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MSP Recovery (MSPR) disclosed multiple financing and listing updates. The company and Yorkville cut the SEPA and note Floor Price to $0.50. Under a second supplement, Yorkville agreed to provide up to $3.0 million in additional funding via Convertible Promissory Notes with a 10% original issue discount. On October 28, Yorkville advanced a note with $0.50 million principal, delivering $0.45 million in net proceeds. Notes may convert at the lower of the Fixed Price or 95% of the lowest 5‑day VWAP, but not below $0.50, and remain subject to a 9.99% ownership cap.
The company also amended and restated its Nomura note to reflect $35.4 million outstanding and obtained a limited waiver allowing up to $3.0 million of Yorkville note proceeds to be used for operations. Separately, Nasdaq issued a Staff Delisting Determination stating trading would be suspended on October 31, 2025 absent a successful appeal; MSPR plans to request a hearing and, if delisted, expects trading to continue on the OTCQB Venture Market.
MSP Recovery, Inc. entered a Second Supplemental Agreement with Yorkville that provides up to $3.0 million in additional funding through convertible promissory notes under an existing equity facility, with a 10% original issue discount and per-advance net principal increases capped at $1.0 million.
Yorkville may convert outstanding note balances into common stock at the lower of a fixed price or 95% of the lowest daily VWAP over five trading days, subject to a 9.99% ownership limit. As of October 10, 2025, the floor conversion price was reduced from $1.20 to $1.00 per share. The company also announced that General Counsel Alexandra Plasencia resigned effective October 17, 2025, and will advise through November 30, 2025, with no reported disagreements.
MSP Recovery, Inc. reported that on September 29, 2025, it entered into a material agreement with Yorkville to amend its existing Standby Equity Purchase Agreement (Yorkville SEPA). The change reduces the SEPA Floor Price from $1.60 to $1.20 per share, which is the minimum price at which shares can be sold to Yorkville under that arrangement. All capitalized terms used but not defined follow the meanings in the Yorkville SEPA and related notes.
MSP Recovery reports that it has entered into confidential settlement agreements in ongoing legal matters totaling $2.9 million in cash. Some of this cash will be shared with counterparties under the company’s existing participation and distribution agreements, so not all proceeds will stay with the company.
One preliminary mediated settlement with a property and casualty insurer includes a commitment to provide historical claims data, help reconcile current and future assigned Medicare claims, and make a cash payment to resolve historical claims. A separate confidential settlement was reached with a pharmaceutical defendant in litigation over alleged overpayments. Management notes that these settlements are still being finalized and warns that definitive agreements may not be executed or deliver the expected working capital or operational benefits.
MSP Recovery, Inc. filed an agreement change with its financing partner Yorkville to adjust terms under an existing Standby Equity Purchase Agreement. Effective September 15, 2025, the company and Yorkville agreed to reduce the SEPA “Floor Price” from $2.00 per share to $1.60 per share, as defined in the Yorkville SEPA and related notes. This modification affects the minimum share price at which equity can be issued under that arrangement but does not, by itself, change share counts or authorize new securities.
MSP Recovery, Inc. reports that its subsidiary MSP Recovery, LLC and Cano Health, LLC have entered into a written settlement agreement that fully and finally resolves all disputes between them in the Cano litigation. On September 9, 2025, both sides filed for dismissal with prejudice of all claims and counterclaims, and the court entered these dismissals without any admission of liability or wrongdoing by any party. As part of the settlement, each side expressly retracts and withdraws prior statements and allegations made about the others in connection with the dispute.
The company states it does not expect the dismissal of the Cano litigation to have a material impact on its financial condition or results of operations. It notes that previously disclosed risks tied to this litigation in its annual report for the year ended December 31, 2024 are eliminated as a result of the settlement and dismissal with prejudice.
MSP Recovery, Inc. reported that on September 5, 2025 it entered into a material agreement with Yorkville to amend the pricing terms of its Yorkville SEPA. The parties agreed to reduce the Floor Price under the Yorkville SEPA from $3.50 to $2.00 per share, which lowers the minimum price at which shares can be issued under that arrangement. This change affects how future equity issuances under the Yorkville SEPA may be priced.
MSP Recovery, Inc. approved and implemented a 1-for-7 reverse stock split of its Class A and Class V common stock (with related Class-B/Up‑C units), effective at 11:59 p.m. on September 1, 2025. The Class A shares began trading on a split‑adjusted basis on Nasdaq on September 2, 2025.
The reverse split reduced Class A shares issued and outstanding from approximately 7.2 million to approximately 1.0 million, and reduced Up‑C Units (each tied to a Class V share) from approximately 3.3 million to approximately 0.5 million. Fractional shares were not issued; instead, amounts were rounded up to the nearest whole share, with no cash paid in lieu.
The company states the reverse split is intended to increase the market price per share of Class A Common Stock to help maintain compliance with Nasdaq Marketplace Rule 5550(a)(2). The rights and preferences of the Class A and Class V Common Stock and the Up‑C Units otherwise remain unchanged, and proportional adjustments will be made to the MSPRW and MSPRZ warrants.
MSP Recovery, Inc. reports that a jury in the Menendez Litigation returned a mixed verdict involving the company and its subsidiary. The jury rejected all fraud and misrepresentation theories and found in favor of the company and its CEO, John H. Ruiz, on those claims and on the deceptive and unfair practices claim. However, the jury found that subsidiary MSP Recovery, LLC breached an alleged oral contract and awarded the plaintiffs approximately $12.7 million in damages against the subsidiary, which holds all of the company’s assets.
The court has not yet entered a final judgment, and the defendants are seeking post-trial relief, including a directed verdict, motions to set aside the verdict, and a potential appeal, while also planning to pursue recovery of attorneys’ fees for the company and Mr. Ruiz under Florida law. The company states that the verdict has added uncertainty to its financial condition and prospects and may negatively affect its ability to raise capital or continue as a going concern, and it is continuing to evaluate the impact on its business, results of operations, and financial condition.
MSP Recovery, Inc. reported the results of a Special Meeting of Stockholders held on August 18, 2025. Stockholders representing 6,875,550 common shares, or approximately 74.74% of eligible shares as of the July 11, 2025 record date, participated virtually or by proxy.
Stockholders approved an amendment to the company’s charter to allow a reverse stock split of common stock at a ratio between 1-for-2 and 1-for-7, with the exact ratio to be chosen by the Board of Directors and any other ratios in that range to be abandoned. This proposal passed with 6,640,800 votes for, 231,939 against, and 2,811 abstentions.
They also approved, for purposes of complying with Nasdaq Listing Rule 5635(d), the issuance of Class A common shares to Virage Recovery Master LP upon exercise of the VRM Warrants, with 5,082,916 votes for, 143,965 against, 4,810 abstentions, and 1,643,859 broker non-votes.