On February 20, 2024, Hoche Partners Pharma Holding S A announced that on February 12, 2024 it has issued a letter to the Board outlining concerns associated with the Minski family?s continuing influence over Procaps Group, S A. Hoche Partners stated that it is in receipt of the Minutes of the General Meeting of Shareholders of the Company held on January 22, 2024 to revoke all members of the Board and appoint 7 new members to the Board. For the first resolution, i.e., revocation of the board of directors of the Company, it has determined that approximately 66.22% of the 68.55% of the votes against revocation of the Board were cast by the Minski family?s voting bloc, 22.11% voted for the resolution to revoke the Board which came from shareholders who are not part of the Minski family?s voting bloc, including Hoche and 9.33% of the shareholders, also unrelated to the Minski family has abstained. Only the Minksi voting bloc voted against revoking the Board.

The results are indicative of the Minski family?s continued hold over the Company, which is consistent with Hoche position of non-alignment of the Company?s existing Board with the interests of the public stockholders other than the Minski family. Hoche Partners added that it will continue to believe that if the Board is replaced by professional and independent directors, it believes the Company could create long-term value for all its shareholders.