Procaps Receives Nasdaq Listing Determination; To Request Hearing and Further Stay Pending Hearing
Procaps Group (NASDAQ: PROC) received notice from Nasdaq's Listing Qualifications Department on November 13, 2024, regarding potential suspension and delisting due to failing to timely file Form 20-F for fiscal year 2023. The company plans to request a hearing before the Nasdaq Hearings Panel and seek a stay of any suspension action. Hearings typically occur 30-45 days after request. Until the Panel decides on the stay request, Procaps' securities will continue trading on Nasdaq. The company is working to complete an independent investigation and file the required Form 20-F.
Procaps Group (NASDAQ: PROC) ha ricevuto una comunicazione dal Dipartimento delle Qualificazioni di Quotazione di Nasdaq il 13 novembre 2024, riguardante una potenziale sospensione e delisting a causa della mancata presentazione tempestiva del modulo 20-F per l'anno fiscale 2023. L'azienda intende richiedere un'udienza davanti al Comitato per le Udienze di Nasdaq e chiedere una sospensione di qualsiasi azione di sospensione. Le udienze di solito si svolgono 30-45 giorni dopo la richiesta. Fino a quando il Comitato non deciderà sulla richiesta di sospensione, i titoli di Procaps continueranno a essere trattati su Nasdaq. L'azienda sta lavorando per completare un'indagine indipendente e presentare il modulo 20-F richiesto.
Procaps Group (NASDAQ: PROC) recibió una notificación del Departamento de Calificaciones de Cotización de Nasdaq el 13 de noviembre de 2024, respecto a una posible suspensión y deslistado debido a la falta de presentación oportuna del Formulario 20-F para el año fiscal 2023. La compañía planea solicitar una audiencia ante el Panel de Audiencias de Nasdaq y buscar una suspensión de cualquier acción de suspensión. Las audiencias suelen tener lugar 30-45 días después de la solicitud. Hasta que el Panel decida sobre la solicitud de suspensión, los valores de Procaps continuarán cotizando en Nasdaq. La empresa está trabajando para completar una investigación independiente y presentar el Formulario 20-F requerido.
Procaps Group (NASDAQ: PROC)는 2024년 11월 13일 Nasdaq의 상장 자격 부서로부터 2023 회계연도에 대한 20-F 양식의 적시에 제출 실패로 인해 잠재적인 정지 및 상장 폐지에 대한 통지를 받았습니다. 회사는 Nasdaq 청문위원회 앞에서 청문회 요청을 하고 정지 조치의 유예를 요청할 계획입니다. 청문회는 일반적으로 요청 후 30-45일 이내에 열립니다. 패널이 유예 요청에 대해 결정할 때까지 Procaps의 증권은 Nasdaq에서 계속 거래됩니다. 회사는 독립적인 조사를 완료하고 필요한 20-F 양식을 제출하기 위해 작업하고 있습니다.
Procaps Group (NASDAQ: PROC) a reçu une notification du Département des Qualifications de Cotation de Nasdaq le 13 novembre 2024, concernant une suspension potentielle et un retrait de cotation en raison de la non-soumission à temps du Formulaire 20-F pour l'exercice 2023. La société prévoit de demander une audience devant le Panel des Audiences de Nasdaq et de demander un sursis à toute action de suspension. Les audiences ont généralement lieu 30 à 45 jours après la demande. Jusqu'à ce que le Panel se prononce sur la demande de sursis, les titres de Procaps continueront à être négociés sur Nasdaq. L'entreprise travaille à la réalisation d'une enquête indépendante et à la soumission du Formulaire 20-F requis.
Procaps Group (NASDAQ: PROC) erhielt am 13. November 2024 eine Mitteilung von der Abteilung für Zulassungsqualifikationen von Nasdaq, bezüglich einer möglichen Aussetzung und Delisting aufgrund der verspäteten Einreichung des Formulars 20-F für das Geschäftsjahr 2023. Das Unternehmen plant, eine Anhörung beim Nasdaq Anhörungsausschuss zu beantragen und eine Aussetzung aller Maßnahmen zu beantragen. Die Anhörungen finden in der Regel 30-45 Tage nach der Anfrage statt. Bis das Gremium über den Antrag auf Aussetzung entscheidet, werden die Wertpapiere von Procaps weiterhin an der Nasdaq gehandelt. Das Unternehmen arbeitet daran, eine unabhängige Untersuchung abzuschließen und das erforderliche Formular 20-F einzureichen.
- None.
- Risk of Nasdaq delisting due to failure to file Form 20-F for FY2023
- Ongoing independent investigation delaying financial reporting
- Non-compliance with Nasdaq Listing Rule 5250(c)(1)
Insights
This Nasdaq listing determination represents a significant regulatory challenge for Procaps. The failure to file Form 20-F is a serious compliance issue that could lead to delisting from Nasdaq. While the company has temporary protection through the appeals process, the timeline is concerning - hearings typically occur 30-45 days after request and there's no guarantee of a favorable outcome.
The ongoing independent investigation suggests potential underlying issues beyond mere filing delays. With a relatively small market cap of
MIAMI and BARRANQUILLA, Colombia, Nov. 15, 2024 (GLOBE NEWSWIRE) -- 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.com
investor.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.
FAQ
Why is Procaps Group (PROC) facing potential Nasdaq delisting in November 2024?
What actions is Procaps (PROC) taking to address the Nasdaq listing determination?
Will Procaps (PROC) continue trading on Nasdaq during the hearing process?
