Union Acquisition II in an 8-K filing revealed that more than 7.7 million of its 13.55 million ordinary shares were submitted for redemption ahead of the SPAC’s merger vote on Procaps that was scheduled for this morning.
No word yet on the outcome of the vote.
Announced in March, the $300 million cash transaction includes a $100 million PIPE raised from a broad group of Latin American investors, including pan-regional funds such as Compass Group and Moneda Asset Management, as well as Chilean-based Consorcio Seguros.
If the deal is approved, Procaps ordinary shares will be subject to a 6-month lock-up, post-merger.
Union II raised $175 million in a 2019 IPO.
Procpas is a pharmaceutical and healthcare company. Read more.
