Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or
Standard; Transfers of Listing
On April 21, 2023, Progress Acquisition Corp. (the "Company") received a notice
(the "Notice") from the Listing Qualifications Department of The Nasdaq Stock
Market ("Nasdaq") stating that the Company was not in compliance with Nasdaq
Listing Rule 5250(c)(1) because the Company had failed to timely file with the
Securities and Exchange Commission ("SEC") its Annual Report on Form 10-K for
the fiscal year ended December 31, 2022 (the "Form 10-K"). The Notice provides
the Company with 60 days, or until June 20, 2023, to submit to Nasdaq a plan to
regain compliance in accordance with Nasdaq's listing requirements. If the
Company's plan is accepted, Nasdaq may grant the Company up to 180 days, or
until October 18, 2023, for the Company to regain compliance. If Nasdaq does not
accept the Company's plan, the Company will have the opportunity to appeal that
decision to a Nasdaq hearings panel under Nasdaq Listing Rule 5815(a). The
Notice has no immediate effect on the listing of the Company's Class A common
stock, warrants or units on the Nasdaq Capital Market. The Company is continuing
in its efforts to file the Form 10-K as soon as reasonably practicable.
On April 26, 2023, the Company issued a press release announcing the receipt of
the Notice. A copy of the press release is furnished hereto as Exhibit 99.1.
Item 9.01 Financial Statements and Exhibits
(d) Exhibits
Exhibit
Number Title
99.1 Press Release, dated April 26, 2023
104 Cover Page Interactive Data File.
1
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