Procaps Group receives Nasdaq listing determination, will request hearing

Procaps Group (PROC) that, on November 13, the company received formal notice from the Listing Qualifications Department of The Nasdaq Stock Market that, based upon the company’s failure to timely file the Form 20-F for the fiscal year ended December 31, 2023 with the U.S. SEC, the company no longer satisfied Nasdaq Listing Rule 5250(c)(1) 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 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.