Progress Acquisition Corp. Receives Nasdaq Notification Of Noncompliance With Listing Rule 5250(c)(1)

Progress Acquisition Corp. (NASDAQ:PGRW) (the "Company") announced today that the Company had 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.