholders and the company wound up. There is no deadline left to miss.
Cash at settlement
No cash-per-share figure was filed for this vehicle before it finished.
Last close
Daily close
No price history on file yet — daily closes accumulate from the market data feed.
Trust settled · There is no line to draw here. This vehicle has finished: the cash was paid back or spent closing the deal, so the last filed figure describes an account that no longer exists and would be a floor under nothing.
SpacBrain’s read
Trust settled
The trust was liquidated and paid back to holders pro rata — the floor was honoured and the SPAC has wound up, so there is nothing left to claim.
In plain terms
- What it is
- A SPAC from Isos Acquisition Corp. / Progress Acquisition Corp. (Barrios George A.), listed on Nasdaq in February 2021.
- What it's doing now
- It never completed a purchase. The company wound up and the cash in the account went back to shareholders — the ordinary ending when a SPAC runs out of time. No agreed deal for it is on file with us, so we cannot say whether one was ever announced and later fell through.
- What you should know
- This SPAC has finished. The cash was paid back to shareholders and the company wound up, so there is nothing left to claim — the money went where the charter said it would.
At a glance
- Where it stands
- Liquidated
- Deal
- none — it wound up and returned the cash instead
- Industry
- no filing we hold states a sector this SPAC restricted its search to
- Deal value
- no deal to value — it wound up instead
- Price vs cash at settlement
- no live price on file
- Cash in trust when it settled
- not yet extracted into a snapshot — the filings below may state it
- the last trust total filed while this was still a SPAC — the account has since been paid out or used to close the deal
- IPO
- 10 February 2021
- size not on file · 100.0% of each $10 unit into trust
- Headquarters
- 50 MILK STREET, BOSTON, MA, 02109
- registered in Delaware
- Lead underwriter
- not extracted from the prospectus yet
- Key officers
- ALTMAN JEFFREY A · Meade Winston (Chief Strategy Officer) · Wilson Michelle D (Co-President of Issuer)
- Listed securities
- PGRW common
This vehicle has finished, so there is no window to file a cash-per-share figure for and none will follow. No estimate is shown in its place.
At the 27 October 2022 event.
Nothing dated is on file. That is an absence in the record, not a statement that nothing is coming.
Yield to redemption
Nothing left to redeem — no yield to compute.
This SPAC has finished — its trust was paid back or used to close the deal, so there is nothing left to redeem and no yield to compute. A yield to redemption is a claim that you can hand these shares back for the trust cash. That account is closed, so this page will not print a number here.
What happened to the cash
The reasoning behind the verdict above, in the order the filings establish it.
- The trust was liquidated and paid back to holders pro rata — the floor was honoured and the SPAC has wound up, so there is nothing left to claim.
What has happened, and what is coming
2 dated milestonesEvery dated step from the day it listed to the next date you may have to act on. Where you have to do something, the day your broker needs the instruction is marked too.
- 10 February 2021IPOpassed
IPO size not on file
redemption rate not stated in the filing
Who has already taken their money back
1 filed eventEach time shareholders were offered their cash back, some took it. Heavy cash-outs drain the account and shrink the number of shares left — whatever remains has to carry the deal.
Worst single event
—
no filing states a pre-event share count
Shares redeemed, all events
16.44M
across every filed redemption event
Every figure below is stated in the linked filing; nothing here is estimated.
- Oct 27, 2022Extensionno rate stated
The score
deterministic, from filed fieldsPGRW is not in the scored universe, so no score is shown. A withheld score is a fact about the record, not a verdict about the company.
The score is only published for names that carry both a price and a filed cash-per-share figure — 294 of the tracked fleet today. The rest keep an empty dial rather than a modelled one, and fill in by themselves as the fields land.
The company
from SEC filingsRead the full profile
Progress Acquisition Corp. was a blank-check company whose common stock traded on the Nasdaq Stock Market under the ticker PGRW. The company priced its initial public offering on February 10, 2021, according to a 424B prospectus. On May 8, 2023, Progress Acquisition Corp. filed an 8-K announcing that it would redeem all outstanding shares of Class A common stock included in the units issued in its initial public offering, at a per-share price payable in cash equal to the aggregate amount then on deposit in the company's trust account, including interest earned. The company thereby wound up and returned the trust cash to shareholders.
Material findings
from the full read of every filingEvery document this company files gets read whole — body and exhibits. These are the ones the read flagged as material, newest first, each citing its filing.
Allowing founder shares to convert early is a listing-compliance device: after heavy redemption the public float can fall below Nasdaq's round-lot and holder requirements, and converting the sponsor's 4,312,500 shares papers over that. It also puts low-basis stock into the Class A count alongside public shares. This is a second extension, PGRW was still only in discussions with targets, and it ultimately liquidated — redeeming by April 13, 2023 was the reliable exit.
A flat $50,000 a month means the per-share benefit depends entirely on how many holders redeem — the fewer who leave, the less each receives. Over six months the aggregate is capped at $300,000. PGRW ultimately liquidated, so the extension bought searching time rather than a deal, and tendering by October 25, 2022 was how holders took the trust value on their own terms.
Filings
live EDGAR feedEverything this company has filed with the SEC recently, newest first, each with a plain summary of what changed and why it matters.
Show the other 10 filings
What changed: Progress Acquisition Corp. called a special meeting for April 17, 2023 at 10:30 a.m. Eastern Time, virtual, to extend the Termination Date from May 8, 2023 to November 8, 2023, and to allow Founder Shares to convert at any time before a business combination, which the proxy says gives flexibility to retain stockholders and meet Nasdaq continued listing requirements after redemptions. Sponsor Progress Capital I LLC owns 4,312,500 Class B Founder Shares and the underwriters' representative owns 150,000 Class A Representative Shares. Shares must be tendered by April 13, 2023 to redeem. Why it matters: Allowing founder shares to convert early is a listing-compliance device: after heavy redemption the public float can fall below Nasdaq's round-lot and holder requirements, and converting the sponsor's 4,312,500 shares papers over that. It also puts low-basis stock into the Class A count alongside public shares. This is a second extension, PGRW was still only in discussions with targets, and it ultimately liquidated — redeeming by April 13, 2023 was the reliable exit.
What changed vs 2022-10-12deadline 2023-05-08 → 2023-11-08combination deadline, trust account1 moved · 1 with no prior record of ours
- Combination deadline
- 2023-05-082023-11-08
- Trust account
- $4.3M · unchanged
SpacBrain reads this as 184 days later than the previous record.
The clause …“full as follows: F. In the event that the Corporation does not consummate a Business Combination by November 8, 2023 or such earlier date as determined by the Board of Directors of the Corporation (or, if the Office of the Delaware”…
The clause …“the Sponsor and our officers or directors will not receive any monies held in the Trust Account as a result of their ownership of 4,312,500 Founder Shares, which were issued to the Sponsor prior to our IPO, and 4,650,000 Private”…
Read from stored SEC filing text by a regex — no model is involved — and each side links to the filing it came from. “Not previously extracted” is a statement about our record, not about the company: the clause may be present in wording we do not match.
The sponsor
The people who set this company up, what they have done before, and the advisers around the deal.
Extension reliance: 1 extension vote across 2 in-DB vehicles (0.5 per vehicle; 3+ scores zero).
Mixed record · low confidence
The record
The reference detail — how the shares were structured at listing, how thinly they trade, and where the company is registered.
Show the reference detail
Unit structure
Unit: U = S + W · 100.0% of the $10 unit
from 424B4 0001213900-21-008115
Trading & liquidity
Company profile
Directors & officers
- ALTMAN JEFFREY A10% owner
- Meade WinstonChief Strategy Officer
- Wilson Michelle DCo-President of Issuer
- Barrios George A.Co-President of Issuer
Institutional holders
from SC 13G/13DFunds that have declared a stake above 5%. Heavy ownership by arbitrage funds usually means heavy cash-outs at the next vote.
Show the declared stakes
7 filers with a stake on file · 0 re-affirmed in the last 12 months. A stake with no amendment since is the filer’s last word on it, not proof it is still held — and percentages filed in different years are percentages of different floats, because this vehicle’s share count collapses at every redemption.
- Owl Creek Asset Management, L.P.with 1 other reporting person on the same schedule26.9% · SC 13GApr 5, 2023 stale
- Walleye Capital LLC20.9% · SC 13GApr 14, 2023 stale
- Progress Capital I, LLCwith 2 other reporting persons on the same schedule19.9% · SC 13GFeb 14, 2022 stale
- COWEN AND COMPANY, LLC12.0% · SC 13GMay 16, 2023 stale
- Linden Capital L.P.with 2 other reporting persons on the same schedule4.9% · SC 13G/AFeb 3, 2022 stale
- Saba Capital Management, L.P.with 1 other reporting person on the same schedule0.0% · SC 13G/AFeb 14, 2023 stale
- Point72 Asset Management, L.P.with 3 other reporting persons on the same schedule0.0% · SC 13G/AFeb 14, 2023 stale
One line per filer, not per reporting person: a joint schedule names the management company, its funds and often the individual who controls them, and all of them report the same shares. Click a name for that filer’s whole footprint across every SPAC it has declared a stake in.
Sources on file
harvested pages, kept in fullEvery public page we have read about this company, stored in full so a source can never go missing.
Show the sources
39 full SEC filing texts archived — searchable, never lost.
- Vault note — PGRW (Progress Acquisition Corp.)
vault-note · /vault/tickers/PGRW
In plain English
tap a term to open itEvery piece of jargon this page could have used, and what it actually means.
Open the plain-English guide
No floor / floorlessthe cash guarantee is gone — the price is unprotected
A SPAC's downside protection is not the cash in trust; it is your right to demand that cash. Once the redemption window closes, the cash stays with the company and the share can trade anywhere.
Redemption deadlinethe last day to hand shares back for cash
Set by the filing that calls the meeting. Tender after it and the company is under no obligation to pay you the trust value.
Broker action datethe day your broker needs the instruction — earlier than the official date
Brokers batch redemption instructions to the transfer agent, so the practical cutoff is roughly two business days before the published deadline. This is the date that actually costs people the floor.
Cash in trust / trust per sharethe cash the company is holding for each public share
Filed quarterly in the 10-Q's XBRL. It earns interest between filings, so the figure on a given day is slightly higher than the last filed one — where we show that we label it an estimate.
Trust discountbuying below the cash held for you
Only meaningful while a redemption right exists. On a floorless name the same arithmetic is not a discount, it is the market pricing distress, and this product will not call it a yield.
Dilutionhow much of the company new shares take from you
Sponsor promote, PIPE shares, warrants and rights all issue stock that did not pay $10 for it. The headline deal value is before that; the effective value is after.
Pro-forma equitywhat the company is valued at once the deal closes
The combined company's equity value assuming the announced terms and the redemptions that have actually happened.
ARShow much upside you get per unit of downside
SpacBrain's asymmetric-return score. It is deterministic — the same inputs always produce the same number — and it is capped, not zeroed, when the floor is gone.
De-SPACthe day the SPAC becomes the real company
The shares stop being a claim on a pot of cash and start being equity in an operating business. Roughly 80% of recent de-SPACs traded below $10 within a year.
Outside datethe contractual long-stop for closing the deal
A deadline between the SPAC and its target, not between the SPAC and you. It confers no right to cash, which is exactly why it must never be counted as a redemption window.
Accession numberthe SEC's unique id for one filing
Every figure on this page carries the accession of the filing that states it, so you can open the primary document rather than trust us.
Accreted NAV (estimate)the last filed cash figure, plus the interest it should have earned since
A model, not a filing: last filed value compounded at the 3-month T-bill for the days elapsed. Always shown in italic with the word estimate, and never printed beside a filed number without it.
Ask the brain
from its filingsData provenance & audit trail2 internal entries
Written by SpacBrain’s data agents whenever a figure is captured, corrected or flagged, and kept verbatim so every number on this page can be traced back to the filing that states it. This is a running log, not the current record: an early entry may be superseded by a later correction — the panels above always hold the current values.
admitted from the HISTORICAL census (EDGAR's SIC 6770 registrant list, walked in full: 3,325 registrants, 1,167 of which ever priced an IPO). The live discovery job cannot reach this registrant — it reads the filing tape, and this one stopped filing. Admission rule: src/lib/universe-admit.ts. SIC 6770 (Blank Checks); 424B 0001213900-21-008115 priced 2021-02-10; common ticker PGRW off 8-K 0001213900-23-037367 (2023-05-08); lifecycle EXITED. Ending PROVEN, not inferred: LIQUIDATED per 8-K 0001213900-23-037367 (2023-05-08) — announced redemption of all public shares: “…will redeem all of the outstanding shares of Class A common stock of the Company that were included in the units issued in its initial public offering (the " Public Shares "), at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Company's trust account, including interest earned o…”. ipoSizeM and deadline left NULL: gross-proceeds prose conflates the over-allotment with the offering, and a charter deadline belonging to a vehicle that has ended is a date nobody can act on. ipoDate is the 424B pricing date.
sponsor "Progress Capital I, LLC" (SEC CIK 0001833212) sourced from Form 3 reportingOwner (10% owner) acc 0001213900-21-007577.