At yesterday's X.Org Board of Directors' meeting (IRC log), an update was shared and comes down to Keith Packard working with the SPI on constructing a resolution to bring to the SPI board. However, first the X.Org board will need to review the draft, etc. Assuming the SPI board votes in favor of this resolution, the following step is then to take the revised X.Org Foundation member by-laws to a vote by all X.Org Foundation members.
This process is the same as expressed in the past, just an update where X.Org and SPI is at with their merger. More details on the Software in the Public Interest and X.Org merger proposal can be found via this earlier article. Stay tuned for more updates when the votes go forward, etc, but still may be some time away.