Progress Acquisition Corp. Announces Mailing of Its

Boston, MA, Oct. 14, 2022 (GLOBE NEWSWIRE) — Progress Acquisition Corp. (“Progress” or the “Company”) (Nasdaq: “PGRW”, “PGRWU”, “PGRWW”) announced the mailing of a definitive proxy statement, dated October 12, 2022 (the “Extension Proxy Statement”), to hold a special meeting in lieu of annual meeting of stockholders (on October 27, 2022 (the “Meeting”) to approve an extension of the date by which Progress must consummate an initial business combination to on or before May 8, 2023 (the “Extended Date”) (the “Charter Extension”). Progress commenced mailing of the Extension Proxy Statement on October 13, 2022.

The Meeting will be held virtually on October 27, 2022 at 10:00 AM, Eastern Time and can be accessed by visiting https://www.cstproxy.com/progressacquisition/2022. The Company’s stockholders of record at the close of business on the record date, October 3, 2022, are entitled to vote the shares of common stock of Progress owned by them at the Meeting. Every stockholder’s vote is important, regardless of the number of shares held, and the Company requests the prompt submission of votes. Stockholders can vote online, by telephone, or by mail, simply by following the instructions on their proxy card.

If the proposal to approve the Charter Extension (the “Extension Amendment Proposal”) is approved and the board of directors decides to implement the Charter Extension, Progress Capital I LLC (the “Sponsor”) or its designees have agreed to contribute to the Company a loan (the “Charter Extension Loan”) of $50,000 per month, for each calendar month (commencing on November 8, 2022 and on the 8th day of each subsequent month) until the Extended Date (each, an “Extension Period”), or portion thereof, that is needed to complete an initial business combination, for up to an aggregate of $300,000. Each Charter Extension Loan will be deposited in the trust account within five (5) business days…