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MSP Recovery has completed its business combination with Lionheart Acquisition Corporation II, effective May 24, 2022. The merger was approved by LCAP's stockholders on May 18, 2022. Following the closure, shares will now trade on Nasdaq under the new symbol MSPR with an estimated enterprise value of $32.6 billion. MSP Recovery reports significant growth, with over $1.5 trillion in billed amounts, reflecting a more than 530% increase since 2020. The company's innovative technology aims to optimize healthcare reimbursement recovery.
MSP Recovery announced a Data Transfer Agreement with SeguriTech, enhancing its international expansion. This agreement allows MSPR to utilize SeguriTech's extensive data on Mexico's healthcare system, facilitating the growth of its LifeWallet platform. Following a shareholder approval, Lionheart Acquisition Corporation II will shift trading from Nasdaq under the symbol LCAP to MSPR. This strategic move aims to capitalize on ICD-10 coding implementation and improve healthcare quality across Mexico.
LCAP shareholders have approved the business combination with MSP Recovery, LLC at a Special Meeting on
MSP Recovery, a leader in healthcare reimbursement, and Lionheart Acquisition Corporation II (NASDAQ: LCAPU, LCAP, LCAPW) announced significant business growth. MSPR aims to create additional revenue streams, including monetizing healthcare claims through an agreement with Virage Capital, potentially worth $3 billion. The company has expanded its portfolio to over $1.5 trillion in billed amounts, a 530% increase from 2020. MSPR's innovative projects, like LifeWallet and LifeChain, are designed to improve patient care and operational efficiency in the healthcare system.
Lionheart Acquisition Corporation II (LCAP) has entered into a non-binding term sheet with Cantor Fitzgerald L.P. for a potential purchase of up to 3.5 million shares before closing its business combination with MSP Recovery, LLC. Post-closing, an equity facility could fund the purchase of up to $1 billion in shares. The anticipated business combination meeting is set for May 18, 2022, with the transaction expected to close by May 20, 2022.
Lionheart Acquisition Corporation II (Nasdaq: LCAPU, LCAP, LCAPW) announced a dividend of approximately 1,029,000,000 warrants, contingent upon the closing of its business combination with MSP Recovery. Each warrant will allow the purchase of one share of Class A Common Stock at $11.50. The warrants will be allocated pro rata to Class A Common Stock holders as of the record date on closing day. Additionally, the existing warrant agreement has been amended to allow existing warrant holders to exercise their warrants earlier and on a cashless basis. The new warrants are expected to list on Nasdaq under 'MSPRW.'
Lionheart Acquisition Corporation II (LCAP) announced the effectiveness of its registration statement with the SEC for its business combination with MSP Recovery, LLC. The extraordinary general meeting for shareholder approval is set for May 18, 2022, at 11:00 a.m. ET. LCAP recommends shareholders vote "FOR" all proposals related to this combination. Upon completion on May 20, 2022, MSP will trade on Nasdaq under the ticker symbol "MSPR." Shareholders are encouraged to vote via proxy and can access relevant materials on the SEC website and LCAP's corporate site.
MSP Recovery announces the launch of LifeWallet, now available on Apple's AppStore, facilitating access to healthcare information for over 1 million patients. This app uses facial recognition for quick access to vital medical records and aims to save lives by providing critical health data to first responders. Additionally, LifeWallet has secured NIL agreements with numerous collegiate athletes, enhancing its outreach. The platform, powered by advanced analytics, addresses fragmented healthcare data systems while prioritizing HIPAA compliance.
MSP Recovery has significantly increased its Paid Amount associated with claims by over 440%, raising it to an estimated $330 billion from $61 billion as of September 30, 2021. This is attributed to new agreements with clients that add more than $270 billion in Paid Amount. The company anticipates that the Paid Value of Potentially Recoverable Claims will exceed previous forecasts through 2025. MSP is positioned to leverage its data and expertise in healthcare reimbursement, providing innovative solutions to improve healthcare delivery.
