Union Acquisition Corp. II
LATN · Nasdaq
NO ACTION REQUIRED
Nothing left to do
The purchase completed and the shares became shares in the company it bought. There is no deadline left to miss.
Cash at settlement
No cash-per-share figure was filed for this vehicle before it finished.
Last close
Daily close
No price history on file yet — daily closes accumulate from the market data feed.
Trust settled · There is no line to draw here. This vehicle has finished: the cash was paid back or spent closing the deal, so the last filed figure describes an account that no longer exists and would be a floor under nothing.
SpacBrain’s read
Trust settled
The deal closed — SPAC shares became the target's shares, so there is no trust left to redeem (nobody missed a window; holders who wanted cash elected it at the vote).
In plain terms
- What it is
- A SPAC, listed on Nasdaq in October 2019.
- What it's doing now
- It agreed to buy Crynssen Pharma Group Limited, a pharmaceutical drug delivery technology and manufacturing company. That purchase completed, and it stopped being a SPAC — the shares became shares in the business it bought.
- What you should know
- This SPAC has finished. The purchase completed, and the shares became shares in the company it bought — anyone who wanted the cash instead asked for it at the vote, so there is no cash left here to claim and no deadline left to miss.
At a glance
- Where it stands
- Closed (deSPAC)
- The business it bought
- Crynssen Pharma Group Limited
- Industry
- Health Care — pharmaceutical drug delivery technology and manufacturing
- Deal value
- not stated in the filings we hold
- Price vs cash at settlement
- no live price on file
- Cash in trust when it settled
- not yet extracted into a snapshot — the filings below may state it
- the last trust total filed while this was still a SPAC — the account has since been paid out or used to close the deal
- IPO
- 18 October 2019
- size not on file · 100.0% of each $10 unit into trust
- Headquarters
- 1425 BRICKELL AVE, MIAMI, FL, 33131
- registered in the Cayman Islands
- Lead underwriter
- not extracted from the prospectus yet
- Key officers
- HADDOCK GERALD W (Director) · Sartori Juan (Director) · Schena Joseph J (Director)
- Listed securities
- LATN common
This vehicle has finished, so there is no window to file a cash-per-share figure for and none will follow. No estimate is shown in its place.
Nothing dated is on file. That is an absence in the record, not a statement that nothing is coming.
Yield to redemption
Nothing left to redeem — no yield to compute.
This SPAC has finished — its trust was paid back or used to close the deal, so there is nothing left to redeem and no yield to compute. A yield to redemption is a claim that you can hand these shares back for the trust cash. That account is closed, so this page will not print a number here.
What happened to the cash
The reasoning behind the verdict above, in the order the filings establish it.
- The deal closed — SPAC shares became the target's shares, so there is no trust left to redeem (nobody missed a window; holders who wanted cash elected it at the vote).
What has happened, and what is coming
1 dated milestoneEvery dated step from the day it listed to the next date you may have to act on. Where you have to do something, the day your broker needs the instruction is marked too.
- 18 October 2019IPOpassed
IPO size not on file
The deal
terms as filedWhat it is buying, on what terms, and how much of the combined company new shares take from you.
- closedHealth CareSEC primaryDeal structureSEC-primary — BCA 8-K / S-4 / DEFM14A
- PIPE
- ≈ $100M · unsourced
- Min-cash condition
- $185M
PIPE terms — instrument, coupon, conversion price and any reset floor — are not sourced for this deal. The size above is itself unsourced — a stored figure no filing we hold states — so neither the size nor the terms should be read as cited.
stated in:0001213900-21-045059
The score
deterministic, from filed fieldsLATN is not in the scored universe, so no score is shown. A withheld score is a fact about the record, not a verdict about the company.
The score is only published for names that carry both a price and a filed cash-per-share figure — 294 of the tracked fleet today. The rest keep an empty dial rather than a modelled one, and fill in by themselves as the fields land.
The company
from SEC filingsRead the full profile
Union Acquisition Corp. II was a blank-check company whose common shares traded on the Nasdaq Stock Market under the ticker LATN. The company priced its initial public offering on October 18, 2019, according to a 424B prospectus, and the LATN ticker appears on the cover page of an 8-K filed on October 28, 2019. The vehicle is now closed, having completed a business combination and ceased to file. Its closing is established by a Form 25 filed on September 29, 2021, under 17 CFR 240.12d2-2(a)(3), reflecting that the company's ordinary shares, warrants, and units had come to evidence other securities in substitution therefor.
Material findings
from the full read of every filingEvery document this company files gets read whole — body and exhibits. These are the ones the read flagged as material, newest first, each citing its filing.
A Union holder ends up in a Luxembourg company sitting over a Maltese operating group, and the shares change denomination on the way: SPAC ordinary shares of $0.0001 par value are exchanged for Holdco ordinary shares of $0.01 nominal value, issued through a share capital increase of Holdco rather than out of existing stock. Warrants entitling the holder to purchase one SPAC ordinary share are dealt with in the same Merger. The chain runs Procaps to Holdco to Merger Sub, so the target's own parent is the acquirer of record.
Substantial doubt about going concern is disclosed, tied to mandatory liquidation after April 22, 2021, roughly four months after the balance-sheet date, so this is a shell running out of time. Trust interest has effectively stopped earning, which means the redemption value is frozen near $10.07 per public share and operating costs now come straight out of the $673,963 held outside trust. No working capital loans had been drawn, so the sponsor had not yet stepped in as of the filing.
Union II carries no deferred underwriting fee at all - $144,541 of total liabilities against a $201m trust - so essentially the whole trust reaches a target at closing, which is unusual for the tier and changes deal economics materially. Against that, the auditor has flagged substantial doubt and the shell must close by April 22, 2021. It is also one of the few 2020 SPACs whose trust actually earned its keep: $1,367,922 of interest against $867,455 of costs. Figures are as of September 30, 2020.
Trust interest fell from $634,168 in the March quarter to $95,656 in the June quarter, so this shell's income has all but stopped while costs continue - the same yield collapse visible across the mid-2020 slice. The trust figure is a June 30, 2020 balance, not a redemption price. COVID-19 is disclosed as a reasonably possible negative effect on the search for a target whose specific impact is not determinable. Nothing was written to a trust, deadline or status field.
Total liabilities are $67,500 of accrued expenses - this SPAC carries NO deferred underwriting fee at all, which is unusual and means the trust is not encumbered by the several-million-dollar payable most peers show. The $201,201,858 is a March 31, 2020 balance, not a redemption price. Going concern here is the charter clock, not liquidity: trust interest of $634,168 covered $214,140 of costs. COVID-19 is disclosed as a reasonably possible negative effect whose impact is not determinable. Nothing written to a status, trust or deadline field.
The equity statement records the IPO itself inside the quarter: 20,000,000 units sold for $195,470,778 net of underwriting discounts and offering costs, 6,250,000 private placement warrants for $6,250,000, and the forfeiture of 31,250 founder shares after the underwriter only partially exercised the over-allotment. Trading result for the quarter: $587,273 of trust interest against $243,237 of formation and operating costs, for net income of $344,036. The $175,000 related-party promissory note carried at September 30, 2019 no longer appears at December 31, 2019.
Show 3 more material filings
The IPO closed on October 22, 2019 and the fiscal year ended September 30, 2019, so this annual report covers a period that ends before the trust existed and describes the offering as a subsequent event — the financial statements behind it are pre-trust. The underwriting fee of $4,000,000 was paid in full at closing with no deferred portion, so no underwriting claim sits ahead of shareholders at a future combination. The founder economics are $25,000 for 4,312,500 shares before the capitalisation, and the shell pays a related party $10,000 a month for office space.
The trust is funded at exactly $10.00 per public share ($200,000,000 over 20,000,000 units) and redemption value is carried at the same $10.00 ($196,730,600 over 19,673,060 shares). The $6,250,000 private placement plus $1,888,753 of cash outside trust is what pays the running costs, and the balance sheet carries no deferred underwriting liability, so the full $4,000,000 underwriting fee was paid at closing rather than deferred to a combination — an unusual structure that removes a claim that would otherwise sit ahead of shareholders at closing.
A whole warrant per unit doubles the exercise overhang against the half-warrant structure at the same $11.50 strike. The call is $0.01 on 30 days' notice if the reported last sale price is at or above $18.00 for 20 of 30 trading days ending three business days before the notice - and that $18.00 is not fixed: it resets to 180% of the higher of the Market Value and the Newly Issued Price after a qualifying issuance. Warrants are also not exercisable for cash at all unless an effective, current registration statement covers the underlying shares.
Filings
live EDGAR feedEverything this company has filed with the SEC recently, newest first, each with a plain summary of what changed and why it matters.
Show the other 10 filings
The sponsor
The people who set this company up, what they have done before, and the advisers around the deal.
No sponsor entity is named in the filings parsed for this SPAC so far.
A missing score, not a score of zero — why
A Sponsor Score is only published once the sponsor’s prior vehicles have been verified on EDGAR and their post-close outcomes priced. That record does not exist for this sponsor yet, so no number and no tier is shown. That is a missing score, not a score of zero — and not a neutral 50 either.
Coverage so far: 301 of 1284 tracked SPACs (23%) are attached to a scored sponsor. This card fills in by itself as the research lands.
The record
The reference detail — how the shares were structured at listing, how thinly they trade, and where the company is registered.
Show the reference detail
Unit structure
Unit: U = S + W · 100.0% of the $10 unit
from 424B4 0001213900-19-020576
Trading & liquidity
Company profile
Directors & officers
- HADDOCK GERALD WDirector
- Sartori JuanDirector
- Schena Joseph JDirector
- Fink Daniel WChief Operating Officer
- Bransfield Kyle PChief Executive Officer
Institutional holders
from SC 13G/13DFunds that have declared a stake above 5%. Heavy ownership by arbitrage funds usually means heavy cash-outs at the next vote.
Show the declared stakes
9 filers with a stake on file · 0 re-affirmed in the last 12 months. A stake with no amendment since is the filer’s last word on it, not proof it is still held — and percentages filed in different years are percentages of different floats, because this vehicle’s share count collapses at every redemption.
- Union Acquisition Associates II, LLCwith 1 other reporting person on the same schedule10.0% · SC 13GFeb 12, 2020 stale
- GLAZER CAPITAL, LLCwith 1 other reporting person on the same schedule9.9% · SC 13GFeb 16, 2021 stale
- Union Group International Holdings Ltdwith 1 other reporting person on the same schedule9.4% · SC 13GFeb 13, 2020 stale
- Hudson Bay Capital Management LPwith 1 other reporting person on the same schedule7.1% · SC 13G/AFeb 10, 2021 stale
- PERISCOPE CAPITAL INC.6.1% · SC 13GFeb 16, 2021 stale
- HGC Investment Management Inc.5.2% · SC 13GFeb 14, 2020 stale
- Feis Lawrence Michaelwith 1 other reporting person on the same schedule3.8% · SC 13G/ASep 16, 2021 stale
- Linden Capital L.P.with 2 other reporting persons on the same schedule2.5% · SC 13G/AJan 29, 2021 stale
- Polar Asset Management Partners Inc.0.0% · SC 13G/AFeb 11, 2022 stale
One line per filer, not per reporting person: a joint schedule names the management company, its funds and often the individual who controls them, and all of them report the same shares. Click a name for that filer’s whole footprint across every SPAC it has declared a stake in.
News
company wires and the financial pressReporting we have matched to this ticker. Headlines belong to the outlets that wrote them.
Show the headlines
- Procaps Group, a Leading Global Pharmaceutical Technology and ...
Nasdaqundated by the source
- Procaps Group, a Leading Global Pharmaceutical Technology and Healthcare Company Based in Latin America Going Public via Merger with Union Acquisition Corp. II
Business Wireundated by the source
Sources on file
harvested pages, kept in fullEvery public page we have read about this company, stored in full so a source can never go missing.
Show the sources
36 full SEC filing texts archived — searchable, never lost.
- Vault note — LATN (Union Acquisition Corp. II)
vault-note · /vault/tickers/LATN
- Vault deal note — Crynssen Pharma Group Limited (LATN)
vault-note · /vault/deals/crynssen-pharma-group-limited
- Kiniksa Pharmaceuticals - 2026 Funding Rounds & List of Investors - Tracxn
news · tracxn.com
- SciNeuro Pharmaceuticals Announces $53 Million Financing to Further Advance Pipeline of Therapies for Neurodegenerative Diseases and Appointment of Chief Financial Officer
news · prnewswire.com
In plain English
tap a term to open itEvery piece of jargon this page could have used, and what it actually means.
Open the plain-English guide
No floor / floorlessthe cash guarantee is gone — the price is unprotected
A SPAC's downside protection is not the cash in trust; it is your right to demand that cash. Once the redemption window closes, the cash stays with the company and the share can trade anywhere.
Redemption deadlinethe last day to hand shares back for cash
Set by the filing that calls the meeting. Tender after it and the company is under no obligation to pay you the trust value.
Broker action datethe day your broker needs the instruction — earlier than the official date
Brokers batch redemption instructions to the transfer agent, so the practical cutoff is roughly two business days before the published deadline. This is the date that actually costs people the floor.
Cash in trust / trust per sharethe cash the company is holding for each public share
Filed quarterly in the 10-Q's XBRL. It earns interest between filings, so the figure on a given day is slightly higher than the last filed one — where we show that we label it an estimate.
Trust discountbuying below the cash held for you
Only meaningful while a redemption right exists. On a floorless name the same arithmetic is not a discount, it is the market pricing distress, and this product will not call it a yield.
Dilutionhow much of the company new shares take from you
Sponsor promote, PIPE shares, warrants and rights all issue stock that did not pay $10 for it. The headline deal value is before that; the effective value is after.
Pro-forma equitywhat the company is valued at once the deal closes
The combined company's equity value assuming the announced terms and the redemptions that have actually happened.
ARShow much upside you get per unit of downside
SpacBrain's asymmetric-return score. It is deterministic — the same inputs always produce the same number — and it is capped, not zeroed, when the floor is gone.
De-SPACthe day the SPAC becomes the real company
The shares stop being a claim on a pot of cash and start being equity in an operating business. Roughly 80% of recent de-SPACs traded below $10 within a year.
Outside datethe contractual long-stop for closing the deal
A deadline between the SPAC and its target, not between the SPAC and you. It confers no right to cash, which is exactly why it must never be counted as a redemption window.
Accession numberthe SEC's unique id for one filing
Every figure on this page carries the accession of the filing that states it, so you can open the primary document rather than trust us.
Accreted NAV (estimate)the last filed cash figure, plus the interest it should have earned since
A model, not a filing: last filed value compounded at the 3-month T-bill for the days elapsed. Always shown in italic with the word estimate, and never printed beside a filed number without it.
Ask the brain
from its filingsData provenance & audit trail5 internal entries
Written by SpacBrain’s data agents whenever a figure is captured, corrected or flagged, and kept verbatim so every number on this page can be traced back to the filing that states it. This is a running log, not the current record: an early entry may be superseded by a later correction — the panels above always hold the current values.
admitted from the HISTORICAL census (EDGAR's SIC 6770 registrant list, walked in full: 3,325 registrants, 1,167 of which ever priced an IPO). The live discovery job cannot reach this registrant — it reads the filing tape, and this one stopped filing. Admission rule: src/lib/universe-admit.ts. SIC 6770 (Blank Checks); 424B 0001213900-19-020576 priced 2019-10-18; common ticker LATN off 8-K 0001213900-19-021269 (2019-10-28); lifecycle EXITED. Ending PROVEN, not inferred: CLOSED per Form 25 0001354457-21-001094 (2021-09-29) — Form 25 filed under 17 CFR 240.12d2-2(a)(3) — the rule for securities that "have come to evidence other securities in substitution therefor", i.e. the shares became the successor's (class: Union Acquisition Corp. II Ordinary Share, Warrant, and Units). ipoSizeM and deadline left NULL: gross-proceeds prose conflates the over-allotment with the offering, and a charter deadline belonging to a vehicle that has ended is a date nobody can act on. ipoDate is the 424B pricing date.
[CLOSED-2.01] SEC accession 0001213900-21-051405 (Form 8-K, item 2.01 Completion of Acquisition or Disposition of Assets); the cover's date of earliest event reported is 2021-09-29. That is the SEC's own date for this report and NOT necessarily the closing day — an 8-K may cover several events, and where the two differ the closing date is in the quoted sentence below. Target read STRUCTURALLY from the merger agreement's party list — the party that is neither the registrant (identified by the filing's own cover page) nor a merger sub (identified by the clause making it a subsidiary of another party) nor an accommodation party (identified by a "solely for purposes of" joinder), and it was the only one left. The sentence it was read from: "II (the " Registrant ", " Union ", or " SPAC "), Crynssen Pharma Group Limited, a private limited liability company registered and incorporated under the laws of Malta (the " Company "), Procaps Group, S.A., a public limited liability company ( société anonyme ) governed by the laws of the Grand Duchy of Luxembourg (" Holdco ") and OZLEM Limited, an exempted company incorporated under the laws of the Cayman Islands (" Merger Sub ") was completed pursuant to the terms of the Business Combination Agreement, dated March 31, 2021 (as amended and/or restated from time to time, the " Business Combination Agreement " and the transactions contemplated thereby the " Transactions "), by and among Union, the Company, Holdco and Merger Sub." No deal value is set — an item-2.01 heading is not a figure. No date column is set: Deal has announcedAt, voteDate and expectedCloseAt and nowhere to record an actual close, so the SEC's date is kept here until that column exists. [DEAL-STRUCTURE-MINED] pipeSizeM=100, minCashM=185 from primary filings (0001213900-21-045059).
entity created from the filed target name; no About paragraph on file, so every other field awaits a sourced read
pipeBasis set to UNSOURCED: the size came from the research seed / an earlier record and no filing we hold states it — surfaces now label it "unsourced"; an LLM re-read to FILED replaces this when credits allow
OTHER -> BIOTECH, on DEFM14A 0001213900-21-045059: "Procaps is a family-owned Latin America pharmaceutical company established in 1977 that has grown into a leading integrated international healthcare and pharmac"