MSP Recovery delays Q1 2026 10-Q amid liquidity stress

MSP Recovery, Inc. notified the SEC it cannot timely file its Quarterly Report on Form 10-Q for the period ended March 31, 2026.

Rhea-AI Filing Summary

MSP Recovery, Inc. notified the SEC it cannot timely file its Quarterly Report on Form 10-Q for the period ended March 31, 2026. The company cites severe liquidity constraints, reliance on loan funding, and that it is "actively evaluating and pursuing financing and reorganization alternatives, including preparation for a potential restructuring process." The filing also states the Chief Financial Officer resigned effective February 17, 2026, which "created incremental operational constraints" for completing the quarter-end close. The company says it is implementing interim measures and will file the Form 10-Q as soon as practicable; timing depends on its ability to obtain sufficient financing. The notification is signed by CEO John H. Ruiz on May 18, 2026.

Insights

Restructuring/Credit Specialist

MSP Recovery reports liquidity pressure and is preparing restructuring alternatives.

The company explicitly states it is experiencing severe liquidity constraints and is "actively evaluating and pursuing financing and reorganization alternatives, including preparation for a potential restructuring process." This language signals significant balance sheet stress rather than routine working-capital needs.

Execution and outcomes will depend on financing availability and any formal restructuring steps. Subsequent filings or creditor disclosures will provide concrete milestones and any creditor claims or court actions.

SEC Reporting & Governance Expert

Delay driven by CFO departure and operational gaps in quarter close.

The Form 12b-25 cites the CFO resignation effective February 17, 2026 and resulting "incremental operational constraints" in completing closing and disclosures for the March 31, 2026 quarter. The company reports interim measures to support reporting while it evaluates leadership and resources.

Investors should watch for the subsequent Form 10-Q and any disclosures about financing, management appointments, or material weakness findings in internal control disclosures.

Key Figures

Reporting period: March 31, 2026 CFO resignation effective: February 17, 2026 NT filing date: May 18, 2026 +2 more

5 metrics

Reporting period March 31, 2026 Quarter ended

CFO resignation effective February 17, 2026 Chief Financial Officer resignation date

NT filing date May 18, 2026 Date notification signed by CEO John H. Ruiz

Commission File Number 001-39445 SEC commission file number on the form

Annual report not filed Form 10-K for period ending December 31, 2025 Company has not filed this annual report to date

Key Terms

Rule 12b-25, Form 10-Q, restructuring process

3 terms

Rule 12b-25 regulatory

"If the subject report could not be filed without unreasonable effort or expense"

Rule 12b-25 is an SEC filing provision that lets a company notify regulators and the public that it cannot file a required periodic report (like a quarterly or annual report) on time and explains the reason for the delay. For investors, the notice is a formal heads-up that financial information will arrive late—similar to a company calling to say it will be late turning in homework—so it signals increased uncertainty and may affect trading and risk assessments until the filing is available.

Form 10-Q regulatory

"Unable to file its Quarterly Report on Form 10-Q for the fiscal quarter ended March 31, 2026"

A Form 10-Q is a detailed report that publicly traded companies are required to file with regulators three times a year, providing an update on their financial health and business activities. It is important for investors because it offers timely insights into a company's performance, helping them make informed decisions about buying or selling stocks. Think of it as a regular check-up report that shows how well a company is doing.

restructuring process financial

"actively evaluating and pursuing financing and reorganization alternatives, including preparation for a potential restructuring process"

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

Why did MSP Recovery (MSPR) file a Form 12b-25 for the quarter ended March 31, 2026?

MSP Recovery cites severe liquidity constraints and reliance on loan funding as the primary reasons. It also notes the Chief Financial Officer resigned effective February 17, 2026, creating operational constraints in completing the quarter-end close.

Has MSP Recovery filed its 2025 Form 10-K and how does that affect the 10-Q filing?

The company states it has not filed its Annual Report on Form 10-K for the period ending December 31, 2025. That outstanding annual report is listed alongside the current delay and may compound timing and disclosure workstreams.

Who signed the Form 12b-25 and how can investors contact the company?

The notification is signed by John H. Ruiz, Chief Executive Officer, dated May 18, 2026. The contact listed is John H. Ruiz with telephone 305-614-2222 for inquiries about the notification.

When will MSP Recovery file the delayed Form 10-Q for March 31, 2026?

The company states it will file the Form 10-Q "as soon as practicable," and that timing depends on its ability to obtain sufficient financing or otherwise fund the remaining closing process. It is implementing interim measures to complete the close.

Does the Form 12b-25 indicate MSP Recovery is planning a restructuring?

Yes. The company explicitly states it is "actively evaluating and pursuing financing and reorganization alternatives, including preparation for a potential restructuring process." It frames restructuring as an active option while pursuing financing.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 05/18/2026 - 04:01 PM Learn about SEC filing dates

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 12b-25

NOTIFICATION OF LATE FILING

001-39445

(Commission File Number)

(Check one):	☐ Form 10-K	☐ Form 20-F	☐ Form 11-K	☒ Form 10-Q	☐ Form 10-D	☐ Form N-CEN
	☐ Form N-CSR

For Period Ended: March 31, 2026

☐ Transition Report on Form 10-K

☐ Transition Report on Form 20-F

☐ Transition Report on Form 11-K

☐ Transition Report on Form 10-Q

For the Transition Period Ended: _________________________

Nothing in this form shall be construed to imply that the Commission has verified any information contained herein.

If the notification relates to a portion of the filing checked above, identify the Item(s) to which the notification relates:

PART I - REGISTRANT INFORMATION

MSP Recovery, Inc.

Full Name of Registrant

Former Name if Applicable: N/A

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

PART II - RULES 12b-25(b) AND (c)

If the subject report could not be filed without unreasonable effort or expense and the registrant seeks relief pursuant to Rule 12b-25(b), the following should be completed. (Check box if appropriate)

☒		(a) The reason described in reasonable detail in Part III of this form could not be eliminated without unreasonable effort or expense;
☐		(b) The subject annual report, semi-annual report, transition report on Form 10-K, Form 20-F, Form 11-K, Form N-CEN or Form N-CSR, or portion thereof, will be filed on or before the fifteenth calendar day following the prescribed due date; or the subject quarterly report or transition report on Form 10-Q or subject distribution report on Form 10-D, or portion thereof, will be filed on or before the fifth calendar day following the prescribed due date; and
☐		(c) The accountant’s statement or other exhibit required by Rule 12b-25(c) has been attached if applicable.

PART III – NARRATIVE

State below in reasonable detail why Forms 10-K, 20-F, 11-K, 10-Q, 10-D, N-CEN, N-CSR, or the transition report or portion thereof, could not be filed within the prescribed time period.

The Company is unable to file its Quarterly Report on Form 10-Q for the fiscal quarter ended March 31, 2026 (the “Form 10-Q”) by the prescribed due date without unreasonable effort or expense. The Company is experiencing severe liquidity constraints, is reliant on loan funding to support operations, and is actively evaluating and pursuing financing and reorganization alternatives, including preparation for a potential restructuring process.

In addition, the Company’s Chief Financial Officer resigned effective February 17, 2026. The departure of the Chief Financial Officer has created incremental operational constraints in completing the quarter-end financial close process and preparing related disclosures and internal review materials necessary to finalize the Form 10-Q. The Company is implementing interim measures to support the financial reporting function while it evaluates leadership and resource needs.

The Company is working diligently to complete the remaining financial closing items and to file the Form 10-Q as soon as practicable. The timing of the filing will depend on, among other things, the Company’s ability to obtain sufficient financing or otherwise fund the remaining quarterly financial closing process.

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PART IV- OTHER INFORMATION

(1) Name and telephone number of person to contact in regard to this notification

John H. Ruiz		305		614-2222
(Name)		(Area Code)		(Telephone Number)

(2) Have all other periodic reports required under Section 13 or 15(d) of the Securities Exchange Act of 1934 or Section 30 of the Investment Company Act of 1940 during the preceding 12 months or for such shorter period that the registrant was required to file such report(s) been filed? If answer is no, identify report(s). ☐ Yes ☒ No

To date, the Company has not filed its Annual Report on Form 10-K for the period ending December 31, 2025.

(3) Is it anticipated that any significant change in results of operations from the corresponding period for the last fiscal year will be reflected by the earnings statements to be included in the subject report or portion thereof?  ☐ Yes ☒ No

If so, attach an explanation of the anticipated change, both narratively and quantitatively, and, if appropriate, state the reasons why a reasonable estimate of the results cannot be made.

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MSP Recovery, Inc.

(Name of Registrant as Specified in Charter)

has caused this notification to be signed on its behalf by the undersigned hereunto duly authorized.

Date: May 18, 2026
	By:	/s/ John H. Ruiz
		Name: John H. Ruiz
		Title: Chief Executive Officer

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