Procaps received a Nasdaq notice for filing delinquency regarding its interim financial statements, impacting its listing status.
Quiver AI Summary
Procaps Group, a prominent integrated healthcare and pharmaceutical services company in Latin America, announced it received a notice from Nasdaq regarding an additional filing delinquency for its interim financial statements for the period ending June 30, 2024, which were due on December 31, 2024. This delinquency follows earlier disclosures related to a delay in filing its Form 20-F for the fiscal year ending December 31, 2023, violating Nasdaq Listing Rule 5250(c)(2). The Nasdaq Hearings Panel will evaluate this issue in light of Procaps' request to maintain its listing. The company intends to respond promptly to Nasdaq's notice and is preparing to demonstrate compliance with filing requirements at an upcoming hearing.
Potential Positives
- The company is actively planning to respond to Nasdaq's notice and present a compliance plan, indicating a proactive approach to addressing the listed issues.
- Procaps has a significant presence in theglobal market reaching over 50 countries and employing nearly 5,000 people, which showcases its scale and potential for recovery and growth post-issues.
Potential Negatives
- The Company has been notified of an additional filing delinquency with Nasdaq, indicating ongoing compliance issues that could jeopardize its listing status.
- This delinquency relates to previously disclosed delays in filing the Form 20-F for fiscal year-end 2023, reflecting potential management or operational weaknesses.
- The outcome of the Nasdaq Hearings Panel's deliberations could lead to significant consequences for the Company's public trading status and investor confidence.
FAQ
What recent notice did Procaps Group receive from Nasdaq?
Procaps Group received notice of an additional filing delinquency regarding their interim financial statements for June 30, 2024.
Why did Procaps fail to file interim financial statements?
The delay was due to issues related to the filing of the Company’s Form 20-F for the fiscal year ending December 31, 2023.
What actions will Procaps take in response to the Nasdaq notice?
Procaps plans to respond promptly and present its compliance plan at the upcoming Nasdaq Hearings Panel.
How does the Nasdaq listing status affect Procaps Group?
The Nasdaq Hearings Panel will consider the filing delinquency when deliberating Procaps’ request for continued listing on Nasdaq.
What services does Procaps Group provide?
Procaps develops and markets pharmaceutical products, nutritional supplements, and hospital supplies across over 50 countries.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
$PROC Hedge Fund Activity
We have seen 0 institutional investors add shares of $PROC stock to their portfolio, and 3 decrease their positions in their most recent quarter.
Here are some of the largest recent moves:
- EXOME ASSET MANAGEMENT LLC removed 129,301 shares (-100.0%) from their portfolio in Q3 2024
- STATE STREET CORP removed 12,383 shares (-100.0%) from their portfolio in Q3 2024
- ROYAL BANK OF CANADA removed 491 shares (-100.0%) from their portfolio in Q3 2024
- PINERIDGE ADVISORS LLC added 0 shares (+0.0%) to their portfolio in Q3 2024
- ACTIVEST WEALTH MANAGEMENT added 0 shares (+0.0%) to their portfolio in Q3 2024
- GEODE CAPITAL MANAGEMENT, LLC added 0 shares (+0.0%) to their portfolio in Q3 2024
- MORGAN STANLEY added 0 shares (+0.0%) to their portfolio in Q3 2024
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Full Release
MIAMI and BARRANQUILLA, Columbia, Jan. 03, 2025 (GLOBE NEWSWIRE) -- Procaps Group, S.A. (NASDAQ: PROC) (“Procaps” or the “Company”), a leading integrated LatAm healthcare and pharmaceutical services company, today announced that, as anticipated, on December 31, 2024, the Company received notice from The Nasdaq Stock Market LLC (“Nasdaq”) of an additional filing delinquency relating to the Company’s interim financial statements for the period ended June 30, 2024.
The interim financial statements were required to be filed with Nasdaq by December 31, 2024, but were not for the reasons previously disclosed in connection with the delay in the filing of the Company’s Form 20-F for the fiscal year ended December 31, 2023, in contravention of Nasdaq Listing Rule 5250(c)(2).
The notice indicated that the Nasdaq Hearings Panel (the “Panel”) will consider the additional filing delinquency in its deliberations regarding the Company’s request for continued listing on Nasdaq. The Company plans to timely respond to the most recent notice from Nasdaq and otherwise present its plan to evidence full compliance with the Company’s applicable filing requirements at its upcoming hearing before the Panel. This announcement is made in compliance with Nasdaq Listing Rule 5810(b), which requires prompt disclosure by an issuer in receipt of an additional delinquency notice from Nasdaq.
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:
ir@procapsgroup.com
investor.procapsgroup.com
Forward-Looking Statements
This press release includes "forward-looking statements." Forward-looking statements may be identified by the use of words such as "forecast," "intend," "seek," "target," "anticipate," "believe," "expect," "estimate," "plan," "outlook," and "project" and other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. Such forward-looking statements with respect to revenues, earnings, performance, strategies, synergies, prospects, forecasts and other aspects of the businesses of Procaps are based on current expectations that are subject to risks and uncertainties. A number of factors could cause actual results or outcomes to differ materially from those indicated by such forward-looking statements. These factors include, but are not limited to, the risks and uncertainties indicated from time to time in documents filed or to be filed with the Securities and Exchange Commission ("SEC") by Procaps. Accordingly, forward-looking statements, including any projections or analysis, should not be viewed as factual and should not be relied upon as an accurate prediction of future results. The forward-looking statements contained in this press release are based on our current expectations and beliefs concerning future developments and their potential effects on Procaps. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond our control), or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. These risks and uncertainties include, but are not limited to, the risks and uncertainties, including those included under the header "Risk Factors" in Procaps' annual report on Form 20-F filed with the SEC, as well as Procaps' other filings with the SEC. Should one or more of these risks or uncertainties materialize, or should any of our assumptions prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws. Accordingly, you should not put undue reliance on these statements.
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