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Procaps Group, a leading healthcare and pharmaceutical firm, has successfully completed its merger with Union Acquisition Corp. II (NASDAQ: LATN, LATNU, LATNW), valued at approximately
Union Acquisition Corp. II (NASDAQ: LATN, LATNU, LATNW) announced on September 22, 2021, that its shareholders approved the business combination with Procaps Group. About 97% of votes favored the merger during an Extraordinary General Meeting. The closing is expected by September 30, 2021, after which the combined entity will trade under the ticker symbols 'PROC' and 'PROCW'. A committed private investment in public equity (PIPE) of $100 million will bolster capital for growth and expansion in the healthcare sector.
Procaps Group has initiated a private offering of
The Extraordinary General Meeting of Union Acquisition Corp. II (LATN) shareholders is set for September 22, 2021, to vote on the proposed business combination with Procaps Group. LATN's board recommends voting 'FOR' all proposals. This deal is expected to yield up to $236.9 million in cash proceeds and aims to list Procaps Group on Nasdaq post-transaction. Shareholders are urged to vote by September 21, 2021. The definitive proxy statement has been filed, providing critical details about the proposed merger.
Procaps Group has announced preliminary estimates for its Q2 2021 net revenues, projecting a growth of over 25% compared to the same period last year. This growth is attributed to increased demand across all five business units, with notable performance from Procaps Colombia and CASAND. The company is in the process of a business combination with Union Acquisition Corp. II (NASDAQ: LATN, LATNU, LATNW), expected to close Q3 2021, subject to shareholder approval. A PIPE of $100 million has been secured to fund future growth initiatives.
