Procaps Group Announces Key Shareholder and Board Decisions, Committee Restructuring, and Leadership Updates
PROCW 12.20.2024
About Gravity Analytica
The Shareholders Meeting marked an important milestone with the election of new members to the Board of Directors. The newly elected members bring a diverse range of expertise and strategic insight to guide Procaps’ future growth. Newly appointed Board members include:
- Mr.
Alejandro Weinstein , Executive Chairman of the board - Mr.
Nicolas Weinstein - Mr.
Ernesto Carrizosa - Mr.
Jose Frugone
The company also acknowledges the resignation of Mr.
The Board of Directors will be composed of
Board Committees Restructured
Following the Shareholders Meeting, the Board of Directors convened to redefine its committee structures. Key decisions include:
- Audit Committee
- New Members: Mr.
Jose Frugone Domke , Mr.Alberto Eguiguren Correa , and Mr.Ernesto Carrizosa - Chairperson: Mr.
Jose Frugone Domke
- New Members: Mr.
- Compensation Committee
- New Members: Mr.
Jose Frugone Domke , Mr.Alberto Eguiguren Correa , and Mr.Ernesto Carrizosa - Chairperson: Mr.
Alberto Eguiguren Correa
- New Members: Mr.
Mergers & Acquisitions Committee - New Members: Mr.
Alejandro E. Weinstein and Mr.Ernesto Carrizosa - Chairperson: Mr.
Alejandro E. Weinstein
- New Members: Mr.
- Nominating Committee
- New Members: Mr.
Jose Frugone Domke , Mr.Alberto Eguiguren Correa , and Mr.Nicolas A. Weinstein - Chairperson: Mr.
Nicolas A. Weinstein
- New Members: Mr.
Additionally, the newly establishedCommercial, Innovation, and Marketing Committeewill serve as a collaborative platform between Board members and management to drive innovation, optimize commercial strategies, and strengthen Procaps’ market position.
Leadership Transition
Effective immediately,
Additionally, an Interim CFO has been appointed to focus on the restatement process and financial reporting, including the preparation and signing of the company’s 2023 and 2024 financial statements and Form 20-F. This dedicated role ensures full alignment with Procaps’ efforts to achieve accuracy, transparency, and compliance during this critical period.
To complement the Interim CFO’s dedicated focus on the restatement and financial reporting,
“These changes reflect Procaps’ ongoing commitment to excellence in governance and leadership. We are confident that the new Board and committee structures, as well as management changes will drive sustained value for our stakeholders,” said
Looking Ahead
About
For more information, visitwww.procapsgroup.comor Procaps’ investor relations websiteinvestor.procapsgroup.com.
Investor Contact:
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
Source: Procaps Group, S.A.