Yes, it is possible. But it will require a few steps. You will need to make an upgrade (or 2) to the latest version of UBB.classic. Then you will need to export your UBB.classic data and import it into your UBB.threads board.
It is possible to upgrade from 5.46 to UBB.classic 6.7.2. However, we recommend that you upgrade to the last version in the 5-series, version 5.47e, then upgrade to 6.7.2. The reason is that there will be less chance of a problem this way.
The reason why you will need to upgrade to UBB.classic 6.7.2 is because both UBB.classic and UBB.threads use a common import script, and only the latest versions of each product support it.
You can find instructions on how to do the upgrades and data transfers in the Docs sections of UBB.classic and UBB.threads.
If you do not have access to the Member Area to download the UBB.classic files, put in a
support ticket and ask for them. We will email them to you once we have verified your UBB.threads license.