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MSP Recovery (MSPR) gets $0.3M one-time advance under new VRM agreement

Filing Impact
(Moderate)
Filing Sentiment
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

MSP Recovery, Inc. entered into a July 8, 2026 letter agreement with VRM MSP Recovery Partners, LLC under which VRM will provide a one-time $0.3 million advance to support certain operating expenses, consistent with an operating budget previously approved by VRM. The advance is described as a one-time accommodation and does not obligate VRM or its affiliates to provide future funding, with VRM expressly reserving all rights under existing transaction documents.

In connection with this additional advance, MSP Recovery and VRM agreed to amendments and supplements to their existing arrangements, including the Master Transaction Agreement and the Amended and Restated Security Agreement. The letter agreement states it is not intended to be a novation of existing obligations and does not change the priority of VRM’s existing liens except as expressly provided.

Positive

  • None.

Negative

  • None.
Item 1.01 Entry into a Material Definitive Agreement Business
The company signed a significant contract such as a merger agreement, credit facility, or major partnership.
Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement Financial
The company incurred a new significant debt or off-balance-sheet obligation.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Additional Advance $0.3 million One-time advance from VRM MSP Recovery Partners, LLC to support operating expenses
Warrant Lot Size 4,375 warrants Each lot of redeemable warrants exercisable for one share of Class A common stock
High Exercise Price Warrant $50,312.50 per share Exercise price for one share under lots of 4,375 redeemable warrants trading as MSPRW
Low Exercise Price Warrant $0.4375 per share Exercise price for one share under lots of 4,375 redeemable warrants trading as MSPRZ
Par Value $0.0001 per share Par value of MSP Recovery Class A common stock
Master Transaction Agreement regulatory
"including the Master Transaction Agreement, dated March 9, 2022"
A master transaction agreement is a single, standing contract that lays out the general rules, responsibilities and pricing for multiple related deals between the same parties, so each new transaction can proceed quickly without renegotiating core terms. For investors it matters because it reduces legal and execution risk, clarifies future cash flows and obligations, and makes it easier to assess ongoing business relationships—like having a regular rental lease instead of signing a new lease each month.
Amended and Restated Security Agreement regulatory
"and the Amended and Restated Security Agreement, dated September 11, 2023"
redeemable warrants financial
"Redeemable warrants, each lot of 4,375 warrants exercisable for one share"
A redeemable warrant is a tradable right that lets its holder buy a company’s shares at a fixed price before a set date, but the issuer has the contract power to cancel (redeem) the warrant early under agreed terms. For investors this matters because early redemption can force decision-making, change the timing of when new shares might be created, and affect potential gains or dilution—much like a store coupon that the issuer can cancel by paying you off instead of letting you use it.
novation regulatory
"it is not intended to constitute a novation of any obligations"
Emerging growth company regulatory
"Emerging growth company"
An emerging growth company is a recently public or smaller public firm that qualifies for temporary, lighter regulatory and disclosure rules to reduce the cost and effort of being public. For investors, it means the company may provide less historical financial detail and face fewer reporting requirements than larger firms, so it can grow more quickly but also carries higher uncertainty—like buying a promising early-stage product with fewer user reviews.
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Understanding 8-K Material Events →

FAQ

What did MSPR disclose about new financing on July 8, 2026?
MSP Recovery, Inc. disclosed a July 8, 2026 letter agreement with VRM MSP Recovery Partners, LLC for a $0.3 million one-time advance to support operating expenses, tied to an operating budget previously approved by VRM.

Is the $0.3 million VRM advance to MSPR a recurring funding commitment?
No. The agreement specifies the $0.3 million advance is a one-time accommodation and explicitly states that VRM and its affiliates are not obligated to provide any future funding, while reserving all of VRM’s existing rights.

Which key contracts between MSPR and VRM were amended in the July 2026 agreement?
The parties agreed to amendments and supplements to existing arrangements, including the Master Transaction Agreement dated March 9, 2022 and the Amended and Restated Security Agreement dated September 11, 2023, as further amended in prior documents.

How does the July 2026 VRM agreement affect MSPR’s existing obligations and liens?
The letter agreement states it is not intended to constitute a novation of existing obligations and does not affect the priority of VRM’s existing liens, except where expressly provided, preserving the existing security structure.

What securities of MSPR are listed as trading on OTC Markets in this report?
The report lists MSPR’s Class A common stock, redeemable warrants where each lot of 4,375 warrants is exercisable for one share at $50,312.50 per share, and redeemable warrants where each lot of 4,375 warrants is exercisable for one share at $0.4375 per share.

Does the July 2026 VRM agreement create a direct financial obligation for MSPR?
Yes. The report associates the July 8, 2026 VRM letter agreement with the creation of a direct financial obligation, incorporating the description of the additional $0.3 million advance into the disclosure of such obligations.
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

 

FORM 8-K

 

 

 

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(D)

OF THE SECURITIES EXCHANGE ACT OF 1934

 

Date of Report (Date of earliest event reported): July 8, 2026

 

 

 

MSP Recovery, Inc.

(Exact name of registrant as specified in its charter)

 

 

 

Delaware   001-39445   84-4117825
(State or other jurisdiction
of incorporation)		   (Commission File Number)   (I.R.S. Employer
Identification No.)

 

3525 NW 7th Street
Miami, Florida		   33125
(Address of principal executive offices)   (Zip Code)

 

(305) 614-2222

(Registrant’s telephone number, including area code)

 

 

(Former name or former address, if changed since last report)

 

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

☐Written communications pursuant to Rule 425 under the Securities Act

 

☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act

 

☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act

 

☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class   Trading Symbol(s)   Name of each exchange on which registered
Class A common stock, $0.0001 par value per share   MSPR   OTC Market Group, Inc.
         
Redeemable warrants, each lot of 4,375 warrants exercisable for one share of Class A common stock at an exercise price of $50,312.50 per share   MSPRW   OTC Market Group, Inc.
         
Redeemable warrants, each lot of 4,375 warrants exercisable for one share of Class A common stock at an exercise price of $0.4375 per share   MSPRZ   OTC Market Group, Inc.

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

 

Emerging growth company ☐

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

 

 

 

 

Item 1.01. Entry into a Material Definitive Agreement

 

On July 8, 2026, MSP Recovery, Inc. (the “Company”) entered into a letter agreement (the “July 2026 VRM Letter Agreement”) with VRM MSP Recovery Partners, LLC (“VRM”), pursuant to which VRM agreed to provide a one-time advance of $0.3 million (the “Additional Advance”) to support certain operating expenses of the Company, in accordance with an operating budget previously approved by VRM.

 

The July 2026 VRM Letter Agreement provides that the Additional Advance is a one-time accommodation and does not obligate VRM or its affiliates to provide any future funding. VRM expressly reserved all rights under the existing transaction documents governing the parties’ relationship.

 

In connection with the Additional Advance, the Company and VRM also agreed to certain amendments and supplements to the parties’ existing contractual arrangements, including the Master Transaction Agreement, dated March 9, 2022 (as amended, the “MTA”), and the Amended and Restated Security Agreement, dated September 11, 2023 (as amended, the “Security Agreement”).

 

Among other things, pursuant to the July 2026 VRM Letter Agreement:

 

●the Company agreed to irrevocably direct payors of claims recovery proceeds, other than Excluded Proceeds, to remit such proceeds to designated collection accounts subject to VRM’s control or otherwise maintained pursuant to arrangements acceptable to VRM, where such proceeds will be administered in accordance with the July 2026 VRM Letter Agreement;

 

●the parties amended procedures governing the receipt, allocation, and distribution of claims recovery proceeds through such collection accounts, including procedures intended to recognize amounts payable to third-party owners, lienholders, and legal counsel prior to application of remaining proceeds in accordance with the parties’ contractual arrangements;

 

●the Company agreed that, until otherwise directed by VRM, claims recovery proceeds otherwise payable to the Company (other than excluded proceeds and amounts payable to third parties) will be remitted to a VRM and/or the applicable joint venture entity bank account or the Company’s bank account which VRM holds a control agreement, with amounts received first being applied to reimburse prior advances and the Additional Advance before being applied toward the VRM Full Return (as defined in the MTA);

 

●the Company agreed to provide VRM with additional claims data relating to claims subject to VRM’s security interests in order to facilitate the determination of ownership interests, lien priorities, and distributions of claims recovery proceeds; and

 

●the parties amended the MTA and the Security Agreement to remove the “Operating Reserve” and the “Reserve Account” from the definition of excluded collateral (or Excluded Property), with the result that such amounts are subject to VRM’s security interests under the Security Agreement. As a result of this amendment, amounts previously constituting the Operating Reserve and Reserve Account are no longer excluded from the collateral securing the Company’s obligations under the Security Agreement.

 

The July 2026 VRM Letter Agreement further provides that it is not intended to constitute a novation of any obligations under the existing transaction documents or otherwise affect the priority of VRM’s existing liens, except as expressly provided therein.

 

The foregoing description of the July 2026 VRM Letter Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of the July 2026 VRM Letter Agreement, which is filed as Exhibit 10.1 to this Current Report on Form 8-K and is incorporated herein by reference. Unless otherwise indicated, capitalized terms used but not defined in this Item 1.01 have the meanings assigned to them in the July 2026 VRM Letter Agreement.

 

Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant

 

To the extent required by Item 2.03 of Form 8-K, the information contained in Item 1.01 of this Current Report on Form 8-K is incorporated herein by reference.

 

1

 

Item 9.01. Financial Statements and Exhibits.

 

(d) Exhibits

 

Exhibit Number   Description
10.1   Virage Letter Agreement dated July 8, 2026
10.2   MTA Amendment No. 3 and Amendment No. 2 to the Amended and Restated Security Agreement
10.3   MTA Amendment No. 2 and Amendment to the Amended and Restated Security Agreement
10.4   Master Transaction Agreement Amendment dated April 11, 2023
10.5   Master Transaction Agreement
10.6   Amended and Restated Security Agreement
10.7   Amendment No. 4 to the Amended and Restated Security Agreement dated August 26, 2025
104   Cover Page Interactive File (the cover page tags are embedded within the Inline XBRL document).

 

2

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the Company has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

Dated: July 13, 2026 MSP RECOVERY, INC.
     
  By: /s/ Thomas W. Hawkins
  Name:

Thomas W. Hawkins

  Title:

Director and Member of the Special Committee

 

3

 

Source: View Original Filing on SEC EDGAR

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