Procaps Receives Nasdaq Listing Determination; To Request Hearing and Further Stay Pending Hearing
16 Novembre 2024 - 12:15AM
Procaps Group, S.A. (NASDAQ: PROC) (“Procaps” or the “Company”),
announced today that, on November 13, 2024, the Company received
formal notice from the Listing Qualifications Department (the
“Staff”) of The Nasdaq Stock Market LLC (“Nasdaq”) that, based upon
the Company’s failure to timely file the Form 20-F for the fiscal
year ended December 31, 2023 (the “Form 20-F”) with the U.S.
Securities and Exchange Commission (the “SEC”), the Company no
longer satisfied Nasdaq Listing Rule 5250(c)(1) (the “Filing Rule”)
and its securities are therefore subject to suspension and
delisting unless the Company timely requests a hearing before and a
further stay of any suspension action at least pending the ultimate
conclusion of the hearings process from the Nasdaq Hearings Panel
(the “Panel”).
The Company plans to timely request a hearing
before the Panel as well as a further stay. The Panel will review
the request of an extended stay and notify the Company of its
determination as soon as practicable, but in any event no later
than 15 calendar days following the deadline to request the
hearing. Nasdaq notified the Company that hearings are typically
scheduled to occur approximately 30-45 days after the date of the
hearing request. Until the Panel makes a determination regarding
the stay request, the Company’s securities will continue to trade
on Nasdaq.
The Company continues to work diligently to
complete the previously disclosed independent investigation and to
file the Form 20-F with the SEC as soon as practicable.
About Procaps Group
Procaps Group, S.A. (“Procaps”) (NASDAQ: PROC)
is a leading developer of pharmaceutical and nutraceutical
solutions, medicines, and hospital supplies that reach more than 50
countries in all five continents. Procaps has a direct presence in
13 countries in the Americas and nearly 5,000 employees working
under a sustainable model. Procaps develops, manufactures, and
markets over-the-counter (OTC) pharmaceutical products,
prescription pharmaceutical drugs (Rx), nutritional supplements,
and high-potency clinical solutions.
For more information, visit www.procapsgroup.com
or Procaps’ investor relations website
investor.procapsgroup.com.
Investor Contact:Melissa Angelini
ir@procapsgroup.cominvestor.procapsgroup.com
Forward-Looking Statements
This press release includes "forward-looking statements" within the
meaning of Section 27A of the Securities Act of 1933 and Section
21E of the Securities Exchange Act of 1934. Forward-looking
statements may be identified by the use of words such as
"forecast," "intend," "seek," "target," "anticipate," "believe,"
"expect," "estimate," "plan," "outlook," “goal,” “objective,”
“will,” “may,” “should,” “can,” “project” and other similar
expressions that predict or indicate future events, objectives,
results or trends or that are not statements of historical matters.
Such forward-looking statements include, without limitation,
projected financial information, the Company’s expectations about
the timing of completion of the independent investigation,
financial restatement and filing of the 2023 20-F, the Company’s
statements regarding seeking additional financing, statements
related to the Company’s plans, outlook and strategy, other Company
initiatives and objectives or forecasts related to the Company’s
business, performance and industry. These forward-looking
statements involve substantial risks and uncertainties, or
assumptions that may cause actual results or performance to be
materially different from those expressed or implied by these
forward-looking statements, and actual results could vary
materially from these forward-looking statements. Factors that may
cause future results to differ materially from management’s current
expectations include, among other things, the discovery of
additional information relevant to the investigation; the
conclusions of management (and the timing of the conclusions)
concerning matters relating to the investigation; the timing of the
review by, and the conclusions of, the Company’s independent
registered public accounting firm regarding the internal
investigation and the Company’s financial statements; the
possibility that additional errors may be identified; the risk that
the completion and filing of the 2023 20-F will take longer than
expected; the inability to successfully implement or execute on the
Company’s strategic objectives or initiatives, including governance
and compliance enhancements; the inability to obtain additional
financing; the inability to successfully implement or execute on
our restructuring plans; changes in applicable laws or regulations;
the possibility that the Company may be adversely affected by other
economic, business, and/or competitive factors; the inability of
the Company to execute on its expense reductions plans or growth
initiatives; and other risks and uncertainties indicated from time
to time in documents filed or to be filed with the Securities and
Exchange Commission ("SEC") by the Company. The Company disclaims
any obligation to update information contained in these
forward-looking statements whether as a result of new information,
future events, or otherwise.
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