Procaps Group to be delisted from Nasdaq due to non-compliance, shares moving to OTC Expert Market.
Quiver AI Summary
Procaps Group, S.A. announced that it will be delisted from Nasdaq due to its failure to comply with regulations regarding the timely filing of financial reports. The delisting becomes effective on February 4, 2025, after which the company's ordinary shares will begin trading on the OTC Expert Market. Despite this shift, Procaps asserts that its business operations and reporting obligations to the Securities and Exchange Commission will remain unaffected. Procaps is recognized as a prominent player in the pharmaceutical and nutraceutical sector, operating in 13 countries across the Americas and employing nearly 5,000 people.
Potential Positives
- The Company continues to operate and does not anticipate a negative impact on its business operations due to the transition to the OTC Expert Market.
- Procaps has a significant presence in the Americas with nearly 5,000 employees and offers a diverse range of pharmaceutical and nutraceutical solutions across more than 50 countries.
- The press release reaffirms Procaps' status as a leading developer of various healthcare products, indicating its market relevance and established operations in the industry.
Potential Negatives
- The company is facing delisting from Nasdaq due to failure to comply with financial reporting requirements, indicating potential financial instability.
- The transition to the OTC Expert Market may lead to decreased investor confidence and lower stock liquidity.
- This delisting could signal underlying issues within the company's governance or operational performance that need to be addressed.
FAQ
What is the reason for Procaps Group's delisting from Nasdaq?
Procaps Group was delisted due to non-compliance with Nasdaq Listing Rules regarding the filing of financial reports.
When will Procaps Group's shares start trading on the OTC Market?
The ordinary shares of Procaps Group are expected to begin trading on the OTC Expert Market on February 4, 2025.
Will the delisting affect Procaps Group's business operations?
No, the transition to the OTC Market is not expected to impact Procaps Group's business operations or SEC reporting requirements.
What types of products does Procaps Group develop?
Procaps Group develops pharmaceutical and nutraceutical solutions, over-the-counter products, prescription drugs, and nutritional supplements.
How can investors contact Procaps Group for more information?
Investors can contact Procaps Group via email at ir@procapsgroup.com or visit their investor relations website.
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 4 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, for an estimated $284,539
- STATE STREET CORP removed 12,383 shares (-100.0%) from their portfolio in Q3 2024, for an estimated $27,250
- ROYAL BANK OF CANADA removed 491 shares (-100.0%) from their portfolio in Q3 2024, for an estimated $1,080
- PINERIDGE ADVISORS LLC removed 250 shares (-100.0%) from their portfolio in Q4 2024, for an estimated $585
- ACTIVEST WEALTH MANAGEMENT added 0 shares (+0.0%) to their portfolio in Q4 2024, for an estimated $0
- GEODE CAPITAL MANAGEMENT, LLC added 0 shares (+0.0%) to their portfolio in Q3 2024, for an estimated $0
- MORGAN STANLEY added 0 shares (+0.0%) to their portfolio in Q3 2024, for an estimated $0
To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard.
Full Release
MIAMI and BARRANQUILLA, Columbia, Feb. 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 the Company received a notice from The Nasdaq Stock Market LLC (“Nasdaq”) that it has determined to delist the Company’s ordinary shares on Nasdaq. The delisting is a result of the Company’s failure to demonstrate compliance with Nasdaq Listing Rules 5250(c)(1) and 5250(c)(2) for failing to file periodic and interim financial reports. As a result of the forgoing, the Company’s ordinary shares are expected to commence trading on the Expert Market operated by the OTC Markets Group, Inc. (“OTC”), commencing on February 4, 2025.
The transition of the Company’s ordinary shares to the OTC Expert Market is not expected to affect the Company’s business operations or its reporting requirements under the rules of the Securities and Exchange Commission (“SEC”).
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 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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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
