Union Acquisition Corp. II (NASDAQ:LATN) announced that its shareholders approved its combination with pharmaceutical manufacturer Procaps Group at a shareholder vote yesterday.
In a subsequent 8-K filing, the SPAC showed that 70.5% of its shareholders opted to redeem, however, removing an estimated $77.8 million from its trust. Union II has been trading steadily above $10 for months, but not always above its pro rata cash in trust estimated at $10.17.
This would leave Union II with about $60 million in trust, which would come in below the $185 million minimum cash condition of the deal, even with its $100 million PIPE. This condition appears to have been waived and the parties now expect to close the combination by September 30. The combined company’s shares and warrants are expected to trade on the Nasdaq under the symbols “PROC” and “PROCW”, respectively, following close.
Union II originally announced its $1.1 billion combination with Procaps on March 31. Barranquilla, Colombia-based Procaps is one of the world’s largest manufacturers of softgel medicines and it offers a range of other diversified pharmaceutical products and services.
Once the transaction has closed, management plans to embark on a strategy to roll-up peers and be a driver in regional consolidation.
At the special meeting, 97% of shares participating in the meeting voted in favor of the transaction and for full tallies of proposals and other details, click here.
ADVISORS
- TG Pactual acted as sole placement agent on the PIPE and financial advisor to LATN.
- Cantor Fitzgerald acted as capital markets advisor to LATN.
- Greenhill & Co., LLC acted as financial and capital markets advisor to Procaps Group.
- Linklaters LLP acted as legal counsel to LATN.
- Greenberg Traurig, LLP acted as legal counsel to Procaps Group.
Despite a week of general pull-backs in the market, fintech firm Ibotta (NYSE:IBTA) nonetheless took the dive and had a good week debuting via a traditional IPO in the choppy waters. The company, which provides app-based consumer cashback discounts on purchases, priced its IPO at $88, above its proposed range of $76 to $84, and...
At the SPAC of Dawn Happy Friday! SPACInsider has unveiled new presets on SPAC Performance accessible via the Data drop-down to easily sort for the highest and lowest performing active SPACs and de-SPACs. On the de-SPAC side, Vertiv (NYSE:VRT) continues to be well ahead of the pack, logging a 710% return by share price adjusted...
AGBA (NASDAQ:AGBA) stock is up over +90% this morning following a +211% premarket spike on news it has signed a definitive agreement to combine with social streaming video platform Triller. AGBA, the company itself, was formed by the $555 million combination between a SPAC of the same name and TAG Companies, a financial services firm...
At the SPAC of Dawn Since closing its combination with DHC last month, AI customer engagement firm BEN (NASDAQ:BNAI) has rolled out new partnerships with call center and healthcare clients. And, while it faces a fair bit of competition in the chatbot realm, several high-profile institutions have demonstrated that creating one that provides useful services...
Blue Ocean (NASDAQ:BOCN) provided significantly more texture today in the presentation for its $275 million combination with Asian digital media group TNL Mediagene, which it expects to hit profitability in the second half of the year despite a slight shakeup in financing for the transaction. The first big update in the first investor deck is...