Union Acquisition II shareholders voted in favor of the business combination with Procaps Group, an international healthcare and pharmaceutical company.
The SPAC said approximately 97% of the votes cast were in favor of the deal. Union Acquisition II in an SEC filing ahead of the vote had disclosed that more than 50% of its outstanding shares were redeemed.
The transaction is expected to close before Sept. 30. One business day following the closing, ordinary shares and warrants are expected to begin trading on the Nasdaq under PROC and PROCW.
Institutional investors have committed to an upsized PIPE of $100 million, which will be converted into ordinary shares of the combined company upon the closing of the business combination. Read more.
